Report: Unemployment a major factor in mortgage defaults

04/14/2009 | CNNMoney

Research from the Federal Reserve Bank of Boston found that missed mortgage payments are more often because of borrowers losing their jobs than high interest rates. The study raises questions about the government's plan to curb foreclosures through mortgage modifications. Instead of altering home-loan terms, the government should establish policies that help borrowers overcome losing their jobs or other setbacks, according to the study.

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