Foreclosure Frauds and Scams

ANALYSIS OF  SUBPRIME MORTGAGE  SERVICING PERFORMANCE

DATA REPORT NO. 1   JANUARY 2008

DATA REPORT NO. 2  APRIL 2008

DATA REPORT NO. 3   OCTOBER 2008

STATE FORECLOSURE PREVENTION  WORKING GROUP

Executive Summary

In the summer of 2007, the state attorneys general and state banking regulators formed the State Foreclosure Prevention Working Group to work with servicers of subprime mortgage loans to identify ways to work together to prevent unnecessary foreclosures. The touchstone of the State Working Group is to work to prevent those foreclosures where the homeowner has the desire and reasonable ability to make payments on a mortgage loan and the investors that own the mortgage loan have a financial incentive to modify the loan rather than incurring the significant costs and likely greater losses from foreclosing on the loan.

The links below contain excerpts from the reports. 

1. Part 1 State Foreclosure Prevention Group
   
   Formed in the summer of 2007, the State Foreclosure Prevention Working Group includes 11 states – Illinois, Iowa, Arizona, California, Colorado, Massachusetts, Michigan, New York, North Carolina, Ohio, and Texas – along with the state bank regulators from New York and North Carolina, and the Conference of State Bank Supervisors. Foreclosure Fraud Prevention.
2. Part 2 State Foreclosure Prevention Workgroup
   
   Formed in the summer of 2007, the State Foreclosure Prevention Working Group includes 11 states – Illinois, Iowa, Arizona, California, Colorado, Massachusetts, Michigan, New York, North Carolina, Ohio, and Texas – along with the state bank regulators from New York and North Carolina, and the Conference of State Bank Supervisors. Foreclosure Fraud Prevention.
3. Part 3 State Foreclosure Prevention
   
   Formed in the summer of 2007, the State Foreclosure Prevention Working Group includes 11 states – Illinois, Iowa, Arizona, California, Colorado, Massachusetts, Michigan, New York, North Carolina, Ohio, and Texas – along with the state bank regulators from New York and North Carolina, and the Conference of State Bank Supervisors. Foreclosure Fraud Prevention.

New York, September 29, 2008: Industry measures to keep homeowners out of foreclosure have slipped, according to the State Foreclosure Prevention Working Group -- a group of state attorneys general and state banking regulators working to prevent home foreclosures.

“Too many homeowners face foreclosure without receiving any meaningful assistance by their mortgage servicer,” the report concluded, “a reality that is growing worse rather than better, as the number of delinquent loans, prime and subprime, increases.”

The Working Group issued its third “Analysis of Subprime Mortgage Servicing Performance,” based on data collected from subprime mortgage servicers for the period February through May 2008. The report said nearly eight out of ten seriously delinquent homeowners are not on track for any loan work-out or loss mitigation assistance to enable them to avoid foreclosure, a higher percentage than the Group found in its April report. Leaders of the Group are scheduled to conduct a telephone news conference at 12 noon EDT Monday on their new report.

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