BofA, Wells Fargo Rank Worst for Loan Modifications

Treasury report rates banks' performance
By Matt Cantor,  Newser User
Posted Aug 4, 2009 11:44 AM CDT
In this Oct. 3, 2008, file photo, the Wells Fargo logo is displayed outside a home mortgage office in Springfield, Ill.   (AP Photo/Seth Perlman)
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(Newser) – Bank of America began modifying just 4% of its loans eligible under the Making Home Affordable Act, according to a Treasury report on big banks' performance, while Wells Fargo started just 6%. JPMorgan Chase led the pack with 20%, Bloomberg reports, while Citigroup had 15%. “Some of the servicers could have ramped up better, faster, more consistently,” said a Treasury official. “We expect them to do more.”

Another official notes that “some of the strongest performers are smaller servicers, but it’s not a uniform correlation.” Bank of America points out that the program is just one of many it's utilizing to aid homeowners. Thus far, the program has helped some 235,000 homeowners of the 4 million it hopes to assist.