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Loan Modifications Will Only Exacerbate Housing Troubles
As is the norm, speculation and trigger words often get the headlines in the media outlets. Unless you have been in a bomb shelter, it has been unavoidable to hear all of the debate around a successful loan modification program and/or system to help troubled homeowners.
It has been such an important topic that the president-elect has already made public appearances and proclaimed of its importance in the new administration. Not only is it good for America's economy, but also the consumer psychology.
The main reason is due to the fact that homeownership had become the back bone of consumer spending of the last decade.
In a press release made today by the Office of the Comptroller of the Currency (OCC), John C Dugan disclosed that there was a high re-default rate amongst homeowners who had their loans modified in the 1st quarter of 2008. Re-defaults are classified as loans with payments in excess of 30 days delinquency. Here are the facts about the re-defaults:
36% Re-Default after 3 months 53% Re-Default after 6 months 58% Re-Default after 8 months Unlike other reports, the OCC and Office of Thrift Supervision Mortgage Metrics Report  encompasses 60% of all first-lien mortgages in this ... more

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