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Released: December 08, 2011
U.S. targets mortgage servicers for poor performance
Source: Margaret Chadbourn, Reuters (Baltimore Sun) (Free Registration)
The Obama administration said on Wednesday it will keep the pressure on two big U.S. banks to help more troubled borrowers from losing their homes by withholding payments to the banks under a foreclosure-prevention program for the third straight quarter.
The Treasury said Bank of America and JPMorgan Chase & Co need to improve their loan modification efforts to merit the financial incentives the administration’s housing rescue program provides to mortgage servicers. JPMorgan is at risk of permanently having support reduced if it does not make substantial improvements in time for the first quarter of 2012, the Treasury said.
Read Full Article: U.S. targets mortgage servicers for poor performance
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