Sen. Olympia Snow (R-Maine) and Sen. Jeff Merkley (D-Ore.) introduced legislation Thursday establishing federal standards for mortgage servicers.
S.967, or the Regulation of Mortgage Servicing Act, would require servicers to create a single-point of contact for borrowers and end dual-tracking of pursuing foreclosure and loan modification simultaneously. The bill also requires third-party review of servicers' actions before foreclosure.
Both Snowe and Merkley said their offices have been overwhelmed with calls from borrowers confused and frustrated with the process.
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