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Federal Reserve Will Fine 14 Mortgage Servicers. Why Should A REALTOR Care?
The Federal Reserve will fine 14 mortgage servicing companies, according to Fed Governor Sarah Bloom Raskin on January 7th at the annual meeting of the Association of American Law Schools.
"We should not forget that effective enforcement of our laws can animate our efforts as policymakers, regulators, business innovators, legal educators, and lawyers in creating the conditions that must exist for the emergence of an improved mortgage-servicing model that hinders neither economic growth nor homeowners' legal security.
If a law is worth having, the law is worth enforcing."
The irony of that last remark is that Raskin was nominated to the Federal Reserve Board by President Obama, whose administration seems to take issue with that remark.  But I digress.
Why Should You Care as a REALTOR?
Included in the 14 companies threatened by the yet-to-be-announced fines are Bank of America, JPMorgan Chase and other large banks. These mortgage servicers receive and process mortgage payments, and make decisions with respect to issues such as
Mortgage servicing practices Mortgage Principal reduction Mortgage forgiveness, and Foreclosure  You care about this issue because what happens in the foreclosure arena directly affects property values. 
Banks are foreclosing properties and selling them at a loss which ... more

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