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Servicing / The Ticker

Connecticut governor wants bank mediators to possess settlement power

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The (Connecticut) governor on Wednesday said too often bank mediators don't have the authority to make a deal when they negotiate with homeowners during a court-supervised foreclosure procedure. Banks also send different mediators to meetings, needlessly prolonging the process, the governor said.

For this reason, Connecticut's governor and attorney general proposed a bill that would force banks to send only mediators with the power to enter into foreclosure settlements to the bargaining table with distressed borrowers, according to the ctpost.

 

Source: ctpost.com
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