News release: “The Office of the Comptroller of the Currency and the Office of Thrift Supervision issued their second report on mortgage performance today showing continued increases in delinquencies and foreclosures in process. While delinquencies, foreclosures in process, and other actions leading to home forfeiture continued to rise, newly initiated foreclosures dropped by 2.6 percent from the second to the third quarter of 2008. Loan modifications continued to grow more quickly than other loss mitigation strategies, as banks and thrifts worked with borrowers to keep them in their homes while minimizing losses. The number of new loan modifications increased 16 percent in the third quarter to more than 133,000.”