House Democrats Push For New Foreclosure Regulations: "279
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Email Comments 262 Several key House Democrats are circulating a letter urging support for new regulations that would crack down on what critics say are rampant foreclosure abuses in the nation's banking system.
The letter, authored by Rep. Brad Miller (D-N.C.) encourages federal banking regulators to rein in practices at bank divisions called 'mortgage servicers.' Servicers are responsible for collecting and processing payments, charging late fees, negotiating with troubled borrowers and implementing the foreclosure process. Servicers have been criticized for committing widespread fraud in recent months, charging improper fees and incorrectly evicting borrowers."
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