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.

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