AZ Attorney General Asks Lenders For Help
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.

Understanding fully what payday loan consumers are going through, does not seem like a reality to those trying to ban them in the different states. Do those that are trying to ban the payday loans understand what taking them away is going to do? Do they understand that some credit cards are a much more expensive option for the consumers? What are some other options available to consumers in place of a short term payday loan? Are they prepared to offer these other alternatives to the consumers, to help them get out of this temporary situation?






