July 16th, 2009 9:03 PM by Uletas Greene Carter
"We are asking that all servicers expand servicing capacity and improve the execution quality of loan modifications in order to help the sizable number of homeowners at risk of foreclosure and eligible for the program," the letter said. The administration will begin issuing monthly reports by Aug. 4 detailing lenders' performance, including how many modifications they have implemented. They will be judged by new criteria, such as how long it takes borrowers to get help over the phone and the accuracy of the information they are provided. Freddie Mac, the government-controlled mortgage financing company, is developing a "second look" program to audit the applications of borrowers who have been denied help under the program.
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