Foreclosure Resolution Blog

In some ways, the interests of the mortgage insurance companies are more closely tied to homeowners who are trying to prevent foreclosure than anyone else involved in the foreclosure process. Housing Wire recently reported that Genworth Financial is expanding its pre-purchase education efforts to inform borrowers about their options if they fall behind on payments and need to prevent foreclosure.

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In July, I posed the question, “Will Mortgage Companies Take Advantage of the Foreclosure Bill?” With several logistical obstacles just off the top of my head, I predicted that there was no way that lenders were going to be able to handle Foreclosure Prevention Act mandates.

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Yet another attorney general claims that lenders are not doing enough to prevent foreclosure for homeowners. Illinois Attorney General Lisa Madigan and 11 others are asking mortgage companies to do more to help homeowners keep their homes.

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California Governor Arnold Schwarzenegger signed 10 bills designed to prevent foreclosure by reining in the mortgage industry. The one bill that he did veto was designed to create a “fiduciary duty” for mortgage brokers to borrowers.

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