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03-26-2010, 04:51 PM | #1 | ||
Avalon Senior Member
Join Date: Sep 2008
Location: Turtle Island
Posts: 2,776
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Half of U.S. Home Loan Modifications Default Again
Posted by Michael Barry on 03/26/10 at campaignforliberty.com
Half of U.S. Home Loan Modifications Default Again By John Gittelsohn March 25 (Bloomberg) -- More than half of U.S. borrowers who received loan modifications on delinquent mortgages defaulted again after nine months, according to a federal report. The re-default rate of loans modified in the first quarter of 2009 was 51.5 percent by the end of the year, the Office of the Comptroller of the Currency and the Office of Thrift Supervision said in a joint report today. The figure, which measures payments at least 30 days late, climbed to 57.9 percent for changes made in the prior 12 months. U.S. homeowners are struggling to make payments as depressed housing prices leave them owing more than their properties are worth. About 24 percent of properties with a mortgage were underwater in the fourth quarter, First American CoreLogic said last month. The median price of a U.S. home was $165,100 in February, down 28 percent from its peak in July 2006, according to the National Association of Realtors. Modifications are "clearly not working well and it's not a surprise," Continues: http://www.campaignforliberty.com/blog.php?view=34008 Referencing the same article above. Housing: Obama Still Has Not Grown Up Friday, March 26. 2010 Posted by Karl Denninger in Housing The misdirection and outright BS simply refuses to stop: Quote:
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