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The report also noted: The State
Working Group hopes that recently enacted federal legislation
to provide a new federally-guaranteed refinance program (Hope
for Homeowners) will increase the level of refinancing for
poorly performing subprime loans; however, the ultimate impact
of that program has not yet been seen. Recent federal
government interventions in the mortgage and financial markets
offer an opportunity to develop more options for homeowners and
better systematic loan modification approaches. While the
federal government struggles with the implications of the
recent financial markets crisis, state and local governments
continue to implement new and innovative approaches to slow the
pace of foreclosures that are devastating their
communities.
About The State Foreclosure Prevention Working
Group
The State Foreclosure Prevention Working Group began as a
cooperative dialogue of state officials and mortgage servicers
in September 2007. Since October 2007, the Working Group has
been collecting data from the largest subprime mortgage
servicers, with 13 of the largest 20 servicers participating,
representing approximately 60 percent of subprime mortgage
loans serviced.
The State Foreclosure Working Group is led by
representatives of the Attorneys General of 11 states (Arizona,
California, Colorado, Iowa, Illinois, Massachusetts, Michigan,
New York, North Carolina, Ohio and Texas), two state banking
departments (New York and North Carolina), and the Conference
of State Bank Supervisors.
The Group’s first report was issued February 7, 2008, and
the second on April 22, 2008. Copies of all three reports are
available at www.csbs.org.
Analysis of
Subprime Mortgage Servicing Performance-Data Report No.
3
For more information, contact:
North Carolina Commissioner of Banks: Ha Nguyen,
919-733-0576
New York State Banking Department: Denise Gillen,
212-709-1690
Conference of State Bank Supervisors: Mary White,
202-728-5715
Iowa Attorney General’s Office: Eric Tabor, 515-281-5191
The Foreclosure
Fraud Alert Website http://www.foreclosurefraudalert.com/
The
Foreclosure Fraud Alert
Blog
http://www.foreclosurefraudalert.com/fraudblog
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