Our (Illinois) AG is part of this group. The full report is published at many sites, the first one to come up on google is here.
Here's an article summing up the report:
- The State Foreclosure Prevention Working Group, made of AGs and state banking regulators, is calling for increased efforts to assist struggling homebuyers.
- "...60 percent of seriously delinquent borrowers are not involved in loss-mitigation efforts,..."
- federal government said just 7 percent of the homeowners who received trial modifications on their loans through the program had received a permanent reduction through the end of the year.
- "The average time to complete a loan modification for some servicers is more than six months."
- "...prime loans are increasingly driving the rising delinquency rates"
Are loan modifications working??