Fed Reveals Banks' Plans To Fix Foreclosure Practices

Law360, New York (February 27, 2012, 6:41 PM EST) -- The Federal Reserve on Monday made public steps taken by U.S. mortgage servicers to fix their faulty residential mortgage loan servicing and foreclosure processing practices, which were part of consent orders imposed by the central bank last year.

The Fed released action plans implemented by nine mortgage servicers — including Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co. and Wells Fargo & Co. — that describe how they will strengthen communications with borrowers, establish limits on foreclosures where loan modifications have been approved and...
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