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A blog about the economy and the Sacramento-area real estate market.

August 5, 2008
State claims growing success with getting loan modifications
The state Department of Corporations has released its June survey of loan modifications for struggling borrowers - and reports that the numbers are still rising.
  Lenders offered new loan terms to another 10,200 struggling California borrowers in
June, nearly double their totals early this year, according to DOC. The modification numbers were up 18 percent from May.

 The state reported that loan modifications such as freezing interest rates for five years are now nearly half of all loan workouts. That's considered a good thing, in that it gives borrowers much longer to get through this.

DOC Commissioner expounded on the theme in this testimony before the Assembly Banking Committee.

But as the Schwarzenegger Administration claims growing success with its its voluntary program of lender-initiated workouts, June still saw twice as many foreclosures as loan modifications. DataQuick Information Systems showed 23,528 foreclosures in June statewide, but did show a slight decline in the number of defaults that start the process.

A consumer advocate, the Center for Responsible Lending, says lenders still aren't doing enough to prevent an even bigger avalanche of foreclosures. Check out its recent Power Point from the above-mentioned Assembly hearing on the issue.

These are the lenders who report to the state for the DOC survey.

Carrington Mortgage Services
Countrywide Home Loans
GMAC Mortgage, LLC
Home Loan Services, Inc.
Homeq Servicing
HSBC Mortgage Services
Litton Loan Servicing
OCWEN Loan Servicing, LLC
Option One Mortgage
Wilshire Credit

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