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Slow Start for Modifications

By Anonymous

The Treasury is expected to announce the number of permanent modifications and other metrics for the Making Home Affordable program next week, but clearly the program is off to a slow start ...

From Renae Merle at the WaPo: Quarter of borrowers in anti-foreclosure plan are behind

About 25 percent of borrowers helped under the administration's massive foreclosure prevention plan have already fallen behind on their new mortgage payments, according to government data that raise new questions about the program's effectiveness.
...
For example, at a conference last month, J.P. Morgan Chase, which signed up more than 178,000 homeowners, noted that 22 percent of borrowers helped didn't make their first payment.
...
More than half of the borrowers eligible for a permanent modification by the end of the year have not submitted all of the required documents, from pay stubs to tax returns, including some who have provided nothing, government officials have said.

Floyd Norris at the NY Times has more: Why Many Home Loan Modifications Fail

Next week will be interesting ...

Note: Employment Posts today:

Employment Report: 11K Jobs Lost, 10% Unemployment Rate for graphs of unemployment rate and a comparison to previous recessions.

Seasonal Retail Hiring, Employment-Population Ratio, Part Time Workers

Unemployment: Record number Unemployed over 26 Weeks, Diffusion Index

If the Economy lost Jobs, why did the Unemployment Rate decline?

Full post as published by Calculated Risk on December 05, 2009 (boomark / email).

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