"Modification programs can’t halt rise in foreclosure filings" by Bloomberg News | February 12, 2010
SAN FRANCISCO - US foreclosure filings rose 15 percent in January from a year earlier and exceeded 300,000 for the 11th consecutive month as modification programs failed to keep delinquent borrowers in their homes, RealtyTrac Inc. said....
Yeah, making the payments higher didn't help.
Bank seizures, also known as real-estate-owned or REOs, may rise to a record 3 million this year, RealtyTrac said last month....
How can that be when we are in recovery?
“It’s almost inevitable that modifications will fail,’’said Michelle Meyer, a New York-based economist for Barclays Capital Inc. “Over the next several months, we should see REOs increase at an accelerated pace.’’
Yeah, because of the NEVER-ENDING JOB LOSSES!
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