Lenders Seek to Modify Rather Than Foreclose Mortgages

As home foreclosures mount, mortgage companies are knocking
on doors, sending letters and making phone calls with a
simple message for struggling homeowners: They'd rather
modify your loan than foreclose. EMC Mortgage Corp.,
specialist with a $78 billion portfolio of subprime loans --
for homeowners with weak credit -- this week launched a
50-person team it calls "the Mod Squad." Members will spend
an unlimited time on the phone with troubled borrowers,
sifting through their bills to compute a workable monthly
payment. In an industry that often rewards workers for
getting off the phone quickly, the team is preparing to
speak to just three people a day. To read the entire
article go to FoxNews.com.