1. Devastating.The number of homeowners who defaulted on their mortgages even after securing cheaper terms through the government’s modification program nearly doubled in March, continuing a trend that could undermine the entire program.
Data released Wednesday by the Treasury Department and the Housing and Urban Development Department showed that 2,879 modified loans had been ended since the program’s inception in the fall, up from 1,499 in February and 1,005 in January.
The Treasury Department said it could not explain the growing number of what it called cancellations, almost all of which were apparently prompted by the borrower’s being unable to make the new payment. A scant number — 37 — were because the loan had been paid off, presumably because the borrower sold the house.
About seven million households are behind on their mortgage payments.
The Obama administration’s modification program has been widely criticized for doing little to help them. The program received another bad review on Wednesday with the release of a report from the Congressional Oversight Panel.
Sixty percent of modifications undertaken by banks in late 2008 were in default a year later, according to the latest Mortgage Metrics Report compiled by the Office of Thrift Supervision and the comptroller of the currency.
2. SIXTY PERCENT of HAMP recipients RE-DEFAULTED within a year.
3. And TODAY we learn that killer calculus alarmingly ACCELERATED in MARCH.
4. Obama's answer---more of the same.
5. We're SUB-PRIMING the SUB PRIMED who SUB PRIMED us into SUBMISSION.
6. HAMP was called A DUD by Associated Press.
7. Labeled "not a failure, but a dismal failure," by democrat congresswoman Jackie Speier of California.
8. FOUR POINT FIVE MILLION FORECLOSURES are expected in 2010.
9. Up SIXTY PERCENT over woebegone 2009.
10. The HOUSING MARKET is no bottom in sight.
11. Consumer spending is near an all time low.
12. The mere cost of remaining in operation---not a single new hire---for megagiants like AT&T and Verizon is suddenly an Obamacare-bound extra BILLION DOLLARS---EACH.
13. Personal income is down 3.2% in these last miserable FIFTEEN MONTHS.
14. Public pensions are popping.
15. Our biggest, neediest and most expensive STATES are hopelessly underwater.
16. Obamacare puts an extra TWO HUNDRED BILLION DOLLAR burden on their already broken backed budgets.
17. Y'see, these things are a matter of SCALE.
18. Gas prices are rising and always top in Summer.
19. Service on the debt---MERE INTEREST ALONE---has been projected by the deepest thinkers at the New York Times to approach A TRILLION DOLLARS PER YEAR in just over 5 years.
20. Uncertainties abound at every turn, paralyzing economic activity---hundreds of questions surround Obamacare, cap and trade, reg reform---just how are all these high magnitude SOCIAL and economic changes gonna exactly affect us, and ours?
21. EIGHTY SIX PERCENT of YOUR NEIGHBORS believe the current state of our economy is a CRISIS.
22. IT ALL STARTED WITH HOUSING.
23. Half those HAMP'ed have hustled us.
24. Except IN MARCH there were TWICE AS MANY more.