House Republicans on Wednesday raised numerous objections to a draft proposal by state attorneys general to settle allegations that mortgage companies broke state laws when handling foreclosures.
In a letter being sent to Treasury Secretary Timothy Geithner on Wednesday, the lawmakers said they have “significant concerns” about the settlement proposal, floated to banks last week by state attorneys general and several regulators.
Last week, state attorneys general and federal agencies delivered a 27-page proposed set of rules that would reshape the way mortgage servicers deal with troubled borrowers.
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