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Inside Washington (11/22/2010)
Inside Washington
* WASHINGTON (11/22/10)--Regulators claim they are taking action against mortgage servicers that fail to follow mortgage guidelines, but observers maintain the agencies are ineffective in punishing noncompliant firms. At a House Financial Services housing subcommittee hearing on Thursday, the Treasury Department and the Federal Housing Administration said servicers have failed to comply with the conditions of government programs less than 5% of the time, and those firms for the most part have been ordered to make the necessary improvements to ensure approval (American Banker Nov. 22. But lawmakers like Rep. Maxine Walters (D-Calif.) argued that monetary penalties or sanctions should be leveled against firms that failed to comply with the Home Affordable Modification Program (HAMP). Under the program, the Treasury can deny compensation to noncompliant servicers. Julia Gordon, a senior policy counsel at the Center for Responsible Lending, said that without the threat of penalties, HAMP is unlikely to modify the behavior of consistently noncompliant firms …


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