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Flood of Foreclosures Prove Loan Modification Isn't Working

Posted on May 14, 2008

Bloomberg is reporting Foreclosures Climb 65% as Loan Workouts Fall Short.U.S. foreclosure filings climbed 65 percent and bank seizures more than doubled in April from a year earlier as mortgage industry efforts to modify loans fell short.More than 243,300 properties were in some stage of foreclosure, the highest monthly total since RealtyTrac Inc., a seller of default data, began in January 2005. One in every 519 households received a filing and Nevada, California and Florida had the highest rates. Filings rose 4 percent from March. Loan modification isn't working, Rheingold said. It's ext...

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foreclosures , pipeline