President Obama introduced a program to help 4 million borrowers having problems with mortgage payments. To date, only 200,000 mortgages have been modified. The article doesn’t discuss why more borrowers haven’t come forward for assistance. But it does say that there is a whole new group of borrowers who need assistance but can’t get it from this program – the unemployed.
http://online.wsj.com/article/SB124597797525957807.html
Wonderful news summary lede.
The second graf also introduced the new problem. A while back, the biggest problem borrowers had has the way the mortgage was written – if it could be modified, everything would be fine. But now, the problem is that the borrowers are unemployed and modifying the mortgage note won’t help.
This article is news worthy. It updates our knowledge of what is going on in the economy, and perhaps why our efforts to control the economy are too optimistic or short-sighted.
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