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Banks are half full of something, but I’m an optimist
For the past couple weeks I've been reading in the rain how bad these banks have it and how 50% of all the loan modifications they did in 2007 are now in default again. Oh, the poor me syndrome, "Please help us, throw us money, this is why we shouldn't have to do loan modifications, congress."
Well, let me be the optimist here and go the other way and help congress with some math that may have been missed in this equation.
Let's say that there were only 1 million loan modifications in 2007. (I know this is low, but I wanted to keep the math simple.)
Since most of these loan modifications were done in the first 5 years of the loan that means 90% of the money paid each month was interest. (We are going to go with an average monthly payment of $2,000 per month.)
So, out of that $2,000, the bank receives $1,800 in interest and $200 toward principle. (I would love to have a rental property that made me $1,600 a month.)
Now, let us assume it took a year before this 50% started defaulting again. That means after 1 year, on those one million loan modifications, they made $1.8 billion ... more

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