HOPE NOW reported that mortgage servicers prevented 170,000 foreclosures during May. Bank of America Corp. said its mortgage unit will modify or workout about $40 billion in troubled mortgage loans during the next two years. California's senate bill SB 1137 passed the state's Assembly Monday with a two-thirds majority, ACORN announced. The Mortgage Bankers Association issued a recent statement applauding the New York legislature's passage of a bill aimed at addressing the subprime mortgage issue in the state.
More... 
