State Attorneys General Urge Lenders To Follow Countrywide Loan Modification Model

Legal Newsline reports:

• Attorneys general from 10 states are coordinating efforts to shore up the country's mortgage crisis following news that the rate of foreclosures continue to rise. On Wednesday, a task force - The State Foreclosure Prevention Working Group -- that includes attorneys general from Illinois, California, Arizona, Ohio, Texas, Iowa, North Carolina, Colorado, Massachusetts, Michigan issued a letter to 16 mortgage lending companies urging them to follow the loan modification model put forth in the multi-state settlement with Countrywide Mortgage Corp., announced on Monday.

For more, see Foreclosure workouts not working, AGs tell banks.