Wells Fargo (WFC: 26.27 +3.59%) will formally dispute the Home Affordable Modification Program compliance report issued by the Treasury Department and will challenge the hold on future fees owed to the bank.
HAMP launched in March 2009 to provide incentives to mortgage servicers for the modification of loans on the verge of foreclosure. The Treasury said it will withhold these future payments to three major servicers Wells, Bank of America (BAC: 10.645 +1.00%), and JPMorgan Chase (JPM: 41.06 +1.66%) because of their poor performance in HAMP.
The Treasury reported that it would also have withheld fees from Ocwen Financial (OCN: 12.30 -0.49%). The firm's recent acquisition of Litton Loan Servicing is delaying that decision.
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