In the middle there is a link to some data sent to her by hope for homeowners, not sure if it’s just spin, but if it’s true, it may provide an answer as to why the tsuinami never showed up, cause it got a loan mod.
it shows some trends, how subprime dominated 2007 for foreclosures, Q2 of 2008 it was a tie, now prime is dominating, subprime has fallen by half for both nods and nots, while prime has risen for two years, it may help to understand the pain train’s path.
it also claims since July 2007, there were 5 million foreclosure starts (nods) and 1.7 million nots that were completed and went back to the bank.
here’s where the spin may come in, they claim 3 million repayment plans, 1.9 million loan mods, and 4.9 million workout plans. unfortunately the graph doesnt have a legend and i lack the energy of reading through hope for homeowners website to search out the definitions or how they gathered the stats, since I doubt the integrity of gov’t stats, you can probably cut the numbers in half. It does look like they have taken a hell of a bite out of the potential foreclosures, they have done something to 10 million loans while there were only 5 million nods, like any govt program, when you run out of people to help, start helping those that dont need it. It’s anectdotal but I have a close friend that got a loan mod on his rental property, enough to make it cash flow instead of bleed him 1k a month. He could afford to take the loss but was thinking of letting it go as a business decision, the mod changed his mind, I wonder how many of them like him are out there, it’s like every other commercial on am radio now, it has replaced the refinancing ads.
