Arizona AG: Prevention efforts does not foreclosures
It must be done to prevent the partitioning crisis and that millions of foreclosures unnecessary, Arizona Attorney General Terry Goddard said Tuesday.
Goddard, commented after the coup market partitioning Prevention Working Group, a group of attorneys general public banks and regulators, released its latest report, first in two months.
The report said: “The joint efforts of government and servicers officials is not yet significant in improving the prevention … partitioning results in key points, maintenance Subprime data for the month of January 2008 are practically unchanged from October 2007.
He said that little progress has been made despite publicity campaigns in general for the promotion of homeowners in distress to seek help and initiatives by donors to “ Fast-track “loans changes.
Goddard said: “We see a growing number of foreclosures in Arizona, which is an important economy to benefit Arizona. This report confirms that efforts servicers to avoid unnecessary foreclosures are not enough. We must explore ‘ other approaches to prevention Tens of thousands of unnecessary foreclosures in Arizona. ”
The partitioning of the working group on the prevention of the report, said seven of 10 borrowers serious delays are not yet on track to solve their situations. He also said that lenders try to help homeowners are so many problems in managing their workload.
The countries of the working group, he said, “to avoid more robust approaches avoidable foreclosures are necessary.” The working group said servicers, investors and public servants must work together to develop a job systematic loan-out system to slow down the process of closing help develop other offerings.
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