Costs of Servicing Problems Continue to Mount For Top Lenders as Regulatory Actions Unfold
June 16, 2011
Top servicers flagged for their faulty foreclosure practices will have an extra month to submit their mitigation plans, although federal regulators continue to bear down on the industry and are starting to withhold loss mitigation incentive payments from some companies. The Office of the Comptroller of the Currency and the Office of Thrift Supervision this week said they will give 12 servicers subject to consent orders extra time to submit comprehensive action plans that detail the financial resources the bank will commit to...