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.
There they go again. First, it was One America News...Read More
Let me state at the outset that my faith in...Read More
If you’re like me, you’ve only recently heard of the...Read More
During the last few years, most conservatives have become at...Read More
It may be hard to believe, but California Gov. Gavin...Read More