States Seek to Overhaul Foreclosure Process
State attorneys general are trying to change the foreclosure process among the nation’s five largest banks by giving the government more authority over how mortgage servicers handle foreclosures, The New York Times reports.
The state attorneys general proposal, which is still in draft form, would prohibit banks from starting foreclosure proceedings while a borrower is seeking to modify a loan, such as by trying to lower the interest rate or change loan terms.
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Posted on Tue, March 8, 2011