A Fitch Ratings' update of U.S. RMBS Servicers' Loss Mitigation and Modification Efforts report finds loan modifications are "on a steady decline" as only 36,500 modifications were completed in December 2010, raising concerns about how many distressed U.S. mortgage borrowers will get a final response and by when.

The rating agency reports that since "the high water mark of 86,500 modifications in April 2009," loan modifications have steadily decreased, making it more plausible to see more distressed borrowers eventually lose their homes and ultimately go into foreclosure.

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