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The nation's largest mortgage loan servicers have done a poor job in modifying distressed home loans through the government's foreclosure prevention program and need "substantial improvement," the Obama administration said Thursday.
Based on a recent audit, Bank of America, Wells Fargo and JPMorgan Chase will lose government financial incentives — which reach at least $1,000 for a permanent loan modification — until they improve, the Treasury Department said. They received $24 million in such incentives last month.
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http://www.usatoday.com/money/econom...ma-banks_n.htm
Big Banks Penalized for Performance in Mortgage Modification Program
As the nation’s housing market continues to teeter, the Treasury Department on Thursday penalized three of the nation’s largest banks for subpar performance in administrating a government-sponsored program to modify mortgage loans for distressed homeowners.
http://www.nytimes.com/2011/06/10/bu...hamp.html?_r=1
Based on a recent audit, Bank of America, Wells Fargo and JPMorgan Chase will lose government financial incentives — which reach at least $1,000 for a permanent loan modification — until they improve, the Treasury Department said. They received $24 million in such incentives last month.
more
http://www.usatoday.com/money/econom...ma-banks_n.htm
Big Banks Penalized for Performance in Mortgage Modification Program
As the nation’s housing market continues to teeter, the Treasury Department on Thursday penalized three of the nation’s largest banks for subpar performance in administrating a government-sponsored program to modify mortgage loans for distressed homeowners.
http://www.nytimes.com/2011/06/10/bu...hamp.html?_r=1
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