Bank Of America, Chase, Wells Fargo Penalized By Treasury For Really Sucking At Loan Modifications

Bank Of America, Chase, Wells Fargo Penalized By Treasury For Really Sucking At Loan Modifications

Yesterday, the Treasury Department released a scorecard of just how well (and poorly) the largest mortgage servicers are doing at meeting certain benchmarks of its Making Home Affordable program. Not surprisingly, Bank of America, Wells Fargo and JPMorgan Chase — the three largest servicers — were called out for needing “substantial improvement,” meaning that the banks will not receive millions of dollars in federal incentives until they get their acts together. [More]