Firms must try to stop mortgage foreclosures
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The US regulatory agencies have called for federally regulated financial institutions to do their utmost to identify borrowers at risk of default and pursue loss-mitigation strategies designed to preserve homeownership.
In their Statement on Loss Mitigation Strategies for Servicers of Residential Mortgages, the four federal regulators, the National Credit Union Administration and the Conference of State Bank Supervisors wrote: “Servicers of securitized mortgages should review the governing
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