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More innuendo's about reducing the principal on troubled mortgages...
Foreclosures dip - but hold the applause November foreclosure filings dropped 7% from October, but that may be the calm before the storm.
"Last week, Credit Suisse issued a report forecasting 8.1 million foreclosures by the end of 2012, accounting for 16% of all U.S. mortgages.
Meanwhile, evidence is mounting that current foreclosure-prevention efforts are falling well short of the mark.
A Dec. 8 report from the U.S. Office of Thrift Supervision stated that more than half of the borrowers who had their mortgages modified in the first half of 2008 are already delinquent again. Many of these delinquencies will turn into foreclosures in the coming months.
"A lot of those modifications are simply pushing back principal payments," said Sam Khater, senior economist for First American CoreLogic, a financial data and analytics company. "They're not reducing the level of debt. Many homeowners are in such bad shape that only much more drastic or radical modifications will help them."
To be viable, Khater added, most modifications will require lenders to make a significant principal reduction. And for the most part, that's not happening."
Not with my tax dollars you won't! The reason principal reduction is not happening is because once that precedent has been set, the rest of mortgage holders will want their share of the pie. Especially those who are upside down but still making their payments!
I can not believe that reducing mortgage principal is even being discussed.
Last edited by PatriotsReign; 12-11-2008 at 12:44 PM..
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