Leadpile’s Blog

In an effort to help distressed homeowners, Arizona attorney general Terry Goddard is asking mortgage lenders to set up streamlined modification plans for their mortgage customers. This is similar to what Countrywide recently rolled out to their mortgage customers. In addition to AZ, there are 9 other states such as California, Ohio, Illinois, and Texas. According to The Phoenix Business Journal, the lenders these states are approaching are Wells Fargo Home Mortgage, JPMorgan Chase, Morgan Stanley Home Loans, HSBC Finance Corp, Citigroup, and American Home Mortgage Servicing Inc.
I am not sure why all 50 states are not apart of this action, however it seems like a logical way to start putting a dent in what is going on with all the bad loans on the books. I hope we will hear more about this, because this might be one of those occasions where we WANT the government to get involved.

I thought it’s interesting to see how the banks are going down… Everyone’s attention is shifting towards the Wall Street, banking and how the bailout is going to turn out. We definitely have to speak out, and please, if you have something to say about this, respond to the post.

Even though Chase is not in “trouble”, I guess they are running into some issues with their site. For few hours their website was down: