A regulatory report on the pace of mortgage modifications was a decidedly mixed bag, showing that although servicers have increased the number of sustainable modifications, serious delinquencies among prime borrowers continue to rise.

The report, released Tuesday by the Office of the Comptroller of the Currency and Office of Thrift Supervision, said that servicers modified 185,156 loans in the first quarter, up 55% from the previous quarter and the highest level since regulators began recording the data a year earlier.

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