CitiBank, Bank of America and Wells Fargo in anticipation of the added costs of servicing sub-prime mortgages imposed by CFPB rules effective January 2014 are engaged in the widespread transfer of this liability to 3rd party debt collection agencies. These debt collection agencies have a documented pattern of customer abuse. In the transfer block a significant number of performing loans are now subject to the documented illegal business practices of debt collector agencies. Honest, hardworking, American mortgage holders who have never missed a payment are now at risk of foreclosure from inept and understaffed collection agencies.
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