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But Phyllis Salowe-Kaye, executive director of the watchdog group New Jersey Citizen Action, said most mortgage lenders aren’t as supportive of loan modifications.
“If the industry really believed this we wouldn’t be here,” Salowe-Kaye said.
She said some lenders appear to be padding their numbers by directing refinancing offers to homeowners with solid finances instead of those in need of help, and then counting those deals as a home saved. She pleaded with Menendez and other lawmakers in Washington to do more to help struggling homeowners and to support a proposal from President Barack Obama for the creation of a consumer protection agency at the federal level.
“We are not at the end of this,” Salowe-Kaye said. “We have not peaked. We are still in the middle of this crisis.”
