The Federal Reserve Board will monitor mortgage servicers as they work to address “significant deficiencies” in servicing and foreclosure practices.
“We will continue to monitor and assess the corrective actions taken by the servicers and the holding companies, as required by the enforcement actions, and take further action when necessary to address failures,” the Fed’s Washington-based Board of Governors said in testimony to a House Financial Services subcommittee today.
The Fed’s testimony provided an overview of actions the central bank and other regulators took against mortgage servicing companies in recent years, including previously announced enforcement actions against 14 mortgage servicers in April.
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