With the slew of Federal initiatives aimed at restoring stability in the capital markets, attention has finally been paid to the struggling mortgage industry - which might now be gaining some traction in the loan modification space, market participants said.

HOPE NOW, an alliance of mortgage servicers, counselors, and investors, announced that the mortgage industry prevented 225,000 foreclosures in October 2008, 13,000 more than the record set the previous month.

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