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.