WASHINGTON — Lenders and servicers are still offering loan modifications that do not reduce a borrower's monthly payments, despite the fact that such loans are much more likely to redefault, according to a report released Friday by bank regulators.

The quarterly report by the Office of the Comptroller of the Currency and Office of Thrift Supervision found that modifications that cut monthly payments have a lower redefault rate but are far outnumbered by loans that left payments unchanged or higher.

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