Yes We Can (Screw America)
"Bailouts. That's the answer, and lots of them. That'll fix everything.
If we pour billions and trillions of dollars on top of the problem, the American people will see that we are doing something, whether it solves the problem or not."
From the AssO'bamaciated Press, today: Loan Modifications Rise; Many Don't Pare Payments
WASHINGTON (AP) — Though lenders are boosting their attempts to curb record-high home foreclosures, fewer than half of loan modifications made at the end of last year actually reduced borrowers' payments by more than 10 percent, data released Friday show.
The report, based on an analysis of nearly 35 million loans worth more than $6 trillion, was published by the federal Office of the Comptroller of the Currency and the Office of Thrift Supervision. It provides the most detailed and broad analysis to date of efforts to stem the foreclosure crisis, which [historic Precedent] Barack Obama is trying to combat with a $75 billion plan to promote loan modifications.
The report helps explain why many loans are falling back into default after being modified. Many borrowers and consumer groups contend that the modifications offered by the lending industry aren't very generous, despite more than a year of public prodding from regulators.
Nine months after modification, about 26 percent of loans in which payments had dropped by 10 percent or more had fallen back into default. That compares with about half of loans in which the payment was unchanged or increased.
That last sentence is well worded, to hide some very disturbing numbers: Somewhere around 50% of loans in which the refinanced mortgage payment was unchanged or which increased, HAVE ALSO FALLEN BACK INTO DEFAULT is what that really means.
So about 75% of all current loans are in default again despite all of
that bailout money YOU gave up. The article continues, with that clarification which I added:
"This new data shows that, in the current stressful environment, modification strategies that result in unchanged or increased mortgage payments run the risk of unacceptably high re-default rates," Comptroller of the Currency John Dugan said in a statement.
The number of delinquent mortgages presently in default, are up 10% from the third quarter of 2008, according to the Mortgage Bankers Association. Don't even go to the Mortgage Bankers Assoc. research and forecast page.... it's too scary.
It is simply too difficult to manage one's own money these days-- what with all the tempting, tantalizing things you want to buy instead of saving up to pay your mortgage-- things like an I-pod, or Twinkies or Satellite TV.
You should not have to be worried about paying for that beautiful home, when you can trust the government to force everyone else to pay it for you.
What a headache it can be, thinking for one's self, when there's plenty of honest, mortgage payers with good credit who should be taxed to death, to pay your mortgage for you?
How soon until the government takes on a National car insurance bailout, because you do not have car insurance, or will not make your auto loan payments?