Foreclosure starts this year reached one million, the Center for Responsible Lending reported today.
"The mortgage industry´s track record so far shows that loan modifications are not likely to succeed with superficial fixes that fail to lower a homeowner´s monthly payments," said a press release the CRL distributed.
Bankers are claiming that not even a reduction of monthly payments can stop many foreclosures from happening; some borrowers are simply in over their heads.
It´s hard to tell who´s right. BankThink has
Halfway through 2009, bankers and regulators still have a great deal left to solve in the foreclosure crisis. As this grim statistic shows, time is running out.