“Foreclosure prevention programs” that rely on voluntary loan modifications are failing to reach most Americans and are often backfiring when they do, according to the NACBA.  The failure of these prevention program is putting great pressure on Congress and President Obama to allow court-supervised loan modifications.

Credit Suisse is projecting that over 8 million foreclosures are now exprcted over the next fourt years in the United States.  That number accounts for 16% of all mortgages – including 59% of all subprime mortgages and more than 11% of all other mortages, including Atl-A; options ARMS and even those in the prime category.  That is a sharp increase from previous projections.