Foreclosure System Not Busted?
Don't worry, be happy. That seems to be the message from Department of Housing and Urban Development secretary Shaun Donovan (pictured), who said after a meeting with regulators on Wednesday that the recent foreclosure fiasco was not evidence of "systemic issues" at mortgage servicers.
While Donovan didn't discount reports of bad practices and sloppy processes ("We will not tolerate business as usual in the mortgage market," he said), he also mentioned that early reviews of mortgage servicers revealed a variety of situations: Some revealed errors in foreclosure processing and others didn't.
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