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February 22, 2008
Maryland Governor Makes Loss Mit a Requirement for Servicers?
Maryland Governor Martin O’Malley announced that his office and the Department of Labor Licensing and Regulation (DLLR) are rolling out emergency regulations to insure homeowners at-risk of foreclosure have the assistance needed to prevent more foreclosures.
His office intends to establish public agreements with servicers to insure loan handlers are delivering quality home retention solutions on time. In addition, O’Malley is requiring proof from servicers that they are in fact reaching out to distressed borrowers in an efficient manner. To check on this, he is asking servicers to give the DLLR data on all Maryland homeowners who face significant resets on adjustable rate loans in the near future.
Posted by S. Germain at February 22, 2008 08:10 AM