Despite efforts by the Obama Administration to stave off foreclosures by providing incentives for banks to modify mortgages for distressed homeowners, the Office of the Comptroller of Currency reported that foreclosures in progress rose 22 percent in the first quarter and was 73 percent higher than during the first quarter last year.
Foreclosures are up, in part, because convincing a bank to adjust the interest or principle on a mortgage has been a herculean task for the government and homeowners...
]]>