Tell me now! How much proof do we need to confirm that all these so-called Government programs to help people save and stay in their home is NOT working.
The Governments involvement in the Housing market has been a total disaster from the start. Now we have thousands of people working on the Governments payroll, who themselves will be looking for jobs, when and if all these useless programs end!
Mathews Realty Group
Real Estate/Financial Advisors
Fitch: Subpar Loan Mod Results Making U.S. Foreclosures a Reality
With loan modifications on a steady decline, the analysts at Fitch Ratings say the common thread running through the industry has become when will the servicer foreclose as opposed to how can a distressed borrower stay in their home.
In addition, Fitch continues to expect a majority of modified mortgage loans to default again within a year, though the agency’s projections are now slightly lower than previously reported. Fitch anticipates a re-default rate between 60 percent and 70 percent for subprime and Alt-A loans; and 50 percent to 60 percent for prime loans.
“Based on current and expected inventory, it will take four years to remove the backlog of properties and return the market to balance,” said Pendley.
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