Attorney general wants banks' ARM plan

Worried about a new wave of foreclosures, state Attorney General Jerry Brown on Thursday called on 10 major banks and loan servicers to spell out their plans to help homeowners facing drastic monthly payment hikes on adjustable-rate mortgages.

In the third quarter of 2009, California accounted for more than a quarter of the nation’s foreclosure activity.

The banks in Brown’s sights are Bank of America, Wells Fargo, JP Morgan Chase & Co.; Litton Loan Servicing, ResCap, LLC; Ocwen Financial Corporation, OneWest Bank, American Home Mortgage Servicing, Saxon Mortgage Services, Inc.; and Select Portfolio Servicing.

The banks are being asked to respond by Nov. 23.

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