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On July 13th 8 institutions, including Bank of America, J.P. Morgan Chase & Co., Wells Fargo and Citigroup, met a deadline for submitting detailed action plans on how they will be handling distressed mortgage loans (short sales and foreclosures). The details of these plans, submitted by major banks and other home-loan servicers, were handed in to the Office of the Comptroller of the Currency, which regulates national banks. At this point, all details of any such plans to handle massive numbers of short sales and foreclosures are being held confidential.
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