Treasury secretary Timothy Geithner said today that mortgage servicers are not doing enough to help distressed homeowners, according to a Reuters report.
Geithner said that the servicers' poor performance was not acceptable and the government would consider withholding or demand repayment of some incentives. He said Treasury would soon publish more detailed data on servicers' performance that would make them more accountable.
Earlier this year the Treasury secretary pushed for servicers to expand their capacity and improve their loan modification efforts to help struggling homeowners and stabilize the housing market The secretary then put servicers on notice that Treasury planned to issue monthly reports starting August 4th that would show each servicer's performance, including the number of completed modifications and the long-term success of those modifications.
