Industry NewsMortgage

Industry promises more loan mods

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Editor's note: As government officials continue to deliberate a path forward to curb the surge in foreclosures and restore the vitality of the housing market, Inman News is encouraging readers to share their views and engage in a discussion in drawing up a "Roadmap to Recovery." Click here for details.The HOPE NOW Alliance of mortgage loan servicers said Monday 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 re-defaulted after six months.Comptroller of the Currency John C. Dugan said re-default rates continue to rise even six or eight months after loans are modified, a trend he called "very troubling," and which "underscores the need to understand why these modifications have not been more sustainable."...