With federal and state officials still in talks with the top five mortgage servicers over lapses in the foreclosure process, lawmakers from both political parties introduced a bill Thursday that would establish national servicing standards.

Prior to a Senate Banking subcommittee hearing on the issue, Sens. Jeff Merkley, D-Ore., and Olympia Snowe, R-Maine, released legislation that would force lenders to assign a single point of contact for troubled borrowers and prohibit servicers from pursuing a foreclosure and modification at the same time.

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