American Banker (06/02/08) P. 16; Hopkins, Cheyenne
The HOPE NOW Alliance reports a 7-percent jump in mortgage workouts to 183,000 in April from the prior month. Principal reductions and other such modifications occurred with 77,000 of the loans, while others had late payments added to the end of the loan or saw other modest changes. The report also reveals that 9,000 homeowners received a five-year interest-rate freeze. Over the past 10 months, 1.6 million workouts have been performed.
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