We’re Paying WHOM to Fix Subprime Mortgages?

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The Treasury Department has allocated $75 billion to entice lenders to let beleaguered borrowers stay in their homes. And the companies getting most of that money—well, they’re the same companies that got the borrowers into this mess. At least 21 of the top 25 recipients in the Home Affordable Modification Program were major subprime lenders, according to the Center for Public Integrity. Meanwhile, not even 1 in 5 homeowners eligible for the program has gotten help.

LENDER (PARENT COMPANY)	SUBPRIME LOANS (MINIMUM, 2005-2007)	HAMP FUNDS AVAILABLE
Countrywide Financial (Bank of America)	$97.2 billion	$4.5 billion
National City (PNC)	$68 billion	$610 million
Option One Mortgage (formerly H&R Block, now American Home Mortgage Servicing)	$64.7 billion	$1.2 billion*
Wells Fargo	$51.8 billion	$2.5 billion
BNC Mortgage/Aurora Loan Services (Lehman Brothers)	$47.6 billion	$448 million
Chase Home Finance/EMC Mortgage (JPMorgan Chase)	$30 billion	$3.4 billion
IndyMac (OneWest)	$26.4 billion	$814 million*
Citigroup	$26.3 billion	$2.1 billion
EquiFirst/HomeEq (Barclays)	$24.4 billion	$553 million
Wachovia (Wells Fargo)	$17.6 billion	$1.4 billion
GMAC (Cerberus Capital)	$17.2 billion	$3.6 billion
* Funds available to parent companySources: Center for Public Integrity; Treasury Department