Lenders, lawmakers, borrowers work on foreclosure issue

11/16/2010 | New York Times (tiered subscription model), The

In Simi Valley, Calif., Bank of America employees handle tens of thousands of calls daily about foreclosure and mortgage issues. Meanwhile, across the country, lawmakers are preparing to hear more about the foreclosure woes and what banks are planning to do to address them. Barbara Desoer, president of Bank of America Home Loans, plans to explain a number of initiatives the lender is launching to tackle the problem. For example, BofA will provide borrowers with checklists so they know where they stand in the foreclosure or modification process.

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