The Mortgage Lenders' Dual Masters

September 6 2007 Fool.com Call it a convergence of reality and desperation. Earlier this week, the Federal Reserve, along with the nation's banking regulators, issued special guidance asking those companies that service mortgage loans to work with homeowners who risk foreclosure on their homes. According to the Mortgage Bankers Association, the number of mortgage holders just beginning the foreclosure process in the June quarter hit 0.65%, the third straight quarter that the rate has moved upward. Beyond that, the portion of holders who have gotten behind in their payments but haven't yet been pushed into foreclosure proceedings moved up nearly 75 basis points year over year to 5.12%.

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