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"NEW YORK (CNNMoney.com) -- Most borrowers who have had their mortgages modified through a government-sponsored program will redefault within 12 months, according to a report
Between 65% and 75% of loans that are modified through the Home Affordable Modification Program but not backed by the federal government are likely to go bad, according to a report released Wednesday by Fitch Ratings, a N.Y.-based credit-rating agency.
The main reason these borrowers continue to struggle is that HAMP does nothing to solve the rest of their debt problems, the report added.
"Many of these borrowers still have very heavy levels of other debt," said Diane Pendley, a Fitch managing director, "auto loans, credit cards and other expenses. The HAMP modifications reduce housing expenses down to 31% of income but do not touch these other obligations."
Is Diane Pendley an idiot or does she just say stupid things? The HAMP loanes were NOT SUPPOSED to help people with other debt problems!! Was the program worth the $$ spent on it? Well, if 75% of those who received assistance defaulted, then I'd say it was a miserable failure.
Now, hopefully it actually helps the other 25% stay above water so they can keep their homes. Too bad they couldn't have screened out the other 75%!!
__________________ "No one walking this earth knows what is truly righteous"
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What a waste of taxpayer money. November can't come soon enough.
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"The most difficult subjects can be explained to the most slow-witted man if he has not formed any idea of them already; but the simplest thing cannot be made clear to the most intelligent man if he is firmly persuaded that he knows already, without a shadow of doubt, what is laid before him." Leo Tolstoy, 1897
Back during the best days of the Clinton economy people were foreclosed on every single day. Foreclosures don't automatically mean the economy goes in the crapper. When you have a whole bunch of people in mortgages they can't afford the trick is to spread the foreclosures out so that they get gobbled up by investors at a reasonable price. This way those that take advantage only get like a 20% discount instead of an 80% discount and those who keep their homes don't lose as much of their equity.
So far taxes ain't gone up and there's no logical reason to say they will be going up soon. So the average tax payer who owns a home and has kept up on the payments has paid no money for this program. Yet they've all gotten the benefit of a higher home value. As always with Obama the solution he's implemented isn't quite as simple as "You're with us or against us" and it doesn't necessarily lend itself to some dumbazz bullet point that an idiot neo-con on the radio can get behind. It just quietly works.
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Give a man a gun and he can rob a bank, give a man a bank and he can rob everyone.
Back during the best days of the Clinton economy people were foreclosed on every single day. Foreclosures don't automatically mean the economy goes in the crapper. When you have a whole bunch of people in mortgages they can't afford the trick is to spread the foreclosures out so that they get gobbled up by investors at a reasonable price. This way those that take advantage only get like a 20% discount instead of an 80% discount and those who keep their homes don't lose as much of their equity.
So far taxes ain't gone up and there's no logical reason to say they will be going up soon. So the average tax payer who owns a home and has kept up on the payments has paid no money for this program. Yet they've all gotten the benefit of a higher home value. As always with Obama the solution he's implemented isn't quite as simple as "You're with us or against us" and it doesn't necessarily lend itself to some dumbazz bullet point that an idiot neo-con on the radio can get behind. It just quietly works.
You make some valid points. Particularly those pertaining to preventing home values from declining too fast all at once.
But to say that billions of dollars of gov't spending has no effect upon the economy isn't one of your best points. Just because taxes haven't gone up doesn't mean poop SD. So in other words, our gov't spent money it doesn't have and just increased the federal deficit even further.
Let's look at several US states as a case study of what over-spending can do on the negative side.
Finally, home values can't and will never be determined by gov't policy. In the end, home values WILL reflect what people in a given area can afford and are willing to pay. In other words, home values will bottom out naturally regardless of any gov't policy UNLESS one supports inflating them artificially on an indefinate basis...and that wouldn't be too bright.
__________________ "No one walking this earth knows what is truly righteous"
Back during the best days of the Clinton economy people were foreclosed on every single day. Foreclosures don't automatically mean the economy goes in the crapper. When you have a whole bunch of people in mortgages they can't afford the trick is to spread the foreclosures out so that they get gobbled up by investors at a reasonable price. This way those that take advantage only get like a 20% discount instead of an 80% discount and those who keep their homes don't lose as much of their equity.
So far taxes ain't gone up and there's no logical reason to say they will be going up soon. So the average tax payer who owns a home and has kept up on the payments has paid no money for this program. Yet they've all gotten the benefit of a higher home value. As always with Obama the solution he's implemented isn't quite as simple as "You're with us or against us" and it doesn't necessarily lend itself to some dumbazz bullet point that an idiot neo-con on the radio can get behind. It just quietly works.
Who said foreclosures meant the economy goes in the crapper? The bottom line with this program, as with many others it implelements, it's a titanic waste of taxpayer cash. That is undeniable, and comepletely factual. That you can't understand, or simply refuse to, because it's an Obama policy, is to be expected I guess. How many millions, or billions, were spent on this program, that only postponed the inevitable? The market alone will dictate where home prices should be, and any artificial manipulation by the government, will only serve to cause greater damage. Be it by way of creating a larger bubble, or by costing taxpayers cash, as is happening here.
November can't some soon enough.
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To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
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"The most difficult subjects can be explained to the most slow-witted man if he has not formed any idea of them already; but the simplest thing cannot be made clear to the most intelligent man if he is firmly persuaded that he knows already, without a shadow of doubt, what is laid before him." Leo Tolstoy, 1897
One thing's undeniable and completely factual. Either you govern in 10 words or fewer or you ain't getting Real World on your side.
"Read my lips"
"Say no to drugs"
"You're with us or you're with the enemy"
Either the policy can be completely outlined on a bumper sticker or its a 'Titanic waste of taxpayers' money'.
On your side? Sorry, but I don't side with stupidity.
So did you win? Are you "winning" this discussion? Since you can't even understand how horrible a 75% failure rate is, I'm guessing that you think you are.
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To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
"The most difficult subjects can be explained to the most slow-witted man if he has not formed any idea of them already; but the simplest thing cannot be made clear to the most intelligent man if he is firmly persuaded that he knows already, without a shadow of doubt, what is laid before him." Leo Tolstoy, 1897
So many artificial bubbles were created by Alan Greenspan in the 1990's, which is why the USA economy is in the dire shape that it's in.
This was all pre-planned and by design, so that a North American Union with an Amero currency and/or a One World Government with one global currency dictatorship can ben implemented.
75% of modified home loans will redefault
Sorry, but I don't side with stupidity. 
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