"More than half of delinquent homeowners whose mortgages were modified earlier this year ended up redefaulting within six months, a top bank regulator said Monday.
Some 53% of borrowers with loans modified in the first three months of 2008 and 51% of those with loans modified in the second quarter could not keep up with payments within six months, according to U.S. Comptroller John Dugan, who spoke at a housing conference.
The report, which will be released in full next week, covers nearly 35 million loans worth a total of $6 trillion - or 60% of all primary mortgages in the United States."
Click below to read more...
53% of rescued borrowers default anyway
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment