Effort to quantify loans in need of modification nears completion

01/10/2008 | AmericanBanker.com (subscription required)

Efforts by groups such as the HOPE NOW alliance to calculate just how many loans will be eligible for modification are nearing a result, with SIFMA's Scott DeFife saying only 240,000 borrowers are likely to qualify. Tom Deutsch, deputy executive director of the American Securitization Forum, an affiliate of SIFMA, said a recent Moody's update that found 9.8% of loans due to reset before August of last year had received some type of workout plan "demonstrates there's been a tremendous increase in loan modifications in a very short time frame."

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