Mortgage servicers will have a lot of work to do to prepare for the coming wave of principal reductions unleashed by the $26 billion mortgage settlement.
That's because they haven't been doing many of them up until this point.
Only 8.5% of loan modifications in the fourth quarter of 2011 involved principal reduction, according to the latest government data. That's a mere 9,867 troubled homeowners for the quarter.
While that's up more than MORE
