poor credit risks remain poor credit risks, even after you give them a free pony
http://www.marginalrevolution.com/margin…
Recent data suggests that 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.
“The results, I confess, were somewhat surprising, and not in a good way,” said John Dugan, head of the U.S. Office of the Comptroller of the Currency, in prepared remarks for a U.S. housing forum.
“Put simply, it shows that over half of mortgage modifications seemed not to be working after six months,” he said.
Color me shocked.
December 10th, 2008 at 12:01 pm
the best predictor of future behavior is past behavior…