Gretchen Morgenson: Why The Treasury Needs A Plan B For Mortgages

A stalled loan modification plan might not be worrisome if the foreclosure crisis were abating. Yet at the end of September, a record 14.4 percent of borrowers were either in foreclosure or delinquent on their mortgages, the Mortgage Bankers Association reported. It's time for the government to acknowledge the flaws in its program and create one that might actually succeed. More on Housing Crisis

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    Gretchen Morgenson was a senior special writer in the investigations unit at The Wall Street Journal. Following a stint on Wall Street, she began covering the financial markets in 1986 at Forbes.
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