Why Aren’t Banks Modifying More Mortgages?

Thursday, July 16, 2009
Topics: Economy, Politics, Other
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Today the heads of the country's largest mortgage lenders are in Washington DC to answer questions from Senators wanting to know what they've been doing to help home owners in trouble. It's a good question because, according to the best research available, only a small fraction of borrowers facing foreclosure have had their loans modified -- and most of those who did ended up with higher mortgage payments. That made no sense to ideastream executive editor David Molpus who turned to reporter Mhari Saito to help explain.