Center for Responsible Lending

Increasing Foreclosures Swallow Modest Gains in Mortgage Repairs

Published in TB and Outbreaks Week, August 11th, 2009

As the Treasury Department urges mortgage servicing companies to step up their efforts to stop foreclosures, the latest available figures show that the number of households at risk of foreclosure is seven times the number of loan modifications, and the gap has increased steadily for the past year.

Visit the CRL web site for more information on how foreclosures continue to dwarf modifications.

Although loan modifications are up from very low levels last year, the rapid growth of serious delinquencies and new foreclosure starts is swallowing modest gains in efforts by loan companies to fix the massive number of loans headed for foreclosure. During the...

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Source: TB and Outbreaks Week (2009-08-11)

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