Apr16
From huliq.com
Since this whole mess began, evidence has shown up time and time again that large scale mortgage mods don’t work particularly well. Operation Hope for Homeowners has helped 700 homeowners since its October inception, instead of the advertised 400,000, and the re-default rate on mortgage modifications is pretty discouraging. According to the OCC, for mortgage mods that reduced the borrower’s monthly payments by over 10%, 20% of borrowers were in default again after nine months. (more…)
