The Real Deal Miami

Acorn wants more loan modifications

December 30, 2008 03:43PM

Non-profit housing advocacy group Acorn is criticizing Hope Now, an alliance between
banks, mortgage servicers and consumer groups, for not doing enough to
modify mortgages. Hope Now estimates that 950,000 mortgages were
modified in 2008, while 2 million Americans lost their homes. Acorn is
calling on mortgage servicers to enact a 90-day foreclosure moratorium
to give them time to implement FDIC protocols for mortgage
modifications.