Monday, December 19, 2011

Morning roundup: Lenders dragging feet on mortgage modifications

Here's a look at what's news in banking and finance this morning:

  • Despite federal programs like HAMP encouraging lenders to modify loans, big banks like Bank of America have "dragged their feet" in making widespread modifications, Reuters reports. Instead, they continue to lose documents and use faulty figures.
  • Four members of the U.S. House received "VIP" loans from Countrywide, raising questions about attempts to "curry political influence," the Wall Street Journal reports. The VIP loan program generally gave lower interest rates or lower fees.
  • Former BofA CEO Hugh McColl says the man who now holds the title is doing "all the right things," Reuters says. In case you missed it, here's our take from the weekend on Brian Moynihan at the close of his second year.
  • Banks like Wells Fargo are increasingly targeting female executives, hoping they will bring their deposits and business, Bloomberg says.