“Foreclosure Avalanche” Prompts Servicer Survey

In a conference call/press conference on Thursday, the Conference of State Bank Supervisors (CSBS) released its first report on loss mitigation efforts as reported by 13 major residential mortgage servicers.

Iowa Attorney General Tom Miller explained that the report grew out of a concern dating back to last summer that the nation was facing a “foreclosure avalanche.”

The first report did contain some interesting findings…