Mortgage Info

Treasury Sticks It To Mortgage Servicers

By Daniel Indiviglio, Atlantic Online

The carrot didn't work, so the Treasury is going to try its luck with the stick. Up to now, mortgage lenders and servicers had been encouraged to modify the mortgages of troubled homeowners through government incentives that they could collect along the way. That hasn't been working very well, as the number of modifications actually completed to prevent foreclosures has been far below Washington's expectations. So the Treasury is trying something new: fining the servicers that fail to permanently modify as many mortgages as the government thinks they should be..

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Print Date: 2/28/2020
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