Monday, December 08, 2008

Next Revelation: Water is WET!

You really have to laugh at the absurdity of it all.
Many borrowers who received help with mortgage modifications earlier this year tended to re-default on their payments, a top U.S. banking regulator said on Monday, citing recent data......

Dugan said recent data showed that after three months, nearly 36 percent of borrowers who received restructured mortgages in the first quarter re-defaulted.

The rate of re-default jumped to about 53 percent after six months and 58 percent after eight months, Dugan said, without providing an explanation for the trend.

Really? What a surprise! You mean people might be defaulting for reasons other than the bank being mean to them, like their having taken out loans that they had no f'ing chance of paying?

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