Relevant:
- Bungled Bank Bailout Leaves Behind Righteous Anger
- US Bank Pushes Total HAMP Servicers to 53
- Report Shows Treasury Disagrees With Loan Mod Decisions at Chase, Wells & BofA – Requires Servicers to Make Changes Going Forward
- FHA Servicers May Get Incentives for Successful Modification
- BofA Completes 33,000 Permanent HAMP Mods
2013-07-25 — charlotteobserver.com
``The Treasury Department has withheld HAMP incentives from Bank of America, Wells Fargo and other servicers after reviewing their performance. In 2011, the department, in announcing the withholding of incentives, said Bank of America and Wells Fargo were in need of "substantial improvement."
The Treasury Department, which administers TARP, does not have the authority to fine mortgage servicers who fail to comply with HAMP, the Treasury official said. At most, the Treasury Department can withhold incentive payments to punish the servicers.''
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