Not all California lenders are created equal when it comes to the state’s newly implemented foreclosure prevention act launched early last week. It is being reported that 7 lenders have been provided immunity, and several others have made application to become immune.
Among the first 7 qualifying and found exempt from the act are:
· Bank of America Home Loans
· CitiMortgage
· Carrington Mortgage Services
Among qualifying criteria for bank exemption is participation in the "Making Home Affordable" program promoted by the Obama administration.<...
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7 lenders get immunity from state foreclosure prevention act
By Jim Wasserman
jwasserman@sacbee.com
http://www.sacbee.com/business/story/1962447.html
Bank of America Home Loans, CitiMortgage and Carrington Mortgage Services are among the first seven lenders and loan servicers granted immunity from the state’s foreclosure prevention act launched this week in California.
The new law makes lenders prove to the state that they have a comprehensive loan-modification program that helps borrowers stay in their homes. Those that can’t prove it...
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Not all California lenders are created equal when it comes to the state’s newly implemented foreclosure prevention act launched early last week. It is being reported that 7 lenders have been provided immunity, and several others have made application to become immune.