New York

Fed’s Duke Addresses ‘Unavoidable’ Foreclosures 

Federal Reserve governor Elizabeth Duke on Wednesday called for efforts to not only increase loan modification and foreclosure prevention, but outlined some initiatives that might be used to deal with the segment of foreclosures politicians and industry players don’t seem to readily talk about — unavoidable foreclosures. These constitute a portion of borrowers Duke said “due to resources or circumstance” are unable to maintain mortgage payments and/or refuse to pursue reasonable modifications.