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In response to widespread customer complaints about unanswered phone calls and delays in modifying loans, five of the city’s largest banks officially entered negotiations with New York City Comptroller John Liu’s office to develop reforms aimed at preventing foreclosures, the comptroller said Wednesday.
Last month, Liu launched a campaign to press major banks, including Bank of America, Citibank, HSBC, J.P. Morgan Chase and Wells Fargo, to do more to help save New Yorkers from the plight of foreclosure. Liu is calling for reforms to the loan modification process and improvements in customer service.
“I am pleased today that all five institutions have responded, and we have begun to engage in a dialogue. Now, banks must step up and work with us to figure out the best way to keep New Yorkers in their homes,” Liu said in a statement provided to The Wall Street Journal. “Foreclosures not only force families from their homes, but also have a devastating effect on the regional economy.”
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