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NEW YORK (CNNMoney.com) — While Congress has talked for a year about a federal response to the foreclosure crisis, attorney generals have been busy helping troubled homeowners at the state level.
AGs are filing lawsuits, lobbying legislatures for tougher mortgage lender laws, and partnering with mortgage servicers, and community development groups to help rescue homeowners from foreclosures.
Their efforts have paid off. While the Mortgage Bankers Association says a million homes were in foreclosure in the first three months of 2008, one community advocate says that number would have been larger if the AGs weren’t involved.
“When the highest law enforcement officer in the state starts demanding action, mortgage servicers are going to pay attention” said John Taylor, CEO of the National Community Reinvestment Corp., a non-profit redevelopment group.
