O'Malley meets with loan servicers
Mortgage summit comes week after governor criticized the industry on customer service
| Sun reporter
February 27, 2008
Gov. Martin O'Malley and mortgage industry representatives met yesterday to create a process for loan "triage" in Maryland by which homeowners at risk of foreclosure could be connected with lenders willing to refinance.
The mortgage summit came a week after O'Malley railed against loan servicers for shoddy customer service as a rising number of homeowners are defaulting on loans.
Eight loan servicers attended the event, including Baltimore-based CitiFinancial and Ocwen Loan Servicing. State regulators targeted Ocwen for an examination after receiving several consumer complaints. More than two dozen servicers were invited.
Quote: State regulators targeted Ocwen for an examination after receiving several consumer complaints
"Several consumer complaints" - More likely several thousand consumer complaints.
I'd sure like to see just how far they get with the proposed examination before someone intervenes, as usual.