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November 17, 2008

All Business: Time to break logjam and fix mortgage mess

  • Contract law is preventing loan modifications, and the government to date hasn't done anything to change that.
  • By RACHEL BECK
    AP Business Writer

    NEW YORK — The federal government keeps bailing out the financial industry, but some working in that world seem reluctant to do their part, even if that could help stem the financial system's meltdown.

    At the center of today's economic and credit crisis is the rising tide of home foreclosures, which government agencies and some large banks are trying to address by allowing borrowers to modify their mortgages.


     
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