AG briefs chamber on mortgage crisis

Published 2:50 pm Tuesday, September 22, 2009

Washington Attorney General Rob McKenna briefed the Snoqualmie Valley Chamber of Commerce on ongoing developments in the national mortgage crisis during a visit Friday, Sept. 18, in Snoqualmie.

Foreclosures continue to spike, with 280,000 homes going into foreclosure monthly — McKenna said there are more homes entering the forclosure pipeline than foreclosed homes being sold.

However, some hope is apparent in growing number of lenders seeking mortgage modifications to be able to keep their homes. McKenna met last week with national counterparts to craft solutions to mortgage fraud.

“If we can’t assure a fair and level playing field,” some will still be tempted to cheat, he said.