The mess of foreclosure documentation over the past few months has underscored the need for national standards for the mortgage industry, Federal Governor Daniel Tarullo said at a Senate Banking Committee hearing.
Currently, The Wall Street Journal said foreclosure regulations vary from state to state.
“The system as it is now simply was not developed with a large number of foreclosures in mind,” Tarullo said. “We do need more of a national effort to impose standards on everybody.”
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