Last fall I thought that there would be something like 1,000,000 mortgage modifications during this recession. That's big enough to matter in the aggregate employment statistics, but too little to explain but a minority of the job losses.
Yesterday it was reported that 500,000 modifications will have occurred 1/1/2009-11/1/2009, which, when combined with the modifications of 2008 and modifications after 11/1/2009, should total a million or more.
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