CRL Statement: Repeat Failures Reveal Faulty Modifications
"Today in Washington, several groups issued updates on mortgage performance and the success of attempts to repair distressed home loans. These reports show we are still losing the battle to stop the continuing epidemic of foreclosures at the root of the growing economic crisis. The proverbial vicious cycle continues as these foreclosures, in turn, continue to batter our economy and put a recovery further out of reach. "The weak economy is, of course, a factor, in the default of modified loans. But the underlying cause of both the worsening economy and the growing number of re-defaults is that