The Orange County Register. “Are all these loan modifications we keep hearing about actually helping homeowners avoid foreclosure, and thus helping the housing market and economy? Tom Mitchell, a senior analyst who covers financial stocks at Miller Tabak & Co., agreed that banks’ modified loans may be skewing the picture.”
“‘We now have to consider the [modified loans] as a kind of shadow group of nonperforming assets,’ Mitchell said. ‘It’s reasonable to say that for most banks, if the loans had not been [restructured], they would have been nonperformers.’”
1 comment:
I agree. I work for a default loan processing company, and as I go through these poor people's files, all I see is that these people in default have already gotten loan mod's, as they are called, and still, they are in danger of losing their homes shortly.
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