By Alejandro Lazo, Los Angeles TimesJune 10, 2011
The Obama administration has punished three of the nation’s largest banks, judging them unworthy of receiving financial incentives through its signature foreclosure relief program until they improve their practices.Bank of America Corp., JPMorgan Chase & Co. and Wells Fargo & Co. were found to be in need of “substantial improvement” under the $75-billion Home Affordable Modification Program, officials said. It was the first time that the administration had taken any major punitive action against the banks in its program, which has been criticized by consumer advocates and Republicans as ineffective and falling short of its goals. Continue reading “3 big banks lose mortgage modification incentives”