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Inside Washington (07/06/2012)
  • WASHINGTON (7/9/12)--The Office of the Comptroller of the Currency and the Federal Reserve failed to clearly communicate with homeowners that they were eligible for financial assistance related to their mortgage foreclosures, according to a report from the Government Accountability Office (GAO). "Readability tests found the initial outreach letter, request-for-review form, and website to be written above the average reading level of the U.S. population, indicating that they may be too complex to be widely understood," the GAO said. Regulators also did not solicit input from consumer groups when reviewing the initial communication materials, according to the report. Communication materials developed by mortgage servicers with input from regulators and consultants included information about the purpose, scope and process for the foreclosure review and noted that borrowers may be eligible for compensation. However, the materials did not provide specific information about remediation. "Without informing borrowers what type of remediation they may receive, borrowers may not be motivated to participate," the report said …


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