Obama Admin: Banks failing to help people

June 9, 2011 6:39:36 PM PDT
The Obama Administration is accusing three of the largest mortgage lenders of doing too little to help people at risk of losing their homes.

The Treasury Department said on Thursday that Wells Fargo, Bank of America and J. P. Morgan Chase have failed to help enough people to permanently lower their mortgage payments.

The government had been giving those banks financial incentives to prevent foreclosures.

Only about one-third of the 1.4 million people who have applied to have their mortgages modified were successful.