"I think the banks are looking at the market bottom and trying to hold on to som eof their loans and properties until things get better," said Bill Newton, executive director of the Florida Consumer Action Network. "But it sure doesn't help the rest of us, especially since they're working with government bailout money."
The numbers from the first monthly Servicer Performance Report through July: 400,000 offers have been extended to 2.7 million borrowers who are more than two months behind in their payments. Of those, only 235,000 have started on the three-month trial period to begin a loan modification.
http://www.hispanicbusiness.com/news/2009/8/10/loan_modifications_not_happening.htm
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