Banks control lawyers


The N.J. Law Journal reports:

Sixteen of the nation’s largest mortgage servicers have pledged to exercise tighter control over the law firms they hire to represent them in foreclosure actions under a settlement announced Wednesday by federal bank regulators. The servicers will be required to put the firms through a certification process to assure they “are licensed to practice in the relevant jurisdiction and have the experience and competence necessary to perform the services requested.” The requirement is one provision in consent orders obtained by the Federal Reserve System, the Office of the Comptroller of the Currency and the Office of Thrift Supervision from servicers that process more than two-thirds of the country’s mortgages.The regulators also directed the financial firms to hire auditors to determine how many homeowners could have avoided foreclosure in 2009 and 2010.

About Lawrence "Larry" Berezin

I retired from the private practice of law after a 35-year legal career and fight parking tickets for people like you and me. I love sharing valuable information and beating NYC parking tickets for the driving community in NYC

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