An Obama administration housing official on Wednesday defended mortgage servicing companies, just one day after Treasury Secretary Timothy Geithner said the industry needs an overhaul.This is kind of like saying that IV drug users who share needles have been helpful in the fights against AIDS.
Cindy Gertz, director of operations at the Treasury Department's Homeownership Preservation Office, said mortgage servicers--firms which collect loan payments--have hired tens of thousands of extra staff to work with a crush of struggling borrowers who are trying to renegotiate the terms of their mortgages.
"I think tremendous progress has been made," Gertz told a group of bankers at a conference organized by the Mortgage Bankers Association. Gertz, a former executive at mortgage finance giant Freddie Mac, did acknowledge that the process is not complete.
The only explanation for the fact that a Google News search of the name does not reveal the phrase, "Spending more time with her family," is that this is what her boss, Tim "Eddie Haskell" Geithner, and his boss, Barack Obama, actually believe that loan servicers acting in bad faith are a necessary to protect our banking system.