Posts tagged as:

State Foreclosure Prevention Working Group

11 State AG’s Calling for Nation’s Largest Loan Modification Program

by Moe Bedard

In a move to follow in the footsteps of the recent Bank of America $8.4 billion predatory lending settlement, the State Foreclosure Prevention Working Group is adding pressure and much needed media attention on the mortgage servicing crisis.

In a letter signed by Iowa Attorney General Thomas Miller on behalf of the State Foreclosure Prevention [...]

Read the full article →

ANALYSIS OF SUBPRIME MORTGAGE SERVICING PERFORMANCE

by Moe Bedard

Nearly one year ago, the State Foreclosure Prevention Working Group met with the 20
largest servicers of subprime mortgage loans to discuss opportunities to prevent
unnecessary foreclosures. Over the past year, the State Working Group, composed of
state attorneys general and state banking regulators, has collected data monthly from 13
of these 20 servicers and published two reports on [...]

Read the full article →

Nearly eight out of ten seriously delinquent homeowners are not on track for any loss mitigation outcome

by Moe Bedard

These days, it may look like the Wall Street trading floor is ground zero for the country’s economic crisis, but the root of the problem is still in your neighborhood.

The State Foreclosure Prevention Working Group, a coalition of officials and mortgage servicers in North Carolina, California, New York and other states, has just put out [...]

Read the full article →

New York Governor Paterson Calls for More Action in Mortgage Crisis

by Moe Bedard

Further evidence of the crisis came last week, with the second report published by the State Foreclosure Prevention Working Group, which also found that industry efforts to avoid unnecessary foreclosures are not keeping pace with the rising rate of homeowners in trouble. The report provides analysis of data from October 2007 through January 2008, and [...]

0 comments Read the full article →

Foreclosure Prevention Efforts Falling Short of Need, Miller Says

by Moe Bedard

Industry measures to keep homeowners out of foreclosure are barely keeping pace with the rising rate of homeowners in trouble, according to Iowa Attorney General Tom Miller and other state officials. “The number of borrowers in loss mitigation has increased,” Miller said, “but the gains have been matched by an increasing level of delinquent loans.”
The [...]

0 comments Read the full article →