Florida AG Bashes Mortgage Lenders


Earlier, we reported that hundreds of complaints had been filed with the Florida Attorney General regarding Bank of America and its inability to comply with modifying poor loans. Now AG Bill McCollum is speaking out about the matter:

Sun Sentinel: Florida Attorney General Bill McCollum, who has received more than 450 complaints about mortgage lenders across the state, said more needs to be done. “I am outraged by the reports I am receiving from homeowners telling me that banks are giving them the run-around instead of assisting them with their mortgage refinancing and loan modifications,” said McCollum, a candidate for governor.

Struggling Florida homeowners are trailing those in California and other states in getting help with their mortgages through a federal program, a new Treasury Department report shows.

The report Tuesday shows that only 12.4 per cent of Florida borrowers who are at least two months behind on their mortgages have entered into a new deal — known as a trial loan modification — through the Obama administration’s Making Home Affordable Program. That puts the state behind the national pace, where 20 per cent, or one out of five, troubled loans have been modified under the administration’s program through October.

NOW WATCH: Briefing videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.