NAR: Re-Default Rate 50% of Modifications
by Tom on November 24, 2008
in house prices
And they are hearing from the Realtors they talk to that the re-default rate on a lot of these loan modifications are running at 50% – that is half those of modifications aren’t working.”
Calculated Risk: NAR: Re-Default Rate 50% of Modifications.
For every politician and press person who you hear talking about loan modifications, a couple of things need to be remembered:
- We don’t have a proven track record for the modifications.
- Based on what’s showing up, it doesn’t appear that they are going to be successful enough to truly solve the housing mess.
More later, stay tuned.
