Wednesday, Dec 10, 2008
Half of 'rescued' borrowers still default
CNN Money: Half of 'rescued' borrowers still default
Another thing for Gordon to think about before he introduces any more hairbrained schemes!
"Many modified mortgages in 2008 defaulted in 6 months, a top federal regulator says. A new study raises concerns over the quality of such loan adjustments."
Posted by becky @ 12:52 AM (252 views) Add Comment
1 Comment
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1. 51ck-6-51x said...
Kind of makes sense. If you are in the U.S. defaulting has no real recourse bar losing any equity, and if you have no (or little) equity and see house prices are massively lower than what you paid then having your payments reduced and/or term increased is not really going to encourage you to stick with it - you could just default now and start saving up instead.