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CFPB Drops a Load of Rules on Mortgage Servicers; JPMorgasbord

JAN 17, 2013 9:20am ET

Breaking News This Morning ... Earnings: Bank of America, BB&T, Citigroup, Fifth Third, Huntington, PNC Receiving Wide Coverage ... CFPB to Unveil New Servicing Rules: Among other significant changes, mortgage servicers will have to wait until a borrower is 120 days delinquent before initiating the foreclosure process under the rule, which preempts state foreclosure laws. The rule will also ban "dual tracking," in which servicers start foreclosure while a loan modification is being processed. Several articles quote consumer…

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