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Mortgages modified in Q1 2006 fell delinquent 41% of the time after 8 months, and Q2 loans had a 46% delinquency rate. Q3 trends are worse. The delinquency rates are a reflection of the declining economic conditions and the fact that loan mods many times only extend payments on a loan amount that is higher than a homeowner can truly afford is pointless.

Bloomberg Article

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