Thursday, June 9, 2011

Federal fees halted to three mortgage servicers « HousingWire

Three of the nation's largest mortgage servicers will no longer receive  payments tied to their participation in the Obama administration's main  foreclosure prevention initiative until they improve their performance  in that program, a senior administration official said Wednesday.

Bank of America, J.P. Morgan Chase and Wells Fargo need to make  "substantial improvements" to collect fees through the Making Home  Affordable Program, which helps struggling borrowers by lowering their  monthly mortgage payments.

The companies failed to meet basic program requirements, such as properly contacting borrowers, the official said.

by The Washington Post  June 9th, 2011

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