“I am really worried. Most of the payment option plans are going to re-calibrate in the coming year and unless the mortgage lenders become a whole lot better at working with their clients and modifying loans, virtually all of those loans are going to turn into foreclosures. That frankly is the other shoe that could drop on the Arizona housing market and it is a really scary proposition.”
Goddard said it is his mission to help pass legislation which will force lenders to work with their at risk customers.
“As attorney general, my goal is to get long term modification to the home loans. It is my belief that unless we can get a much more serious effort from the lenders to modify troubled loans, we are going to continue in a financial free fall, and it would be very hard to find the bottom of the market.”
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