Terry Goddard’s Statement on ‘Operation Stolen Hope’

(Phoenix, Ariz. - Nov. 24, 2009)  Attorney General Terry Goddard issued the following statement today on the completion of “Operation Stolen Hope,” announced earlier this afternoon in Las Vegas. This operation is the latest in a series of federal-state law enforcement sweeps targeting loan modification and foreclosure rescue scammers nationwide. It included 118 enforcement actions against alleged loan modification scammers by the FTC and 25 states, including two from Arizona.

“Too many Arizonans are falling victim to unscrupulous scammers because they are not able to get the answers they need from their lenders.  I applaud the work of all of our law enforcement partners in Operation Stolen Hope for this successful crackdown on loan modification ripoffs. I am committed to working with the FTC as well as our other our state and federal partners to protect Arizonans from financial fraud.”

Goddard said he also continues to call upon mortgage lenders and servicers to ramp up their efforts to help homeowners at risk of foreclosure. Effective modification programs are the most powerful tool for stemming the tide of foreclosures and regaining stability in the housing market. However, many of the biggest lenders in Arizona have only single-digit success rates in their modification programs. 

Homeowners at risk of foreclosure are encouraged to download the Arizona Foreclosure Prevention Workbook. The Arizona Foreclosure Prevention Task Force has developed this workbook to guide families through different options and scenarios to prepare for meeting with lenders or certified counselors at a HUD-approved agency. The workbook and other foreclosure prevention resources are available to download for free from the Attorney General’s Web site, www.azag.gov .  For information on foreclosure assistance, Arizona homeowners also can call the Arizona Foreclosure Prevention Helpline at 1.877.448.1211.