Loan modifications spike

Loan modifications by Fannie Mae and Freddie Mac increased 76 percent nationwide from the third to fourth quarters of 2008, according to a report released yesterday by Federal Housing Finance Agency Director James Lockhart. There were 23,777 loan modifications in the fourth quarter, up from 13,488 in the third quarter. The number of foreclosure sales in the same period dropped 77.3 percent due to suspensions of foreclosure sales and evictions in December. TRD