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by CareyBot

Loan servicers report record workouts The HOPE NOW coalition of mortgage loan servicers engaged in a record number of workouts with borrowers facing foreclosure in June and the second quarter of 2008, the group said Wednesday. Servicers completed more than 181,000 workouts in June and 522,000 in the second quarter -- loans that otherwise would have gone into foreclosure, the group said. State and federal regulators have questioned the adequacy of the group's reporting methods and efforts to prevent foreclosures (see story). HOPE NOW reported that 58 percent of the workouts conducted in June involved repayment plans, which critics say may only delay a borrower's day of reckoning. The remaining 42 percent involved loan modifications such as an interest-rate freeze, HOPE NOW sai...