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Cars & Coffee Killer
Join Date: Sep 2004
Location: State of Failure
Posts: 32,246
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Modified Mortgages: Not A Fix
http://news.yahoo.com/s/ap/20081208/ap_on_bi_ge/financial_meltdown
Quote:
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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.
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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?
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Some Porsches long ago...then a wankle...
5 liters of VVT fury now
-Chris
"There is freedom in risk, just as there is oppression in security."
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