Feds To Stop Punishing Chase, Bank of America For Sucking At Mortgage Modifications

Feds To Stop Punishing Chase, Bank of America For Sucking At Mortgage Modifications

Since the Treasury Dept. began releasing quarterly report cards on big banks’ efforts to improve their mortgage modification processes, Bank of America and JPMorgan Chase have consistently received subpar marks, leading the feds to withhold a total of $171 million in incentives. That money is now set to be released to BofA and Chase — but not necessarily because they suck any less at mortgage mods. [More]