Conclusion

Recent events on Wall Street have demonstrated the connection between the financial health of the American homeowner and the health of our financial markets. Over the past year, the State Working Group has focused on how the mortgage servicing system can reduce the numbers of unnecessary foreclosures as a way to benefit homeowners, investors, and local communities. The mortgage servicing system was not designed to work-out loans on this magnitude, and while progress has been made, that progress pales in comparison to the numbers of homeowners needing assistance. The need for systematic approaches and comprehensive solutions to current foreclosure levels is urgent. We believe that changing the approaches and the options for homeowners struggling to make their mortgage payments is essential to the long-term health of not just homeowners and our communities, but also of our financial markets.

The Foreclosure Fraud Alert Website http://www.foreclosurefraudalert.com/

The Foreclosure Fraud Alert Blog  http://www.foreclosurefraudalert.com/fraudblog