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Half of U.S. Home Loan Modifications Default Again

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THE NEVERENDING STORY
"More than half of U.S. borrowers who received loan modifications on delinquent mortgages defaulted again after nine months, according to a federal report," Bloomberg reported. "The re-default rate of loans modified in the first quarter of 2009 was 51.5 percent by the end of the year, the Office of the Comptroller of the Currency and the Office of Thrift Supervision said in a joint report today. The figure, which measures payments at least 30 days late, climbed to 57.9 percent for changes made in the prior 12 months."
SOURCE:   Bloomberg

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