Around 14 U.S. lenders are close to agreements with federal bank regulators to overhaul their handling of foreclosures and treatment of delinquent borrowers, The Wall Street Journal reports. Lenders including Bank of America, JP Morgan Chase and 12 other home-loan servicers have been under examination over breakdowns in procedures for handling foreclosures. Regulators including the Office of the Comptroller of the Currency, Federal Reserve and Office of Thrift Supervision are likely to announce the pacts with the banks and thrifts by next week. The state attorneys general are also in discussions with the banks.
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