Mortgage servicers oppose settlement proposal

03/9/2011 | AmericanBanker.com (free registration)

Bankers said a proposal from federal officials and state attorneys general to change mortgage-servicing practices would come at great cost and wouldn't shield banks from exposure to liabilities. The biggest mortgage servicers would bear most of the cost of defaulted mortgages, bankers said. The banking industry also questions whether state regulators would be able to enforce the rules.

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