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Foreclosure Prevention Efforts Falling FlatMulti-state task force finds little progress to date |
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February 11, 2008
The State Foreclosure Prevention Working Group is a multi-state task force organized last summer. Its objective is to work with subprime mortgage loan servicers to reduce the number of unnecessary foreclosures by encouraging loan modifications and other sustainable, long-term solutions. In other words, it is trying to persuade lenders holding subprime mortgages -- many facing the threat of bankruptcy -- to renegotiate better terms with their customers so there will be fewer foreclosures. The group's report, issued by Iowa Attorney General Tom Miller, paints a far from optimistic picture:
The group, made up of state attorneys general and state banking regulators, collaborated with industry and federal regulators to develop a uniform data reporting format to collect comparative data to measure the extent of the foreclosure problem and the servicers' efforts to respond to it. Consistent and objective data is necessary to make informed policy decisions and to promote initiatives that could reduce foreclosures, Miller said. But much of that data has not exactly been forthcoming. The group notes that only 13 of the top 20 servicers provided the requested data for the month of October 2007. These servicers represent approximately 58 percent of the total subprime servicing market. Reporting companies serviced 5,110,678 subprime and Alt-A loans. The group, while emphasizing that the data collection initiative is a voluntary and cooperative effort, continues to seek cooperation from the servicers that did not participate in the initial report. Overall, over 150,000 delinquent loans were in the process of receiving a loan modification or other home retention accommodation at the end of October. The State Working Group anticipates future reporting on the data collected from servicers. "The State Working Group will continue to collect monthly data from reporting servicers in order to provide public information on trends in the servicing industry as we move through this foreclosure crisis," the report concludes.Report Your Experience
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