Many of the corrective action plans mandated by the enforcement actions require mortgage servicers to change the way they conduct critical aspects of their business. For example, the corrective action plans require improved communications with borrowers before a foreclosure may proceed. In particular, the mortgage servicer must thoroughly explore loan modification options with the homeowner.
Otherwise, it will be clear that we have learnt nothing from the past few weeks and that we lack social responsibility. 2  BIS Review 141/2008