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WASHINGTON — The Treasury Department is planning to rate mortgage companies on how they treat customers as part of the Obama administration’s $75 billion foreclosure relief effort.
The new report will include measurements of how each company is handling borrowers and is expected by July, Treasury Secretary Timothy Geithner told Senate lawmakers on Thursday.
More than 100 companies participate in the program, which is designed to help up to 4 million borrowers avoid foreclosure.
Speaking in unusually strong language, Geithner said many companies “are not responding to the needs of responsible and increasingly desperate homeowners.”
