Modified Mortgages: Not A Fix

[legion]

http://news.yahoo.com/s/ap/20081208/ap_on_bi_ge/financial_meltdown

WASHINGTON – 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.

I'm shocked. No one could have seen this coming. I mean, people who don't understand their own finances getting right back into trouble after having the government modify their contracts for them?

[Z-man]

Here's a novel idea: give the bailout $$ to folks who know how to invest properly - like folks who don't default on their mortgages, are able to develop a career and minimize their time in unemployment, and who are wise with their money...

But then again, that would be too logical...

-Z-man.

[onewhippedpuppy]

Originally Posted by Z-man

Here's a novel idea: give the bailout $$ to folks who know how to invest properly - like folks who don't default on their mortgages, are able to develop a career and minimize their time in unemployment, and who are wise with their money...

But then again, that would be too logical...

-Z-man.

That doesn't help grow your voting base.