As we’ve mentioned before, a bevy of option ARMs that have yet to expire are going to lead to another wave of foreclosure problems in California.
With this inevitable fact becoming more and more of a concern, California Attorney General Jerry Brown has called on 10 leading mortgage lenders to detail plans to modify these loans.
Among the highlights of information Brown is asking for are the number of option ARMs in California being served, information about loans with negative amortization, explanation of how customer service will be handled, and loan modification plans for the ticking time bombs.
DSNews.com had the following list of lenders that have had a request from Brown.
Brown, a former governor and presidential candidate who may run for governor again next year, made his request was made in a letter sent to Bank of America Home Loans & Insurance; Wells Fargo & Company; JP Morgan Chase & Co.; Goldman Sachs’ Litton Loan Servicing; GMAC’s ResCap, LLC; Ocwen Financial Corporation; OneWest Bank, formerly IndyMac Federal Bank; American Home Mortgage Servicing; Saxon Mortgage Services, Inc.; and Select Portfolio Servicing.
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