Critics blast new rules for top mortgage servicers

Regulators have not yet published their legal agreements with the leading mortgage servicers that outline new rules for processing foreclosures, but consumer and housing groups are already raising concerns. The rules will require mortgage servicers to give borrowers a single contact, stop foreclosure proceedings while negotiating a loan modification and overall improve foreclosure processing practices. However, critics say the agreements do not require the servicers to "stop avoidable foreclosures."

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