GAO Slams Regulators Over Foreclosure Review Notices

Law360, Los Angeles (July 5, 2012, 6:34 PM EDT) -- Efforts by the Federal Reserve and the Office of the Comptroller of the Currency to notify consumers about a program requiring 14 residential mortgage servicers to offer remediation to foreclosed homeowners have fallen short, according to a U.S. Government Accountability Office report released Thursday.

In the report, the government watchdog agency recommended improvements to mailings, a website and other materials notifying borrowers about government consent orders requiring Bank of America Corp., Citibank NA, JPMorgan Chase & Co. and other mortgage servicers to assist borrowers who were...
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