Report Criticizes Banks for Handling of Mortgages

Banks did a poor job of handling the flood of foreclosures over the last several years, in some cases even moving ahead with evictions when they clearly should not have, according to a long-awaited report released Wednesday by federal regulators.

A police officer oversees an eviction. Regulators said in some cases banks went ahead with evictions when they should not have.

In response to the problems detailed in the report, 14 mortgage servicers have now signed consent agreements promising changes, including new oversight procedures.

Click HERE For More Information | New York Times


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