Gov. Martin OMalley accuses mortgage industry for role in real estate crisis.
Acording to Gov. Martin O’Malley, the mortgage industry is failing to provide assistance for homeowners with their homes in foreclosure. The governor has arranged a meeting with several loan companies in Annapolis to discuss the crisis.
“Far too often homeowners who try to take action to avoid foreclosure are unable to even get their loan servicer on the phone,” O’Malley said
On Tuesday this week, together with nonprofit counselors and administration officials, the governor adressed the issue about the busy signals at loan services, long waits and lack of support from the customer services of these loan companies.
“We need the loan servicers to join with us, not from someplace out in Topeka, Kansas, at a 1-800 number, but here in Maryland.”
Countrywide Financial Corp., CitiFinancial and IndyMac Bancorp are confirmed to attend the meeting with the governor. From what we can see the governor is trying hard to help with the foreclosure crisis, as usually when homes are lost everyone is affected, the state and cities loses taxes, home values decline, and everyone suffers, including the mortgage companies.