MBA's Quinn: State AGs Data Demonstrates Progress Being Made on Helping Delinquent Borrowers
Feb 7, 2008
WASHINGTON, D.C. (February 7, 2008) - Kieran P. Quinn, CMB, Chairman of the Mortgage Bankers Association (MBA) issued the following comment in response to today's release of loss mitigation data by the state attorneys general and the Conference of State Bank Supervisors:
"The report released today by the State Foreclosure Prevention Working Group corroborates other evidence that lenders are increasingly helping borrowers who are falling behind on their mortgage payments. This is the same trend we clearly see in the more recent data collected by the HOPE NOW alliance.
Lenders have every incentive to work with borrowers to help them avoid foreclosure wherever and whenever possible. They have a number of ways to help struggling borrowers, but the first step is for borrowers to communicate with their servicers and accept help.
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