Arizona, Feds Join Forces In Battle Against Loan Modification Rackets; More Criminal Prosecutions Possible, Says State AG

In Phoenix, Arizona, The Arizona Republic reports:

• Arizona's top prosecutor is partnering with federal regulators to stop more loan modification scams aimed at struggling homeowners. Attorney General Terry Goddard said his office and federal prosecutors plan to work together to go after the firms that market help to homeowners facing foreclosure but instead "cheat homeowners out of their last bit of cash." "This joint effort and sharing of information on loan modification scams could result in more criminal prosecutions," Goddard said. "There are a lot of cases and complaints in the pipeline. We have never had this level of cooperation."

For more, see Arizona unites with feds to target home loan schemes (Officials broaden reach to fight loan-modification scam artists).