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The Treasury Department on Wednesday said it may permanently reduce incentive payments for JPMorgan Chase unless it makes much-needed improvements to its performance in the Home Affordable Modification Program.
December 7 -
The CFPB, Treasury, and SIGTARP have formed a task force to target mortgage modification scams.
December 1
The banking industry has gotten plenty of press as a Scrooge over the past few years.
But one bank is working the George Bailey angle — based on the protagonist from "It's a Wonderful Life." The fictional Bailey, played by Jimmy Stewart in the classic holiday film, famously gave up his own honeymoon money to secure his bank during a panic.
Webster Bank's chief executive, James C. Smith, likened the bank's loan modification program to Bailey's good works in an interview that aired last week on ABC World News with Diane Sawyer.
"George Bailey was there to help his customers when they needed it, and I think that's a lot of what we're all about,"
The Waterbury, Conn., bank, with $18.2 billion of assets, was featured on the news show's "Bringing America Back" series for its efforts to help more than 1,200 families modify their mortgages.
"We have a responsibility to our customers to work with them," Smith said. He added that foreclosure was the last option for bankers at Webster to consider.
The bank even rewards employees for modifying loans, according to the news special.
"It fits in with the overall performance evaluation," Webster spokeswoman Sarah Barr told American Banker on Tuesday.
During the ABC interview, Smith also made a business case for loan modifications.
"We've saved tens of millions of dollars" by modifying the loans instead of foreclosing, Smith said. "If you do the right thing, that can help you to grow, and you truly can do well by doing good."
