The Obama administration is enacting protections to ensure homeowners are treated consistently under its mortgage relief program after complaints from consumer advocates.
Mortgage companies will have to evaluate all borrowers who have missed at least two payments to see if they are eligible for the $75 billion program, the Treasury Department says.
The companies also must not foreclose until homeowners are found ineligible or don't respond to outreach efforts. Borrowers will be able to get decision on their application within 30 days.
Herbert Allison, an assistant Treasury Secretary, says in testimony prepared for a House hearing that the changes will "help address some of the confusion and anxiety that some borrowers reported."
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