Loan workouts hit record in April, group says, an article from MSNBC.com, reports that according to statistics released Friday by Hope Now, a group backed by the Bush administration to help stem the mortgage crisis, nearly 183,000 borrowers received some form of loan workout in April.  Consumer advocates say permanent home loan modifications, in which a mortgage company agrees to reduce the interest rate or make other changes, are the best way to help borrowers.  Loan modifications accounted for 42% of total workouts in April, up from 19% in the third quarter of 2007.  In a statement, Hope Now's executive director Faith Schwartz said, “These numbers clearly demonstrate that Hope Now is succeeding at helping homeowners avoid foreclosure and stay in their homes.”
http://www.msnbc.msn.com/id/24893793/

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