Mortgage Servicing and Loan Modifications: 6.7.1 Overview
During the height of the foreclosure crisis, a number of loan modification programs were created to attempt to stem the tide of lost homes. The most significant of these, the Making Home Affordable Program, began in 2009 and expired at the end of 2016. There were also loan modifications made by banks to satisfy their obligations under the 2012 National Mortgage Settlement between forty-nine attorneys general and the Department of Justice and the nation’s then five largest mortgage servicers.