First American Mortgage Executive Scott Hess, sat down with Loan Modification Buzz for an interesting perspective regarding the foreclosure crisis. Hess noted that "There were nearly 1 million loan modifications reported from the mortgage lenders in 2008 and 2 to 3 million mortgage modifications projected for 2009." He believes there is reason for growing concerns with the vast number of mortgages scheduled to reset with higher adjustable rates and tricky payment options loans that feature negative amortizations offering new loss mitigation challenges for lenders like Countrywide, WAMU, Chase and Wachovia.
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