U.S. Mortgage Accord Monitor Finds Servicers Missing Goals

The largest U.S. mortgage servicers, including Citigroup Inc. and Bank of America Corp., must do more to improve handling of delinquent home loans, according to a court-appointed monitor overseeing an accord with the firms.

Banks subject to the 2012 national settlement over botched foreclosures failed in many cases to provide timely or adequate notifications to borrowers during the loan-modification or foreclosure process, Joseph A. Smith Jr. said in his report released today. The document covers the banks’ activity during the first half of the year.