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Home » Store » Regulation » HAMP Servicer Incentives to BofA and JPMorgan Restored, With Backpay, Thanks to AG Settlement

HAMP Servicer Incentives to BofA and JPMorgan Restored, With Backpay, Thanks to AG Settlement

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Bank of America and JPMorgan Chase will once again receive servicer incentives for modifying loans after more than seven months during which these payments were withheld by the Treasury Department for unsatisfactory performance in the Home Affordable Modification Program. The two banks will also get all the withheld incentives as part of the multistate foreclosure settlement. In June 2011, Bank of America, JPMorgan and Wells Fargo were all called to the carpet by the Treasury for their HAMP performance following a 10-month audit of participating servicers. The main issue was timeliness – while mods...
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