Several companies in the Treasury program have been cited by judges or regulators for having engaged in improper behavior with their customers.
They include Select Portfolio Servicing Inc. , a Utah -based company formerly known as Fairbanks Capital Corp. ; Countrywide Home Loans Inc. , now a unit of Bank of America Corp. ; Carrington Mortgage Services LLC , based in California ; Saxon Mortgage Services Inc. , a unit of Morgan Stanley ; EMC Mortgage Corp. , now a subsidiary of J.P. Morgan Chase & Co. ; and Green Tree Servicing, a Minnesota company.
SHOOT: Mess is the word. How do you get someone addicted to greed to somehow not be. Simple answer: you can't. You don't.
The federal government is engaged in a massive mortgage modification program that's on track to send billions in tax dollars to many of the very companies that judges or regulators have cited in recent years for abusive mortgage practices.
The reliance on such companies points to an ironic paradox for federal regulators: Cleaning up the nation's financial crisis often rewards the firms that helped create the mess.