Last February, five major banks came to an agreement with the United States government that would provide .
Today, the program's administrator issued and it found that Bank of America, which was responsible for the biggest portion of the agreement, hasn't modified a single first-mortgage.
The Los Angeles Times reports:
"The showed faltered in one key area of the settlement, completing no modifications of first mortgages from March 1 to June 30, the period covered in the first status report released by the Office of Mortgage Settlement Oversight.
"The other four banks covered by the settlement — & Co., Wells Fargo & Co., and Ally Financial Inc. — reported that they had completed 7,093 modifications of first-lien mortgages worth a total of $749 million.JPMorgan Chase completed the most such modifications with $367 million.
"'More hard work remains as the banks work to meet their obligations,' said Joseph A. Smith, the monitor of the settlement."
that overall, however, the five banks "wiped out nearly $1.3 billion in mortgage principal through loan modifications."
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