Foreclosure outreach touching few

Two new reports out of Washington point out what has been a foregone conclusion to many who are the front lines of the foreclosure crisis, be they homeowners, community members or professionals who work in the field. The national foreclosure review's outreach to troubled borrowers has been inadequate, according to one report. The other one concludes more oversight is necessary to ensure foreclosed homes are properly managed and maintained and their values maximized. The federal Government Accountability Office specifically looked at the outreach to borrowers who were eligible for a free, independent review of their 2009 or 2010 foreclosure actions to see if they suffered financial hardship and were due remediation. The review process was part of a federal consent order finalized in April 2011 with 14 mortgage loan servicers.

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