Foreclosure Reduction Effort Yielding Mixed Results, Report Says
“A new government report released yesterday underscored the limited success of industry efforts to reduce foreclosures by modifying mortgage loans, offering fuel for both sides in the debate over whether modification efforts should be redoubled or abandoned.
Mortgage companies modified loan terms during the first half of 2008 for more than 200,000 borrowers who had struggled to make their monthly payments. The majority of those borrowers have since missed at least one more payment, putting them at renewed risk of foreclosure, according to the report from the Office of the Comptroller of the Currency.” Washingtonpost.com
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