Summary Box: Firms failing in foreclosure program

AP News
|
Posted: Sep 01, 2011 5:37 PM
Summary Box: Firms failing in foreclosure program

NOT DOING ENOUGH: Bank of America and JPMorgan Chase & Co. haven't done enough to help people permanently lower their mortgage payments and avoid foreclosure, the Treasury Department said Thursday.

CRITICISM LEVIED: The government first criticized those two lenders, along with Wells Fargo & Co., and Ocwen Loan Servicing, in June and began withholding financial incentives of up to $1,000 per permanent loan modification.

TRYING TO IMPROVE: JPMorgan Chase and Bank of America said they are working to improve their work on the program. Wells Fargo and Ocwen were removed from the list of companies needing "substantial improvement."