Federal fees halted to 3 mortgage servicers

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Federal fees halted to 3 mortgage servicers

Federal fees halted to 3 mortgage servicers

WaPO-

Three of the nation’s largest mortgage servicers will no longer receive fees 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” in order to collect fees through the Making Home Affordable Program, which helps struggling borrowers by lowering their monthly mortgage payments.


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One Response to “Federal fees halted to 3 mortgage servicers”

  1. They lie says:

    i want know what took obama so long and what ab out all the homeowners the big 3 make go into foreclosure before they would help us (can you say imenent default) so just telling them to approve doesnt help us whose files have been moved and paper work lost. i gues we just have to see how things unfold at least for now no more free money to the bank for each obama application.

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