A credit rating agency says homeowners who get a mortgage modification are likely to redefault within 12 months because they have other debts they can’t afford, according to a report that Mortgage Lending News wrote about in an e-mail that just landed in my computer.
Fitch Ratings, a New York based credit rating agency, in a report released this week said 65 to 75 percent of loan modifications are accomplished under the federal government’s Home Affordable Modification Program.
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