Banks’ Mortgage Servicing Falls Short, Connecticut Says

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postJuly 19, 2011

Connecticut Attorney General George Jepsen is seeking meetings with four U.S. lenders to discuss their foreclosure practices, saying they are failing to devote sufficient resources to servicing mortgages.Jepsen wants to meet with representatives of Wells Fargo & Co., JPMorgan Chase & Co., Citigroup Inc. and Ally Financial Inc., according to letters written to the companies and released Wednesday by his office.

Although I appreciate the effort CitiMortgage has made to improve its practices in recent months, I remain concerned that it is failing to devote adequate resources to default servicing of residential loans in Connecticut, Jepsen wrote in a July 6 letter to Citigroup Chief Executive Officer Vikram Pandit. The attorney general made the same statement about the other servicers.

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