General World News

20 state attorneys general take aim at mortgage servicers

Some Federal Housing Administration-approved mortgage servicers have routinely flouted the agency’s loan modification program, according to Washington, D.C. Attorney General Karl Racine and 20 other state attorneys general.

The attorneys general wrote in a Dec. 21 letter that a number of mortgage servicers employed by FHA-approved lenders failed to adequately implement loan modification options the FHA introduced in July. The loan modification options allowed eligible borrowers to reduce their principal and interest payments by 25%. FHA required mortgage servicers to implement the program by Oct. 21, 2021.

But rather than adhering to the program, some mortgage servicers of details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com