Lenders, including Ally Financial and General Motors Financial, are vetting loan applications of those who have fallen behind on their mortgages to determine which borrowers might still be good credit risks. Lenders "are coming to the table and saying: 'How do we work with the new economy and consumers being late on their mortgages?' " said Michele Raneri, vice president at Experian. "They know they need to grow ... and they know they have to be flexible."

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