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.
http://www.housingwire.com/2011/09/01/treasury-withholds-hamp-funds-from-bofa-chase-again
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