On September 29, 2008, Attorney General Martha Coakley released the findings of the third in a series of reports prepared by the State Foreclosure Prevention Working Group. The report found that too many homeowners are still facing foreclosure without receiving any meaningful assistance by their mortgage servicers and that the mortgage industry's failure to develop systemic approaches to prevent foreclosures has only spurred declines in property values and further increased expected losses on mortgage loan portfolios.
The State Foreclosure Prevention Working Group, which was formed nearly one year ago, is a joint initiative of 37 states Attorneys General and the Conference of State Bank Supervisors (CSBS). The group's main objective is to work with subprime mortgage loan servicers to reduce the number of foreclosure by encouraging loan modifications and other sustainable long term solutions. The report includes data on loss mitigation efforts by 13 major residential mortgage servicers.
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