Loan modifications remain limited, say rating agencies

Loan modifications seem unlikely to prevent a sharp increase in US subprime delinquencies as loans from the 2006 vintage reach reset, based on the latest views from rating agencies.

Loan modification is increasing but remains limited, according to Standard & Poor's (S&P) and Moody's Investors Service, and bank analysts are sceptical about the financial incentives for servicers to avoid foreclosures.

"To date, we have learned that servicers have not yet embarked on what we would consider to be a

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