Bank Regulators Should Withdraw Consent Orders on Illegal Servicing

Bank Regulators Should Withdraw Consent Orders on Illegal Servicing

WASHINGTON, D.C. – April 12, 2011 – (RealEstateRama) — National consumer, civil rights, and labor groups ask bank regulators to withdraw the proposed consent orders issued to the nation’s mortgage servicers and to work with the state Attorneys General and United States Department of Justice to obtain a joint settlement that addresses illegal servicing practices in a meaningful manner. The draft consent orders that have been released to the press do not hold servicers accountable for illegal practices and do not stop avoidable foreclosures. Read the letter.

For more information: Kathleen Day at (202) 349-1871 or ; Ginna Green at (510) 379-5513 or ; or Charlene Crowell at (919) 313-8523 or .

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About the Center for Responsible Lending
The Center for Responsible Lending is a nonprofit, nonpartisan research and policy organization dedicated to protecting homeownership and family wealth by working to eliminate abusive financial practices. CRL is affiliated with Self-Help, one of the nation’s largest community development financial institutions.

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