2011-02-17cnbc.com

"In testimony obtained by CNBC, the Comptroller of the Currency, John Walsh, will tell the Senate Banking Committee Thursday that examinations of the major mortgage servicers, "found critical deficiencies and shortcomings in foreclosure governance processes, foreclosure document preparation processes, and oversight and monitoring of third party law firms and vendors. These deficiencies have resulted in violations of state and local foreclosure laws, regulations, or rules and have had an adverse affect on the functioning of the mortgage markets and the U.S. economy as a whole." "



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