Mortgage Loan Compliance | Hurry Up And Wait – Fixing Foreclosure

On Monday Federal Regulators said that Department of Justice asked that they give the banks and financial firms another 30 days to coordinate with state and federal agencies.

This past April the US government ordered 16 mortgage lenders and servicers to reimburse homeowners who were incorrectly foreclosed upon. The lenders and servicers were also given 45 days hire auditors to show how many homeowners could have avoided foreclosure in 2009 and 2010. They would then be required to submit plans that show how they intend to fix their practices.

Regulators are now giving the nation's largest mortgage lenders an extra month to show how they plan to address problems with their foreclosure practices.

The Big Four - Citibank, Bank of America, JPMorgan Chase and Wells Fargo were among the lenders cited in the report.

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