New Development in California—the Mortgage Foreclosure Crisis Epicenter Posted by money mom at 07/28/08 04:15 PM

On July 2, 2008, the California Reinvestment Coalition (CRC) released a new report that examines whether mortgage loan servicing companies have done enough to help California borrowers avoid foreclosure. Based upon a survey of 42 mortgage loan counseling agencies and legal services offices from throughout California, CRC concluded that loan servicers have failed to meaningfully respond to borrowers’ needs by modifying home loans on a scale that is commensurate with the growing foreclosure crisis. This is the third CRC report in a series which confirms the need for legislation requiring loan servicers to engage borrowers to work out alternatives to foreclosure before it’s too late. View the complete report at: http://www.calreinvest.org/system/assets/156.pdf

comments (1)

1 Posted by N. Baxter at 08/29/08 08:23 PM

This just verifies that regulation is needed to kep these wolves from harming more Americans.