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MACDC Releases Mortgage Industry Report Card

Many Boston Real Estate owners are frustrated with their mortgage lenders. The Mortgage Lending Industry’s response to the housing slowdown remains too slow, ad hoc and inconsistent, according to a new report by the Massachusetts Association of Community Development corporations (MACDC). The MACDC report surveyed non-profit housing agencies that provide counseling to homeowners facing foreclosure. The purpose of the survey was to learn which of the major servicers were the most and least responsive to the needs of homeowners and to see how the industry as a whole was responding. Responses to the survey were based on counseling done with more than 1,100 Massachusetts homeowners facing foreclosure. See the grades from MACDC’s Mortgage Industry Report Card, November 2008, below.

Bank of America/Countrywide     B-

JP Morgan Chase                            B-

Litton                                                C+

AHMS                                               C

Wells Fargo                                      C

ASC                                                   C-

Home Eq Servicing                         C-

Washington Mutual                        C-

GMAC/Homecomings Financial   D+

Saxon                                                D

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