2008-12-14nypost.com

After a two-month state moratorium on foreclosures pending the intensive modification program, IndyMac's foreclosures in November skyrocketed 242 percent from October, according to the report by Mark Hanson, of the Field Check Group.

...

Hanson, echoing many federal lawmakers, said that as long as a modification program tinkers only with the interest payments and not a reduction in principal, it will never work.



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