The Obama administration urged banks to improve their service of the government’s anti-foreclosure efforts through the Making Home Affordable Program and to use federal funds more effectively in helping to save struggling home owners from foreclosure.
The U.S. Treasury singled out CitiMortgage Inc., telling the bank it needed to make “substantial improvement” in its loan modification efforts through the Home Affordable Modification Program and to reach out to more home owners who are eligible to receive assistance.
The Treasury provides financial incentives to mortgage servicers under HAMP, which aims to encourage servicers to change the terms of struggling borrowers’ mortgages and lower their m
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