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New reports on CNBC today that the re-default rate on modified mortgage loans is greater than 50% after 6 months.
That’s a pretty disappointing and discouraging statistic. A lot of money is being spent on the modification efforts, and with that kind of performance, lenders are going to be less likely to continue the effort.
This gives good fuel to the debate over whether market intervention can soften the blows of a natural market correction….