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CFPB hits Fay Servicing with $1.15 million fine for illegal foreclosure practices

The Consumer Financial Protection Bureau announced Wednesday that it is fining Fay Servicing more than $1 million for “illegal foreclosure practices.” According to the CFPB, an investigation found that Fay Servicing was “keeping borrowers in the dark” about their foreclosure prevention options and pursuing foreclosure actions even as borrowers were actively seeking help to save their homes, a practice sometimes referred to as “dual tracking.”
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