File this under âtoo big too fail and too big to worry about pesky foreclosure moratoriumsâ: According to a report in The Orange County Register, Bank of America, Citigroup and EMC Mortgage Corp. are among seven servicing firms that have received permanent exemptions to Californiaâs 90-day foreclosure moratorium, which began last week. (EMC is owned by JPMorgan Chase which inherited the subprime/specialty servicer when it bought most of Bear Stearns last year.) The newspaper says more than 20 other lenders and loan servicers, including Wells Fargo, have received temporary exemptions which could become permanent...
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