Center for Responsible Lending

An updated analysis by the Center for Responsible Lending shows the Treasury Department’s plan involving streamlined loan modifications of distressed mortgages will prevent only 118,200 foreclosures—about 3% of the outstanding subprime mortgages with adjustable interest rates that are causing the current market turmoil. This analysis shows the Treasury plan, plus existing lender modifications, barely make a dent in the growing foreclosure crisis and will allow subprime damage to continue spreading through the entire economy.

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