NEW YORK (
) -- State regulators will face off against representatives from
Bank of America
on mortgage-servicing practices this Wednesday.
The Wall Street Journal
may force U.S. banks to reduce home-loan balances for borrowers facing foreclosure. Mortgage companies have already sliced home-loan balances for more than 100,000 borrowers, according to the report, adding that loan balances could be trimmed over a three-year period.
are also assessing
if banks should pay fines or mortgage putbacks due to shortcomings in underwriting standards.
The cost of putbacks for the banking industry could be
, according to analysts.
--Written by Maria Woehr in New York.
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