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Study says banks pushed 800,000 homeowners into unnecessary foreclosure

ProPublica (9/12) reports that "as a result of banks' disorganization and understaffing - particularly at the peak of the crisis in 2009 and 2010 - homeowners were often forced to run a gauntlet of confusion, delays, and errors when seeking a mortgage modification." ProPublica asks, "how many people have been pushed toward foreclosure unnecessarily?" A study from the Federal Reserve Bank of Chicago, the government's Office of the Comptroller of the Currency, Ohio State University, Columbia Business School, and the University of Chicago - concluded the amount to be about 800,000 homeowners, "by analyzing a vast data set available to the OCC." ProPublica adds that the authors sought to measure the impact of HAMP, and "what they found was that certain banks were far better at modifying loans than others."