Treasury warns Chase of permanent HAMP witholdings

Treasury warns Chase of permanent HAMP witholdings

The Treasury Department will withhold Home Affordable Modification Program payments from JPMorgan Chase and Bank of America for the third straight quarter.

According to a third-quarter assessment of the mortgage servicers participating in HAMP, the Treasury found Chase was the only firm “in need of substantial improvement under the program” and has not yet addressed problems the Treasury found in previous quarters.

The Treasury said it would “permanently reduce” payments owed to Chase unless its problems are fixed in time for the first quarter of 2012. According to the results, Chase was found to regularly miscalculate the income of homeowners. Furthermore, the lender failed to contact borrowers effectively and committed numerous errors in delivering HAMP progress reports to the Treasury.

Check out the rest here…


6 Responses to “Treasury warns Chase of permanent HAMP witholdings”
  1. As if the HAMP WITHHOLDING would do anything to these banksters after they received a 7.7 Trillion dollar bail outs, what a joke !

  2. Chase just like all other big banks used this thousand dollar fee to get rich on the HAMP program and screw the homeowner. They were given a thousand dollars for everytime they turned down your paperwork and you had to resubmit it and they started over. It was all a big scam. They made at least six thousand on mine and ninethousand on a customer of mine and twelve or thirteen thousand on another customer of mine sometimes more and then they added yo all the servicing fees they were talling up while delaying the HAMP and then refused some and took their homes and then approved some then unapproved us six to nine months later and made the mod payments partial payments purposely falsely in an attempt todrag us into foreclosure when we made every payment, there is an estopple law against this and many laws were violated but who follows the law, it is bankers law and unconstitutional law now.

    • lies is all they tell says:

      wells fargo did that to us. this last time this past feb when the lost my paper work even though i had a tracking# and signee at wells fargo my paper work disapeared. i stopped dead in my tracks and decided i will either do a bk 13 and fight in foreclsoure court or a straight foreclosure court depends on time. i was also dealing with other frauds other then modification. i had di was scovered on my loan application had been part of the fraud scheme. i always felt my home was abit difficult to pay. my appplication messed with the mortgage broker added about 700$ just enought pass under writing an amount i would not notice. i had about 20-30 months until i would run out of money. of course i didnt know this. i thought the income was verified since i turned in my paycheck stubs and w2 forms. how can they get away with this. i complained to the occ, pam bondi, marco rubio ect. wells fargo just sent me a letter statin i was put in a stated income loan. why me an RN for 25 years incomeverification checks that the brokers are not lieing about income. checks and balances. h never was this disclosed to me. so now all of a sudden brokers can do what they want put any income down on a mortage application and not be held liable.

  3. Pamela Edwards says:

    The end result to this is the tax payer still picks up the tab one way or the other.We are still footing the bill.This is just another white wash tactic.

  4. Jim Bethea says:

    Just another “dog n pony” show to make it look as though some in DC is doing something against these crooks ~ All BS………

    Just look at where the Secretary of the Treasury all come from??? All from Goldman Sachs……..most went to GS after doing their training of “how to avoid the radar” while at JP Morgan Chase………

    Paulson and Geithner were both under indictments before be appointed to the Sec of Tres…..Geithner for tax evasion…..Paulson for fraud while at Goldman Sachs……………

  5. Bobbi Swann says:

    Yeah, so what? They simply begin to ‘initiate’ the HAMP program, collect your 6 monthly (trial) payments and then……..boom! tell you that you are not qualified. For the most part, the lenders are paid well in advance of the $1000 per deal that is offered by the Treasury and to top it all off the lender is still pursuing the foreclosure the whole time the “trial” payments are being made. These lenders could care less about those HAMP payments when they can collect the trial payments, foreclose, collect the insurance and take the whole damn loan off their books making their bottom line lood good while still taking a ‘paper loss’ on the foreclosure!!! The only person who benefits from this whole deal are the banks and the money from the Treasury to pay these bastards are coming the taxpayers pockets. Wake up America! Robbing us blind!

Leave a Reply