WASHINGTON (Dow Jones)–Major U.S. banks plan to launch a common website, toll-free phone number and advertising campaign in the coming weeks to solicit complaints from consumers harmed by problems in foreclosure processing, a top regulator said Monday.
Last spring, U.S. regulators ordered major banks and thrifts to overhaul their foreclosure practices, finding that 14 lenders filed foreclosures with improper documentation and lacked sufficient staff to properly handle distressed borrowers. The banks have now picked independent consultants to identify any borrowers that were harmed by foreclosure processing problems. (Wall Street Journal)
