2 Firms Report Strong Mod Results
Posted on November 23, 2009
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First Federal Bank of California reported its re-default rate is low, with just 28 percent becoming 30 days past due within 12 months of modification. The bank said the average for bank and thrift re-defaults is 66 percent. In a recent interview with MortgageDaily.com, Wingspan Portfolio Advisors’ chief executive officer said that only around 20 percent of its modifications re-default.
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