U.S. Treasury to Grade Mortgage Servicers on Loan Modifications
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The U.S. Treasury Department plans to publicly grade mortgage servicers on how well they respond to homeowners seeking reductions in payments as the government encourages loan modifications to stem foreclosures.
Timothy G. Massad, acting assistant secretary at the U.S. Treasury Department, said the agency will publicize servicer compliance beginning next month, according to the text of a speech prepared for delivery today at Harvard University in Cambridge, Massachusetts. He said companies will be graded on how they evaluate homeowners’ eligibility for aid and how quickly they respond to customers.