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Borrowers Still Bounced Around

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Borrowers Still Bounced Around

Iowa officials are back in talks with the nation’s top home mortgage companies, seeking better treatment for homeowners facing possible foreclosure. Under terms of last year’s settlement, Wells Fargo, Bank of America and others agreed to assign a single employee to each borrower seeking a loan modification to help cut through the red tape. Iowa Attorney General Tom Miller says in many cases, borrowers are still being bounced around.

Other mortgage companies involved include J-P Morgan Chase and Citigroup. Another part of the agreement was that the companies would stop foreclosure proceedings once a homeowner has finished the paperwork for a loan modification. Instead, Miller says the banks are asking for more information.

The new protections for borrowers are part of a 25-billion dollar settlement reached with the banks in an investigation of shoddy loan foreclosure practices.

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