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.

Just Posted

City to double rate of bike rack installation

Bike racks are about to spring up across The City like wildflowers.… Continue reading

School district leaders want to keep cops off campus

SFUSD renegotiating agreement with police on handling of incidents involving students

Large fire displaces residents in Castro District

A large fire in San Francisco’s Castro District Saturday morning injured two… Continue reading

CCSF faces further class cuts to stem $13 million deficit

College weighing elimination of some programs including culinary arts, journalism

Confusion over planning codes nearly kills Sunset District restaurant project

A San Francisco couple that dreamed of serving the community they live… Continue reading

Most Read