Mortgage Modifications Drop as Eligible Pool Shrinks
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The number of delinquent borrowers who started U.S. home loan modifications declined in the third quarter as fewer people qualified for easier payment terms, according to the Treasury Department.
Loan servicers started 470,321 modification or payment plans in the three months ended Sept. 30, down 17 percent from the previous quarter and 32 percent from a year earlier, the Treasury Department’s Office of the Comptroller of the Currency and Office of Thrift Supervision said in a report today.