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Treasury to Deploy 'Financial SWAT Teams' to Police Mortgages

2 years ago
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The Treasury Department says it will try and reduce the high national rate of foreclosures by sending financial "SWAT" teams this month to police the performance of leading mortgage servicers.

The monthlong effort is part of the $75 billion Home Affordable Modification Program, which calls for permanent changes to distressed mortgages that would benefit homeowners in financial trouble, McCLatchy reported Monday. The Obama administration accuses servicers of acting too slowly to modify toxic mortgages.

A trial period of 650,000 mortgage modifications has saved borrowers an average of $576 per month on payments, according to Assistant Treasury Secretary Michael Barr. He said the government hopes to make permanent changes to about 375,000 of those mortgages.

The Mortgage Bankers Association said in early November that one in every seven mortgages was now past due.

The administration believes reversing the trends of growing mortgage delinquency and foreclosure rates is the key to national economic recovery.

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