2011-11-03foxbusiness.com

"The Fed is requiring GMAC Mortgage, HSBC Finance Corporation, SunTrust Mortgage and EMC Mortgage Corporation to conduct the program, and retain independent consultants for review, all of which are supervised by the Federal Reserve Board. The servicers will be required to compensate borrowers for "financial injury resulting from deficiencies in their foreclosure processes," according to a release from the Fed."


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