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Comptroller Rebukes Non-Bank Lenders on Foreclosures Practices.
WASHINGTON -- Comptroller John Dugan is challenging non-bank lenders and servicers to step up their efforts to help delinquent subprime borrowers and prevent foreclosures.
The top supervisor of national banks noted that banks have been very active in working with nonprofit organizations to reach delinquent borrowers and in funding foreclosure prevention programs.
Even though national banks played a relatively smaller role in the subprime market than other lenders, they have "recognized the importance of these efforts," Mr. Dugan said in speech at a NeighborWorks conference on foreclosure prevention.
"I wish the same were true for more of the non-federally regulated lenders and servicers that have fueled the rapid growth of the subprime market - and profited handsomely from it. It could make a real difference if these institutions made similar contributions to assist borrowers to avoid foreclosures wherever feasible," Mr. Dugan said.
The comptroller made his remarks after unveiling new public service advertisements that urge delinquent borrowers to contact their servicers.
He noted several national banks helped established the NeighborWorks Center for Foreclosure Solutions back in April 2006.
"The center and its foreclosure prevention coalitions have helped many borrowers negotiate loan workouts with lenders," Mr. Dugan said.
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Source: HighBeam Research, Comptroller Rebukes Non-Bank Lenders on Foreclosures Practices.