Huffington Post:
Still, Treasury has not yet punished these banks in any significant way. "To date we have not gone back to take back incentives that have already been paid, but we have pursued many of the non-monetary remedies, including further actions and evaluations, and re-evaluations," Caldwell told Rep. Maxine Waters (D-Calif.), chair of the subcommittee on Housing and Community Opportunity, after Waters repeatedly asked her if she had "levied any penalties or sanctions."
Caldwell emphasized that her department has required mortgage servicers, the companies that collect mortgage payments, to alter the way they carry out the HAMP process. But Waters was not impressed.
"You've required them to do some things. You've asked them to change some of their procedures, et cetera," Waters said. "There have been no monetary penalties, from what I'm hearing from you."
Lawmakers criticized the mortgage-modification program throughout the hearing, with none of them coming to Treasury's defense.
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