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SUNDAY, NOVEMBER 22, 2009
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BofA, Wells Fargo Rank Worst for Loan Modifications

Treasury report rates banks' performance

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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.

In this Oct. 3, 2008, file photo, the Wells Fargo logo is displayed outside a home mortgage office in Springfield, Ill.
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)
President Barack Obama speaks at George Mason University in Fairfax, Va., Monday, Aug. 3, 2009.
President Barack Obama speaks at George Mason University in Fairfax, Va., Monday, Aug. 3, 2009.   (AP Photo/Alex Brandon)
In this July 17, 2009 file photo, a customer uses a Bank of America ATM in Charlotte, N.C.
In this July 17, 2009 file photo, a customer uses a Bank of America ATM in Charlotte, N.C.   (AP Photo/Chuck Burton)
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2 comments
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GDizzle
Aug 4, 09 1:52 PM CDT
I hate BoA, they are the worst, I am just sickend by the fact that they screwed up and got millions of OUR dollars and aren't giving any back. F***ing bastards! Reply
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dontlikenobody
Aug 4, 09 7:19 PM CDT
As an ex-banker, I accept that label - 9 out of 10 of the twerps I had to work with were stupid, short-sighted and greedy. They were only kept afloat by the dedication of that 10th person. Although why they were dedicated, I've never understood. Reply
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