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Loan Modification

: Mortgage Lender Implode-o-Meter

Report shows strategic defaults increasing

By Implode-Explode Heavy Industries

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How widespread are strategic defaults? Laurie Goodman and her team at Amherst Mortgage Insight yesterday released a report that shows they are indeed on the rise and for reasons we might suspect: negative equity and a more borrower-friendly environment.

The second reason should be kept in mind as we consider President Obama?s soon-to-be-announced plan to encourage principal reduction. If the plan is structured so that it gives incentives to default in order to secure principal forgiveness, well, expect defaults to spike.

Full post as published by Mortgage Lender Implode-o-Meter on March 26, 2010 (boomark / email).

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