The Obama administration wants to shame the mortgage industry into doing a better job of helping borrowers avoid losing their homes to foreclosure.
By publishing the names of companies that are lagging behind in the government’s plan to ease the housing crisis, officials are counting on public outrage to get the industry on track. The Treasury Department plans to report today on the progress of loan servicers — companies that collect mortgage payments — that are in line for up to $50 billion in subsidies.
“We want to go faster,” said Michael Barr, the Treasury Department’s assistant secretary for financial institutions. “There are a bunch of servicers that are lacking in performance. They have to lift their game.”
Associated Press
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