More than one-fourth of delinquent mortgage borrowers who got principal reductions of 20% or more defaulted again within six months, Fitch Inc. said Tuesday.

Though servicers have not used principal reductions "to an extent which allows a clear determination of their success," Fitch said, the amount of principal reduction "has not made a great deal of difference to date in the success" of modifications. Instead, a combination of principal and interest reductions has reduced redefaults, Fitch found.

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