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WASHINGTON -(Dow Jones)- U.S. officials on Wednesday are set to defend their effort to help borrowers obtain loan modifications amid rising concerns that the government program is no match for the relentless pace of foreclosures.
Mortgage servicers have had trouble coping with the surge in applications from strapped borrowers and have complained of the program’s complexity.
Now, rising job losses are placing loan modifications out of reach for more and more households and pushing other borrowers who may have received loan modifications into re-default.
