Nearly Half of Modified Mortgages Delinquent Again
Some things just can’t be fixed, like unaffordable mortgages, that is, if you don’t bother making them more affordable.
The OTS released its fourth quarter 2008 Mortgage Metrics Report today, which revealed that nearly half of recent loan modifications fell back into serious default within months.
“For example, the percentage of modified loans that were seriously delinquent (60 or more days past Read more
Fed to Cut Rates Again
Federal Reserve Chairman Ben Bernanke told Congress Thursday that America’s economic outlook has deteriorated and signaled that he was prepared to cut rates as needed to stimulate the econonmy.
Bernanke said the one-two punch of the housing and credit crises has put much pressure on our struggling economy. Hiring has slowed and people are likely to tighten their belts further, as they are pinched by high energy prices and watch Read more