U.S. banks received a 27-page proposal late Thursday from state attorneys general and several federal agencies that could require them to reduce loan balances of troubled mortgage borrowers, according to people familiar with the matter.
The document, sent to the nation’s largest mortgage servicers, doesn’t specify penalties or fines but instead represents a detailed code of conduct for how they must treat borrowers throughout the loan-modification process, these people said.
For full article, click [HERE]| Wall Street Journal
NewsletterSignup for the free Sikora Law newsletter to keep up with the latest news and events about property law!
- Our 150th Post: Ohio Supreme Court Holds Appeal of Planning Commission Order by Service of Summons by Clerk of the Courts on Administrative Agency Along with Notice of Appeal within Statutory Timeframe is Sufficient
- Federal Reserve chief has one recipe for housing market
- Distressed Property Sales Drop, Despite Push to Sell
- American home equity cut by one-third
- More lawmakers join major push to reduce QRM down payment