Home Loan Modification Programs

Standard & Poor’s says: Almost 80% of the loans modified or cured for the first time during first-quarter 2008 re-defaulted within the first year of modification, compared with 50%-55% of those modified or cured in third-quarter 2009.  Nonetheless, the volume of modified loans (about 15% of the total overhang) is minimal relative to the balance of the remaining loans that are still distressed.”

Also, Standard & Poor’s analysts stated “We estimate that it will take nearly 10 years to clear the inventory in the New York MSA at the current liquidation rate. That is at least twice as long as it will take in any of the other top 20 MSAs and nearly three times the average time to clear for the entire U.S.”

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