Uncle Sam outs lenders' poor mortgage modification performance

In its latest "Making Home Affordable Housing Scorecard," the Treasury says the Bank of America, JPMorgan Chase, Ocwen Loan Servicing, and Wells Fargo need “substantial” improvement in their Home Affordable Modification Program (HAMP) efforts.

by Broderick Perkins
© 2011 DeadlineNews.Com

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Deadline Newsroom - The U.S. Treasury is outing mortgage servicers who fail to meet federal mortgage modification program guidelines and is withholding financial incentives for the worst performers.

In its latest "Making Home Affordable Housing Scorecard," the Treasury says the Bank of America, JPMorgan Chase, Ocwen Loan Servicing, and Wells Fargo need “substantial” improvement in their Home Affordable Modification Program (HAMP) efforts.

Reporting how individual servicers failed to reach HAMP goals is new and long overdue on the monthly scorecard.

“Beginning this month (June), the Treasury Department is withholding financial incentives for three servicers: Bank of America, NA; JP Morgan Chase Bank, NA; and Wells Fargo Bank, N.A.,” the Treasury reported on the May scorecard.

Get the full story: "Uncle Sam Airs Lenders’ Dirty Laundry In Mortgage Modification Mess"

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Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop.

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