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Boston Fed Finds Lenders Prefer Foreclosure

Jul 09, 2009By

A fresh report by the Boston Federal Reserve Bank found that servicers showed hesitance to modify mortgages since the foreclosure crisis started in 2007. Researchers concluded that lenders renegotiated with fewer than 3% of the seriously delinquent borrowers in the report’s sample. Re-default and self-cure risks make renegotiation unattractive to investors, and, as a result, lenders expect to recover more from a foreclosure than a modified loan, according to the report.

3d rendering of a row of luxury townhouses along a street

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