Less than six months ago, the federal government and 49 states announced a $25 billion settlement with the country’s five largest loan servicers, which, among other things, involves nationwide reforms to mortgage servicing standards and foreclosure practices. This, however, appears to be only the tip of the iceberg, as servicers are still subject to regulation by individual states. Numerous states are proposing a range of new foreclosure regulations that build upon and extend reforms in the national mortgage settlement. Earlier this month, California became the first state to actually enact such legislation.
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