03/18/2010 05:12 am ET Updated May 25, 2011

Gretchen Morgenson: Why The Treasury Needs A Plan B For Mortgages

A stalled loan modification plan might not be worrisome if the foreclosure crisis were abating. Yet at the end of September, a record 14.4 percent of borrowers were either in foreclosure or delinquent on their mortgages, the Mortgage Bankers Association reported.

It's time for the government to acknowledge the flaws in its program and create one that might actually succeed.

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