Loss Mitigation

Loss Mitigation Lacking for Seriously Delinquent Borrowers: State Bank Supervisors 

Seven out of ten seriously delinquent borrowers are not tracking towards a loss mitigation solution, according to a report released today by the Conference of State Bank Supervisors, who said that a rising number of loan delinquencies are outpacing gains in loss mitigation efforts. The State Foreclosure Prevention Working Group, a task force organized last summer by Iowa AG Tom Miller, said that while servicers have increased staffing and pushed creative outreach efforts, a large gap remains between homeowners most in need of loss mitigation and the number currently receiving assistance.