Posts Tagged ‘secretary geithner’

Geithner Chides Mortgage Servicers For Not Doing Enough To Help Families Avoid Foreclosure

geithner

Reuters reports today that Treasury Secretary Geithner is upset with mortgage servicers for their lagging efforts in helping troubled homeowners avoid foreclosure. He is also incensed to hear of servicers acting in bad faith by foreclosing on families who might have qualified for a HAMP modification, losing documents, and even guiding families away from help.

Secretary Geithner has vowed to get tough with servicers who are not in compliance with HAMP guidelines and “withhold incentives or demand their repayment” as a consequence of their non-compliance.

While it is good to hear that Treasury is beginning to take some action with recalcitrant servicers, I have to wonder if it will be enough. As with the entire HAMP program, this may be too little and too late to be of use to anyone.

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