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Released: January 13, 2012
Foreclosure reviews to take longer than expected
Source: Julie Schmit, USA Today
Reviews of hundreds of thousands of foreclosure cases ordered by regulators last year will take months longer to complete than first expected, according to documents filed with federal banking regulators. The delays could postpone compensation for some homeowners harmed by improper foreclosure actions.
The reviews cover foreclosure actions in 2009 and 2010 by the nation’s 14 largest mortgage servicers, which handle payments for about 65% of U.S. mortgages. They are required by enforcement orders announced by federal regulators last April.
Read Full Article: Foreclosure reviews to take longer than expected
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