BUSINESS

The Second-Mortgage Shell Game

FILE - In this March 8, 2011, file photo, a foreclosed house with sale pending sign is shown in Tigard, Ore. Oregon state off
FILE - In this March 8, 2011, file photo, a foreclosed house with sale pending sign is shown in Tigard, Ore. Oregon state officials expect about 1,500 Oregon homeowners a month to qualify for mediation sessions with their mortgage lenders to explore ways to avoid foreclosure. As the law goes into effect Wednesday, July 11, 2012, it’s still a question mark how many people will actually request mediation.(AP Photo/Don Ryan)

IN January, federal regulators announced an $8.5 billion agreement with 10 mortgage servicers to settle claims of foreclosure abuses, including bungled loan modifications and the wrongful evictions of borrowers who were either current on their payments or making reduced monthly payments.

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