Illinois Says Banks to Improve Loan-Modification Process
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Bank of America Corp. and the four other biggest U.S. mortgage servicers will put in place new procedures to improve the process for borrowers to seek loan modifications, Illinois Attorney General Lisa Madigan said.
Those new procedures are intended to remedy problems with the implementation of a $25 billion, 49-state accord last year with Bank of America, Wells Fargo & Co., Citigroup Inc., JPMorgan Chase & Co. and Ally Bank, that settled allegations of widespread “robosigning” of legal documents and other fraudulent practices, Madigan said today in a statement.