http://www.foreclosurefraudalert.com/GoogleSitemap.xml Foreclosure Fraud Alert-Foreclosure Prevention Workgroup Part 4
Foreclosure Fraud Alert
 
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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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