Delinquent borrowers not catching up
May 30, 2008 07:16AMU.S. homeowners who have caught up on overdue mortgage payments have been outnumbered two-to-one by newly delinquent mortgage borrowers, a report from the Washington-based Mortgage Insurance Companies of America said. Sandra Braunstein, the head of consumer and community affairs at the Fed, said last week that a program that encourages lenders to ease mortgage terms voluntarily, which is led by the mortgage industry and backed by the U.S. Treasury Department, has been insufficient. [Bloomberg]
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