The House Oversight and Government Reform Committee is investigating the Treasury Department's mortgage modification efforts to determine whether they are efficient and go far enough to aid troubled borrowers.

The committee is particularly concerned about the Home Affordable Mortgage Program, which directs $75 billion to mortgage modification efforts. Rep. Edolphus Towns, the panel's chairman, said in a press release Saturday that the committee has received complaints that servicers have been "slow to modify loans, inconsistent in their application of the program and are not communicating clearly with eligible homeowners."

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.