Sigh. More good news:

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.