A Deadbeat Is a Deadbeart Is a Deadbeat - The American Spectator | USA News and Politics
A Deadbeat Is a Deadbeart Is a Deadbeat
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You can’t help uncreditworthy borrowers by adjusting their payments:

“The results, I confess, were somewhat surprising, and not in a good way,” John Dugan, head of the U.S. Office of the Comptroller of the Currency, said in prepared remarks for a U.S. housing forum.
“Put simply, it shows that over half of mortgage modifications seemed not to be working after six months.” Dugan said . . .
Dugan said recent data showed that after three months, nearly 36 percent of borrowers who received restructured mortgages in the first quarter re-defaulted.
The rate of re-default jumped to about 53 percent after six months and 58 percent after eight months, Dugan said, without providing an explanation for the trend.

Via AOSHQ.

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