Mortgage modifications faulted

WASHINGTON – June 10, 2011 – The nation’s largest mortgage loan servicers have done a poor job in modifying distressed home loans through the government’s foreclosure prevention program and need “substantial improvement,” the Obama administration said Thursday.

Based on a recent audit, Bank of America, Wells Fargo and JPMorgan Chase will lose government financial incentives that reach at least $1,000 for a permanent loan modification until they improve, the Treasury Department said. They received $24 million in such incentives last month.

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