Loan Servicer Code of Conduct Proposed by State Officials and DOJ

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Posted To: MND NewsWire

According to the Wall Street Journal , the 50-state alliance of attorney generals who are working with federal agencies to investigate and reform mortgage servicing have sent their first list of demands to the nation's leading banks. The WSJ article, written by Nick Timiraos and Ruth Simon, claims the group sent a 27-page proposal to the banks last Thursday outlining a proposed code of conduct for its servicing operations. The WSJ appears not to have had access to the actual document and was relying on "sources familiar with it." Shortly before the article appeared the Association of Mortgage Investors' released a comment on the Attorneys General investigation, urging Congress in particular to "respect the process." According to the WSJ, the letter was drafted by state attorney generals, the...(read more)

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Source: www.mortgagenewsdaily.com

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