``Some servicers are independent companies but the largest are owned by the largest banks including Wells Fargo, CitiMortgage, Chase, and Bank of America. Their role was to review homeowner applications and negotiate the modifications under government rules and supervision.

Working with heavily redacted documents obtained through multiple Freedom of Information Act (FOIA) requests that Treasury did its best to avoid, Kiel paints a picture of a well intention program run by federal employees who appear to have been either scared to death or in the thrall of the big banks they needed to actually run the program.''

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