6 banks in US slapped with more mortgage restrictions
They will also face additional fines; govt says they failed to improve their mortgage operations, as agreed in 2011
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New York
JPMORGAN Chase, Wells Fargo and four other large banks have failed to make long-promised improvements to their mortgage operations, a federal regulator said on Wednesday.
The six banks, and several others, had agreed in 2011 to make dozens of changes to the way they issue and service mortgages after being accused of wrongly foreclosing on homeowners after the financial crisis. Homeowners had faced problems including bungled loan modifications, deficient paperwork, excessive fees and wrongful evictions that stemmed from the sprawling mortgage issues.
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