Not all California lenders are created equal when it comes to the state's newly implemented foreclosure prevention act launched early last week. It is being reported that 7 lenders have been provided immunity, and several others have made application to become immune.
Among the first 7 qualifying and found exempt from the act are:
Bank of America Home Loans
CitiMortgage
Carrington Mortgage Services
Among qualifying criteria for bank exemption is participation in the "Making Home Affordable" program promoted by the Obama administration.
California has been heavily impacted by the number of foreclosures in the current housing crisis, with more than 365,000 foreclosures in the last two years. Sacramento logged in 37,000 of these.
The implementation of the foreclosure prevention act was seen as a tool to help quell those numbers. While some homeowners may be helped, many real estate professionals view the act as only delaying the inevitable.
1 Comments on Not All Lenders Are Created Equal in California's Foreclosure Prevention Act
OCT
07
2009
Has this list expanded? It seemed that this was to ensure that lenders had a loan modification department. Most lenders have these "services" in place. If so, aren't they exempt from the 90 moratorium.
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Has this list expanded? It seemed that this was to ensure that lenders had a loan modification department. Most lenders have these "services" in place. If so, aren't they exempt from the 90 moratorium.
Stefan In The Napa Valley