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Government efforts to support the sinking US housing market have failed. This editorial suggests that the problem lies in the lap of mortgage servicers who earn more money collecting fees for servicing impaired mortgages than they would from modifying them. Some proposals for fixing the system are proposed. Unless the sinking ship is rescued our economic recovery will continue to sputter. April home sales in Massachusetts were down 28% from last year. The problem is even worse in states that were harder hit by the housing bubble and the mortgage scam.
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