Obama tries to shame banks into speeding up mortgage modifications


As banks continue to drag their feet on mortgage modifications, the Obama administration put out a list of problem banks to shame them into action. Bank of America (BAC) topped the list as one of the worst performers among large mortgage servicers.

Since the $75 billion dollar program started in March, only four percent of Bank of America's eligible loans have entered trial loan modifications. That's a total of 27,985 loans, according to a report released today by the Treasury Department. JPMorgan Chase (JPM) started trial modifications with 20 percent of its loans and Citigroup's (C) rate was about 15 percent.