CRL's Comment on Voluntary Efforts to Stop Foreclosures
Statement by Michael Calhoun, President, Center for Responsible Lending The federal report card on the mortgage industry's voluntary effort to stop foreclosures shows a growing number of families have received a loan modification. That's good news, but hardly enough. Given the magnitude of serious delinquencies and projected foreclosures starts in the months ahead, these gains fall far short of what's needed to stem the foreclosure epidemic and restore the economy. The report from the Treasury Department shows that, of the seriously delinquent borrowers eligible for help, only 19 percent have