Posted on Tuesday, December 7, 2010
A Fannie Mae and Freddie Mac top regulator Tuesday defended banks’ simultaneous efforts to rework loans and pursue foreclosures.
"At times, simultaneous actions are necessary because of the long time frames of the foreclosure process and because borrowers are not always responsive to foreclosure alternative offers," said Edward DeMarco, acting director of the Federal Housing Finance Agency.
Iowa Attorney General Tom Miller, who is leading the 50-state investigation into “robo-signing,” has said that the investigators would push for a settlement that included doing away with the dual-track system.
Source: Reuters News, Corbett B. Daly and Dave ClarkeDaily Real Estate News |