National bank and thrift servicers implemented more than 680,000 home loan modifications and payment plans in the third quarter of 2009 to avoid preventable foreclosures, according to a report released by the Office of the Comptroller of the Currency (OCC) and the Office of Thrift Supervision (OTS). The OCC and OTS Mortgage Metrics Report for the Third Quarter 2009 showed that the number represented a nearly 69 percent increase in home retention actions from the previous quarter.Read more

Ohio Attorney General Richard Cordray has filed a lawsuit against American Home Mortgage Servicing Inc. (AHMSI), a Texas-based company servicing more than 12,000 sub-prime and prime mortgage loans in Ohio. The lawsuit alleges numerous violations of the Ohio Consumer Sales Practices Act including but not limited to: Incompetent and inadequate customer service, failure to respond to requests for assistance, failure to offer timely or affordable loss mitigation options to borrowers and unfair and deceptive loan modification terms.Read more