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Sub Servicers Provide Modification Data to State Bank Regulators.
Washington -- Subprime servicers are starting to provide data on their loan modification efforts to a working group of state attorneys generals and banking regulators, according to New York banking superintendent Richard Neiman.
"We are now in the process of analyzing that data as it comes in from the servicers," Mr. Neiman said.
The multistate working group, headed by Iowa attorney general Tom Miller, began working with subprime servicers last summer to make sure distressed homeowners are getting the assistance they need to avoid foreclosure.
However, Mr. Miller's group has been shut out of the loan modification efforts lead by Treasury secretary Henry Paulson and the Hope Now alliance of servicers.
"I found it curious and disappointing that the Treasury's Hope Now alliance did not include a state government representative," Mr. Neiman told the Exchequer ...
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Source: HighBeam Research, Sub Servicers Provide Modification Data to State Bank Regulators.