Monday, December 8, 2008

US mortgage bailouts fail

Homeowners who modified loans are in trouble again

More than half of all homeowners who had their loans modified to make the payments more affordable in the first half of the year are already in default again, banking regulators said Monday. The new data raise questions about whether government money may be better spent on creating jobs, rather than averting foreclosures, said John Reich, director of the federal Office of Thrift Supervision office at a housing industry forum sponsored by his agency. "I do have concerns about allocating federal resources" Reich said.

Posted by mountain goat @ 06:58 PM (796 views)
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2 thoughts on “US mortgage bailouts fail

  • I read all this bad news from the states, and keep thinking “When is it really going to hit us in the UK?” So far, most people I know don’t seem affected much. Everyone I know still has a job.

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  • No suprise. Why pay $150000+ on a house that’s only worth > $80000. It’s different over here. Erm…… We started later, you can’t walk away and something about “hard working families”. Yep that’s it. We are in for so much more bad news, I think we are only 25% through this. Oh bother!

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