After the continued rise in Foreclosures and failed Sort Sales- they may be getting a clue that there are some problems with the system!
Treasury Secretary Timothy Geithner told lawmakers Thursday that servicers are failing in their efforts to modify loans for Americans at risk of losing their homes.
“I want to be clear that we do not believe servicers are doing enough to help homeowners – not doing enough to help them navigate the difficult and often frightening process of avoiding foreclosure,” Geithner said in testimony before the Senate’s subcommittee on financial services (Just look at this quarter’s foreclosure numbers and failed loan modifications).
We are troubled by reports that servicers have foreclosed on potentially eligible homeowners, or that they have steered these borrowers away from HAMP and into the bank’s own modification program,” Geithner said. “That they have lost documentation, or claimed to. That they are not responding to the needs of responsible and increasingly desperate homeowners. None of this is acceptable.” (Can you say B of A ?)
