Mandatory Foreclosure Mediation Programs Get Low Grades From National Consumer Advocacy Group

From a press release from the National Consumer Law Center:

• A spate of new state and local programs that have emerged over the last year requiring mediations or conferences before foreclosures sales take place have great potential to help homeowners, but are suffering from the same lack of industry accountability that has plagued voluntary federal mortgage modification programs, according to a major new study from the nonprofit National Consumer Law Center (NCLC).(1)

For the entire press release, see REPORT: Foreclosure Mediation Programs' Potential To Help Homeowners Now In Jeopardy Due To Lack Of Accountability (NCLC Looks at 25 Programs in 14 States; Mediation Programs Seen as Faltering For Same Reasons as Struggling Federal Voluntary Foreclosure Modification Efforts).

For the report, see State and Local Foreclosure Mediation Programs: Can They Save Homes?

(1) Mediation programs were reviewed in the following 14 states: California, Connecticut, Florida, Indiana, Kentucky, Maine, Michigan, Nevada, New Jersey, New Mexico, New York, Ohio, Oregon and Pennsylvania.