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HOPE NOW Touts Foreclosure Prevention Efforts

HOPE NOW, a private-sector alliance of mortgage firms, counselors and investors that is working to help prevent foreclosures, reports that lenders have prevented 1.7 million foreclosures in the first 10 months of 2008, an increase over the 1.5 million prevented last year when the program began. Mortgage lenders averted 225,000 foreclosures in October, or 13,000 more than the previous month’s record high.

“The growing use of loan modifications is not an accident,” says Faith Schwartz, HOPE NOW’s executive director. “The U.S. economy is still troubled, and that means that changing the terms of a loan is an increasingly appropriate way to keep more homeowners in their homes.”

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