The Daily Dig for Tuesday, December 29

Underwhelming Obama homeowner assistance program to be eliminated

The Home Affordable Modification Program was supposed to help as many as four million owners keep their homes. Only a fraction actually benefited from modifications that did not go far enough. David Dayen reports.

JPMorgan to raise some deposit rates

Few banks raised deposit rates after the Fed rate hike, a signal they were likely to pocket the extra. Now JPMorgan has announced rate hikes for some institutional deposits, but not for Johnny Lunchbox. Sarah Krouse and Rita Trichur report.

China cracking down on P2P industry

Phrases like “cleansing the market” suggest they mean business. David Scutt reports.

Zimbabwe banks face financial inclusion deadline

Zimbabwe’s biggest banks have until Thursday to submit three-year plans for how they will increase financial inclusion for the unbanked. Methods could include sharing infrastructure and pass on the savings to customers in the form of more affordable services. Learn more here.