US: Borrowers Keep Defaulting After Mortgage Modification

finance.yahoo.com/techticker/article/141155/Ouch!-Borrowers-Keep-Defaulting-After-Mortgage-Modification?ref=patrick.net

In other “surprise” news, non-subprime loans are the next subprime:
calculatedrisk.blogspot.com/2008 … llion.html

Goodness, this “you bought a home you couldn’t afford and now you’re delinquent on your payments surprise” is the gift that keeps on giving.

So the mortgage got reduced or recscheduled…

Unemployment is the major reason for default so …
no job it doesn’t matter what payment you reschedule to.