Loan Services Agree to Work with State to Find Solutions

Governor's Loan Servicers Meeting a Success

BALTIMORE (2-26-08) - Department of Labor, Licensing and Regulation Secretary Thomas E. Perez announced the success of today's servicers meeting to develop a streamline triage system for Maryland homeowners to avoid foreclosure.

"The foreclosure crisis requires an all-hands-on-deck enterprise that will only be accomplished with the cooperation of servicers, nonprofit housing counselors, state and local government," said Secretary Perez. "We made significant progress toward that end today."

Today's meeting concluded with commitments from the servicers to:

1. Provide information within ten days about what is required from borrowers to access real loss mitigation solutions
2. Reconvene in three weeks to continue work on a streamline triage system for Maryland homeowners
3. Participate in a summit to train housing counselors in the requirements for loss mitigation

The servicers that participated in the Governor's Servicers Meeting include:

• Countrywide
• Ocwen
• CitiFinancial/CitiGroup, Inc.
• AmeriNational
• GMAC ResCap
• Option One
• PHH Mortgage
• Indy Mac
  
  Wells Fargo and Litton Loan Servicing were unable to attend today's meeting but committed to the effort.

Updated July 30, 2009