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Stock Market Yo-Yo Watch

111
Walter L. Newton3/05/2009 11:06:48 am PST

re: #105 subsailor68

Posted this on the earlier thread - a little too late - but it probably belongs here anyway:

Mortgage defaults, foreclosures spreading

From the first paragraph:

A stunning 48 percent of the nation’s homeowners who have a subprime, adjustable-rate mortgage are behind on their payments or in foreclosure, and that’s not the worst of it, new data Thursday showed.

To be fair, it’s spreading to fixed-rate holders as well, but it does seem to indicate that - barring a policy that just tells these people they don’t have to pay at all - the “Making Home Affordable” program is just throwing more money at a problem that’s not going to go away.

I’ve talked to some people who CAN pay their subprime mortgage, but who have decided not to so they can get a better deal.