BofA, JPMorgan Earn $170M For Improving Mortgage Practices

Law360, New York (March 2, 2012, 8:19 PM EST) -- The Obama administration said Friday that it would release over $170 million in withheld incentives to Bank of America Corp. and JPMorgan Chase & Co. after finding that the banks had improved their mortgage-servicing practices under a government mortgage relief program.

JPMorgan will receive $89.1 million in incentives, while Bank of America will receive $81.8 million, according to the government. The banks will receive the payments, which were designed to encourage mortgage servicers to fix shoddy practices and had been withheld since June, on the effective...
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