Fed Governor: Standards needed for mortgage servicers

The mess of foreclosure documentation over the past few months has underscored the need for national standards for the mortgage industry, Federal Governor Daniel Tarullo said at a Senate Banking Committee hearing.

Currently, The Wall Street Journal said foreclosure regulations vary from state to state.

“The system as it is now simply was not developed with a large number of foreclosures in mind,” Tarullo said. “We do need more of a national effort to impose standards on everybody.”