Industry News

Four servicers agree to streamline California workouts

Governor says plan based on FDIC chief's proposal
Published on Nov 21, 2007

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by CareyBot

Four companies that service 25 percent of outstanding subprime loans in California have agreed to streamline the loan modification process to allow some borrowers with adjustable-rate mortgages to avoid interest rate resets. California Gov. Arnold Schwarzenegger said a voluntary agreement ...