Changes in mortgage servicing to take effect | Mount Kisco NY Real Estate

A significant element of the government’s historic settlement with big banks over foreclosure abuses takes effect Tuesday, when firms face a deadline for carrying out more than 300 changes in the way they service mortgages and treat struggling homeowners.

Much of the hoopla surrounding this year’s $25 billion government settlement has focused on the banks’ agreement to reduce the loan balances of some borrowers and undertake more refinancings for thousands of Americans.

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