New York City Comptroller John C. Liu says that talks have officially begun between his office and five of the city's largest banks regarding steps the banks can take to reform the loan modification process.
In July, Liu and a coalition of labor union and clergy leaders sent letters to Bank of America, Citi, HSBC Bank, JPMorgan Chase and Wells Fargo asking about the banks' loss mitigation procedures. Wednesday was the deadline for responses.
‘I am pleased today that all five institutions have responded, and we have begun to engage in a dialogue,’ Liu says. ‘Now, banks must step up and work with us to figure out the best way to keep New Yorkers in their homes.’
In August, Liu's call for information was echoed in letters sent by New York State Comptroller Thomas DiNapoli, 65 elected city officials and 53 clergy leaders.
A press statement from Liu's office did not specify the nature of discussions between Liu and the banks.