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White House backs standard for mortgage servicers

(Reuters) - The Obama administration favors creating a national standard for mortgage servicers such as Bank of America Corp and JPMorgan Chase & Co that have been accused of botching home foreclosure procedures.

In unveiling its plan to overhaul the housing finance system, the White House said on Friday it supports reforms to correct problems in the mortgage servicing and foreclosure process.

These include adopting national standards for mortgage servicing and requiring that mortgage documents disclose the presence of second liens, such as a second mortgage or a home equity loan.


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