Government says Chase needs improvement in foreclosure program

Government says JPMorgan Chase needs improvement in foreclosure program

http://www.washingtonpost.com/business/industries/summary-box-government-says-jpmorgan-chase-needs-improvement-in-foreclosure-program/2011/12/07/gIQAjd3OdO_story.html


NOT DOING ENOUGH: JPMorgan Chase & Co., one of the nation’s largest mortgage lenders, is not doing enough to help Americans avoid foreclosure as part of the government’s signature foreclosure-prevention program, the Obama administration said Wednesday.

BAD MARKS: The lender has been cited for rejecting people who were eligible for mortgage modifications three separate times since June. JPMorgan said in a statement that it was “disappointed with our rating.”


OFF THE LIST: The government first criticized four lenders in June, including Bank of America Corp., Wells Fargo & Co. and Ocwen Loan Servicing. Those three companies were removed from a list of companies needing “substantial improvement” in September and December.

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