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03 Feb 09 Washington Attorneys Seek Loan Modification Reform

A group of state attorneys general is urging federal officials to push national banks and federal thrifts to modify home mortgage loans that are becoming unaffordable for struggling buyers.  In their letter to U.S. Comptroller of the Currency John Dugan and director of the Office of Thrift Supervision John Reich, the attorneys general said loan modifications would help many Americans remain in their homes by avoiding foreclosure.

“Every day, our office hears from families struggling to make their mortgage loan payments and those who have lost their homes,” Washington Attorney General Rob McKenna said. “They are our neighbors and we have as much of an investment in helping them as do officials in the other Washington.

The states want to work with federal regulators – not against them – to help prevent foreclosures and get homeowners through these difficult financial times.” The letter was signed by attorneys general who are members of the State Foreclosure Prevention Working Group.  Get the latest Mortgage News from the Industry’s Choice for Mortgage Rates and Blog Post.

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