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Wednesday, July 24, 2013
Mortgage Modifications Are Not Working
Now there's a surprise.
In many Northeastern states, new government figures show that over one-quarter (and in some states nearly one-third) of modified mortgages redefault anyway. In New Jersey, 30% of already modified mortgages have gone into default a second time! In Maine, that figure is 32%. And more first-time defaults are on the way when interest rates rise and some variable rate mortgages re-set from historically low rates.
Think about that the next time your neighbor asks for a bailout. Principal reductions and mortgage modifications screw the banks, screw investors, ultimately will cause credit to dry up so YOU can't get a loan.
Read the new report from the TARP Inspector General here.