Fed's Raskin Calls For Changes In Mortgage Servicing Payments

""These problems indicate the existence of unsafe and unsound banking practices and violations of federal and state laws, as well as demonstrated patterns of misconduct and negligence on the part of servicers," said Raskin, formerly Maryland's top banking regulator. "Individual consumers have been harmed by this negligence, including the negligence of law firms. In addition, the imperative for servicers to fix their systems, review past decisions, and put in place the internal systems and controls that they should have had all along has impeded the repair of the overall housing market.""