Freddie Mac crowns financial-reporting do-gooders

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Servicer Hall of Fame has dubious proprietor

Freddie Mac last week inducted eight loan servicers into its “2003 Tier One Hall of Fame.” The tier designation is Freddie Mac’s way of ranking its servicers on the basis of benchmarks that include “investor reporting and default management.” Servicers that achieve a top Tier One rating for superior results for at least two quarters in a year get fee waivers, financial rewards, national recognition and other benefits.