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The federal mortgage modification program was targeted for criticism as a failed program as the procedural issues are hampering the foreclosure process nationwide, while foreclosures on defaulted mortgage loans declined.

The state of Arizona makes an agreement with the Bank of America. Arizona homeowners can qualify for home loan modification program.

Bank of America became a target of the Federal Reserve for the mortgage bounds being considered as the worst national offender and the state of Arisona now steps in on behalf of its homeowners. A lot of American families were led to foreclosure expecting the mortgage loan modification promised by banks.

Some signs of recovery appeared in the sphere of the housing market. Fewer US home loans are going delinquent and the rates of new problem loans are declining.