For Immediate Release
Media Contact: Bob Cooper
(208) 334-4112

Date: February 14, 2011

Wasden Issues Report on Idaho Mortgage Foreclosures

(Boise) - Attorney General Lawrence Wasden has released the "Attorney General’s Report on the Idaho Housing Crisis and How Stakeholders Can Facilitate Cooperative Solutions.” Wasden delivered the report to the Senate Commerce and Human Resources Committee and the House Business Committee today.

As the housing crisis continues, Idaho consumers have continued to bring their complaints to the Attorney General’s attention.  Initially, the majority of these complaints alleged fraudulent or misleading activities by businesses offering loan modification or mortgage “rescue” services.  Since 2008, however, the Attorney General has received more than 300 consumer complaints alleging issues or problems with borrowers’ loan servicers.

The Attorney General’s Office conducted an in-depth review of mortgage related complaints received between 2008 and 2010, in order to determine whether the allegations made in the complaints violate laws enforced by the Attorney General and, if so, whether there is evidence to warrant further action.

“The report is the result of this review and analysis,” Attorney General Wasden said.  “It includes an examination of the national events leading to Idaho’s housing problems, a discussion of the specific areas of concern demonstrated by Idaho’s homeowners, and presents suggestions regarding how stakeholders can work together to address Idaho’s housing crisis.” 

The report describes:

  • Idaho’s housing market conditions,
  • the foreclosure process,
  • present programs to address foreclosure,
  • the types of problems and frustrations Idaho consumers have faced when dealing with their foreclosures, and
  • actions the Office of the Attorney General has taken to address foreclosure issues.

The report also contains suggestions for legislative, educational, and remedial actions that stakeholders might consider with respect to foreclosures in Idaho. 

“Idaho citizens are facing foreclosure at an unprecedented level,” Attorney General Wasden said.  “In preparing this report, we have attempted to provide a factual foundation that will help stakeholders more fully appreciate the issues facing Idaho homeowners and assist them in discerning the best solutions.”

You can read the report on the Attorney General’s website.

 

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