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Treasury withholds HAMP funds from BofA, Chase again
http://www.housingwire.com/2011/09/01/treasury-withholds-hamp-funds-from-bofa-chase-again



Thursday, September 1st, 2011, 1:00 pm
The Treasury Department will withhold payments once again to Bank of America (BAC: 7.45 +6.58%) andJPMorgan Chase (JPM: 34.8195 +4.13%) for their poor performance modifying mortgages in the second quarter.

Both banks need substantial improvement to their operations within the Home Affordable Modification Program, according to the compliance review conducted by the Treasury.

In the first quarter, the federal agency elected to withhold payments from these two banks and Wells Fargo (WFC: 24.92 +4.18%). Since then, Wells made the mandated improvements. Though some moderate work is still needed from the bank, the Treasury will return previously withheld funds.

If BofA and Chase continually fail to make the corrections, the Treasury could permanently reduce payments to the banking giants.

The Treasury compliance team looked at how each participating servicer performed when contacting homeowners, evaluating them for the program and how they assisted with any questions or document submissions. Including these judgments, the Treasury also looks at HAMP data gathered by Fannie Mae to determine which servicers need improvement.

Since HAMP launched in March 2009, servicers started more than 791,000 permanent modifications with roughly 28,000 reported in July, according to the latest Treasury data. Roughly 1.6 million trials have ... more

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