WASHINGTON, April 6 (UPI) -- The rush to foreclose on U.S. homeowners in default may change soon among the largest lending firms, officials told The New York Times.
Officials said the first step in correcting the foreclosure debacle that erupted last year -- characterized by banks taking short cuts to close quickly on tens of thousands loans -- is for banks to sign an agreement to change their ways, the Times said. Fines for cheating homeowners of due process are expected later, the report said.