Aid to Borrowers Not Preventing Rising Delinquency
April 4 2009 - Mortgage lenders have boosted their foreclosure-prevention efforts, but homeowners nonetheless are increasingly falling into delinquency even after receiving help on their loans, according to a government report issued yesterday.
The report, by the Office of Thrift Supervision and the Office of the Comptroller of the Currency, which regulate mortgage lenders, illustrates the challenges facing industry and government efforts to tackle the foreclosure crisis. Foreclosure rates are expected to continue to increase as the economy falters and the labor market weakens. It could take months for the Obama administration’s prescription for the foreclosure crisis to begin to have an impact.
The financial services industry has been increasingly focused on finding affordable mortgage levels for troubled homeowners, said Faith Schwartz, executive director of the Hope Now Alliance, a group of mortgage lenders. “Our members are reporting to us that they have been increasingly using loan modifications during 2009,” she said in a statement.
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