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Thursday
Jun092011

Geithner Halts Payments To J.P. Morgan, BofA, Wells Fargo: 'All Need Substantial Improvement'

WASHINGTON (MarketWatch) — The Obama administration on Thursday halted payments to three of the largest U.S. banks until they make “substantial” improvements to their performance in a mortgage assistance program.

The big three can no longer receive fees from the program known as the Making Home Affordable Program, until they make changes to ensure their processes work better, the Treasury Department announced. The program seeks to help troubled borrowers avoid foreclosure.

The big banks have been broadly criticized for foreclosure documentation errors, and in many cases, institutions have assigned only a single employee to rapidly approve numerous foreclosures. The major banks were sanctioned in April by federal regulators for “negligence” in residential mortgage loan servicing and foreclosure processes. Hefty fines in the billions of dollars are likely still on the way from a related, ongoing investigation on the part of state attorneys general and the Justice Department.

The Treasury Department found that the three firms are in need of substantial improvements based on the agency’s compliance reviews and program performance results from the first quarter of 2011. They agency evaluated banks on how they contacted homeowners, evaluated whether homeowners need assistance and their management and governance.

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Reader Comments (4)

The Education Department is confirming that its inspector general authorized a raid on a California home on Tuesday, but says the officers were conducting a criminal probe — not pursuing a woman because she could not pay her student loans, as has been reported.

http://www.politico.com/news/stories/0611/56530.html#ixzz1OoQ23HJ6

more to this story...
Jun 9, 2011 at 4:21 PM | Registered CommenterDailyBail
http://www.youtube.com/watch?v=5vvhBI63BO0&feature=related

interview with man whose home was raided as part of student loan investigation...
Jun 9, 2011 at 4:22 PM | Registered CommenterDailyBail
Take a program pretending to help "troubled" borrowers (given credit by banks which they should never have received) but really designed to enrich these same banks by helping them "save" the fraudulent debt they created ... then have Tiny Tim chastise the banks for not painting up the lips of their own pig.

You really can't make this shit up.
Jun 10, 2011 at 10:26 AM | Unregistered CommenterWil Martindale
great comment wil...outstanding...and it made me laugh which helps keep me sane while i cover this nonsense day after soul-destroying day...

then have Tiny Tim chastise the banks for not painting up the lips of their own pig....
Jun 10, 2011 at 12:09 PM | Registered CommenterDailyBail

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