I caught a headline this afternoon while driving around Lake Geneva in search of some new winter boots, and I wanted to share it with you. The story doesn’t come as a surprise to me, but it may come as a surprise to some. It seems that the homeowners who are having their loans modified in order to avoid foreclosure aren’t avoiding foreclosure after all. I hate saying I told you so, but if you’ll remember this post in all of it’s capitalistic callousness, I sort of told you so.
Will this study serve as a wake up call to legislators? Probably not. They’ll just broaden the scope and quantity of these programs in hopes of assisting even more people. The same people who received assistance 6 months ago and are still defaulting at the same rate as those who have received none.