Foreclosure Crisis Report Released

From the Ohio Attorney General's Office:

• Ohio Attorney General Marc Dann, along with 10 state attorneys general and several state banking regulators, released a report [yesterday] revealing major shortcomings in the response of subprime mortgage loan servicers* to the foreclosure crisis. “Across the country, hundreds of thousands of people are losing their homes to foreclosure,” said Attorney General Dann. “Yet we’ve found that servicers’ efforts to help at-risk borrowers fall seriously short of need.”

• The group, the State Foreclosure Prevention Working Group, met last summer to work with servicers of subprime mortgage loans to identify ways to work together to prevent unnecessary foreclosures; situations where it is in the financial interests of both the secondary market investors and the borrower to modify the loan.

For some of the key findings in the report, see the Ohio AG's press release: Foreclosure Crisis Report Released (Major shortcomings in efforts by servicers to stop foreclosure crisis).

For the actual report, see Analysis Of Subprime Mortgage Servicing Performance.