Image issue plagues U.S. banks

NEW YORK, Jan. 30 (UPI) -- Bank advertisements boasting of their accomplishments helping homeowners have provoked a negative response from at least one U.S. consumer advocate group.

The ads are grating because, "one because they're not doing a great job and two because they don't have the money," said Ira Rheingold, executive director of the National Association of Consumer Advocates, ABC News reported Friday.

JPMorgan Chase, a recipient of $25 billion in bailout funds, has placed a full-page ad in the New York Times touting two regional centers designed to help struggling homeowners.

Bank of America advertises it helped modify 230,000 mortgages, while Citigroup Inc. Chief Executive Officer Vikram Pandit recently claimed Citigroup has modified 370,000 mortgages.

"I think we have done a pretty good job," he said.

Bank of America and Citigroup have accepted a combined $90 billion in bailout funds, making any claim of recent accomplishments a tough sell. This week, President Barack Obama called the $20 billion in employee bonuses paid out this year, "the height of irresponsibility."

"It's frustrating when you hear a bank is telling people they are helping that all you have to do is call, because I have called and that is not true," said homeowner Gary Robinson.