Relevant:
- Report: Bank of America, Wells Fargo received incentives but mortgages redefaulted
- Government to stop denying payments to JPMorgan, Bank of America
- Banks report $51 billion in consumer relief in mortgage settlement
- Bank Of America Hasn't Modified Any Mortgages, As It Had Agreed To
- Regulators: Wells Fargo, Chase, U.S. Bank still fail mortgage service tests
2012-07-23 — bloomberg.com
Treasury couldn't even keep this modest commitment. Although Wells Fargo had improved its performance and was awarded all of its withheld incentive payments, JPMorgan Chase and Bank of America continued to fail to meet the baseline standard. Nonetheless, in March 2012, as part of a broader settlement of the so-called robo-signing scandal, Treasury released all of the withheld payments, totaling more than $170 million. As a result, the government hasn't held any servicer responsible for the widespread abuses of HAMP applicants, nor is it ever likely to do so.
...
As a result, the settlement will actually involve money flowing, once again, from taxpayers to the banks.
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