Your moment of zen for the day…
WASHINGTON (Reuters) – 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.
You mean folks who either didn’t have the money to begin with for their home or were such poor stewards of their income are defaulting a second time? Even after receiving mortgage-modification help? You don’t say.
“We don’t know the answers yet, but these are the types of questions that we have begun asking our servicers in detail,” Dugan said.
We eagerly await your brilliant investigation, Mr. Dugan.