The big banks have taken their lumps for the slow pace of mortgage modifications. Through November, just 4 percent of so-called trial modifications--the test that lasts several months to see if the homeowner is worthy--were made permanent, reports Motley Fool. That's pitifully low.

At Bank of America (BAC), just .06 percent of trial modifications are made permanent. Citigroup's (C) conversion percentage is a bit better at .26 percent. Wells Fargo (WFC) seems to have the best luck of all the big banks; nearly 3.4 percent of trials are made permanent. JPMorgan (JPM) follows at 3 percent.

So who is to blame? At JPMorgan Chase, for every 100 trial modifications offered, 29 customers do not make required payments while 71 customers make all three required payments. Of those 71 customers, 51 do not submit all documents required or submit documents that require refinement for underwriting Ouch. So only about 20% of borrowers carry out their half of the deal. So borrowers are having a tough time living up the promise of the modification offer, which can't save everyone. 

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