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Released: June 14, 2011
Deadline extended for mortgage servicers deal
Source: Dina ElBoghdady & Brady Dennis, Washington Post (Free Registration)
Federal banking regulators have extended a deadline for the nation’s largest mortgage servicers to submit plans for revamping their business practices, in particular loan modifications and foreclosures. In April, 10 mortgage services agreed to deliver plans to the Office of the Comptroller of the Currency, the Federal Reserve and the soon-to-be defunct Office of Thrift Supervision. By delaying the deadline, the regulators are granting a separate group of state and federal officials more time to work out a broader settlement with the firms over allegations of abuses in their foreclosure practices.Read Full Article: Deadline extended for mortgage servicers deal
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