Mortgage-Service Fixes Faulted by Settlement Monitor
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The largest U.S. mortgage servicers, including Citigroup Inc. and Bank of America Corp., haven’t done enough to upgrade their treatment of customers in danger of foreclosure, according to a court-appointed monitor.
To meet the terms of a legal settlement with the U.S. Justice Department and 49 state attorneys general, the monitor said in a report released today, the banks must improve their response to loan-modification requests and their collection of records, and provide a single point of contact for borrowers. The settlement over botched foreclosures requires the banks to submit plans to the monitor for improving their performance.