Attorney General's Office seeks plans from mortgage lenders
The state Attorney General's Office is calling on 10 major banks and loan servicers to "detail their plans to assist homeowners facing dramatic monthly payment increases on Pay Option Adjustable Rate Mortgages," according to a news release. "Homeowners with Pay Option ARMs are sitting on ticking time bombs that the lending industry has the power to defuse," Attorney General Jerry Brown said in a news release. "Unless these banks and loan servicers act quickly, hundreds of thousands of mortgages will reset across the state, creating a new wave of foreclosures." The office's request was to: Bank of America Home Loans & Insurance; Wells Fargo & Co.; JP Morgan Chase & Co.; Litton Loan Servicing; ResCap LLC; Ocwen Financial Corp.; OneWest Bank; American Home Mortgage Servicing; Saxon Mortgage Services Inc. and Select Portfolio Servicing. The companies were asked to respond by Nov. 23. Information: (800) 952-5225; www.ag.ca.gov
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