Freddie Mac Indifferent to Homeowner Complaints

That is the finding of a report released yesterday by the Inspector General of FHFA, the agency that oversees our nationalized mortgage funders Fannie Mae and Freddie Mac.  Mortgage servicers are paid incentives by Freddie for quick foreclosures, but not for resolving homeowner complaints about mishandled foreclosure prevention and loss mitigation.  Bank of America took an average of 59 days to resolve homeowner complaints, well beyond the 30-day limit imposed by the servicer alignment initiative, and as of January 2014, by CFPB mortgage servicing regulations.