Industry promises more loan mods

Roadmap to Recovery: Report shows more than half re-default

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The HOPE NOW Alliance of mortgage loan servicers said today they’re on track to modify nearly 1 million mortgages in 2008, and expect to do twice as many or more loan modifications in 2009 to prevent foreclosures.

Federal banking regulators also issued a report showing the number of loan modifications on the rise during the third quarter, but said more than half had redefaulted after six months.