The U.S. Treasury said Wednesday that it will continue to withhold incentives from JPMorgan Chase and Bank of America for modifications, short sales, and deeds-in-lieu completed through government programs. JPMorgan is the only servicer participating in Treasury’s Making Home Affordable program that was determined to need “substantial improvement” in complying with program guidelines during the third quarter. Bank of America moved up a notch on the assessment scorecard to needing only “moderate improvement.”
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