Daily Real Estate News April 16, 2008
States Launch Anti-Foreclosure Plans
Tired of waiting for the federal government to act, states are developing their own solutions to the foreclosure crisis, according to a survey released Tuesday by the Pew Charitable Trusts.Twenty states have created intervention programs, 13 have set up counseling hot lines, 14 have assembled task forces and nine have established funds for emergency loans or refinance loans, totaling $450 million.Colorado, Maine, Massachusetts, Minnesota, North Carolina, and Ohio have passed legislation requiring tighter underwriting standards for lenders.Ohio has announced a nonbinding agreement with nine large loan servicers to modify troubled loans. It also recruited 1,000 lawyers to represent troubled borrowers free of charge.Minnesota is working with loan servicers to arrange loan modifications and has set up a hot line to housing counselors who will help troubled homeowners negotiate with the servicers.Colorado raised $750,000 in private donations to hire a non-profit agency to run a hot line that refers callers for counseling in person.Source: The New York Times, John Leland (04/16/2008)
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