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Consumer groups pressure lenders to aid borrowers more

By Emmet Pierce, San Diego Union-Tribune

Consumer groups in California ramped up their efforts [last Wednesday] to persuade lenders and loan servicers to do more to help troubled borrowers avoid home foreclosures.

The California Reinvestment Coalition, which represents 275 nonprofit and public agencies, contended that the banking industry “continues to fail to adequately address the foreclosure crisis, while new arenas for abuse of consumers and households are now thriving.”

The conclusion was drawn from a survey of 54 nonprofit mortgage counselors and legal-service attorneys statewide. Those polled on their experiences during March said foreclosure remains the most common outcome for those who seek loan modifications, despite new state and federal programs to help people avoid eviction. Only 18 percent of the survey participants reported loan modifications as a “very common” outcome. …

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Print Date: 2/28/2020
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