Home -> Law Blog Directory -> Loan Modification Blogs -> Mortgage Lender Implode-o-Meter

Loan Modification

: Mortgage Lender Implode-o-Meter

Foreclosures will be the wrecking ball for the American economy

By Implode-Explode Heavy Industries

"Seven million American households are presently behind on their mortgage payments. Foreclosure filings were reported on 367,056 properties in March (that?s 4.4 million annualized). 1 million repossessions are foreseen in 2010. One in every 138 US homes received foreclosure filings just in the first quarter alone. Of the 230,000 or so "lucky" few who got a mortgage modification done (1.2 million began the program over the past year), 75% already, or still, owe more on the loan than the home is worth. The Obama administration's foreclosure prevention program is "worth" $75 billion. That so far then comes to $326,000 per lucky owner, who has a 3 in 4 chance (s)he's underwater regardless. How does one gauge the success of a plan like that?"

Full post as published by Mortgage Lender Implode-o-Meter on April 16, 2010 (boomark / email).