Loan servicers approved nearly three times as many short sales in the last three months of 2008 as they did in the first quarter of the year, but still completed close to six foreclosures for every short sale, according to a report issued by bank regulators today. The report also showed that delinquencies continued to climb, with the biggest jump in prime mortgages, and that nearly half of borrowers granted loan modifications were seriously delinquent or in foreclosure within eight months. The worsening economy and job losses were seen as possible explanations for the high re-default rate, along with excessive borrower leverage, poor initial underwriting, and other "issues affecting consumer willingness to pay," the report said. The U.S. Department of Labor today reported that unemployment rose to 8.5 percent in March, as another 663,000 Americans lost their jobs. Since the recession began in December 2007, 5.1 million jobs have been lost, with almost two-thirds o...
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