Comments on: AEI Subprime VI: Zimmerman Presentation http://housingdoom.com/2009/10/28/aei-subprime-vi-zimmerman-presentation/ "He who defends everything defends nothing." - Frederick the Great Thu, 18 Mar 2010 20:44:26 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: jryskmpr http://housingdoom.com/2009/10/28/aei-subprime-vi-zimmerman-presentation/comment-page-1/#comment-21077 jryskmpr Thu, 29 Oct 2009 18:26:34 +0000 http://housingdoom.com/?p=5051#comment-21077 So I passed this on, charts and all, to my friend who works VERY high up in repos at a VERY big bank. Here's what she said: "All the modification programs, fed and state, are all just about over. I think they are getting to the end of what they will modify. and that is going to send TONS of homes into foreclosure, and on top of that... 80% of all our modifications fail and go to foreclosure anyway. "So most of what they modified will end up coming back to the banks, usually within 6 mnths. you cant modify a loan to a low enough payment if the person has no income!" What I am wondering is, what is the point of not confronting these facts? I thought Obama said he would always base policy on FACTS. You mean he is just a Chicago Rezko hood? Who knew? So I passed this on, charts and all, to my friend who works VERY high up in repos at a VERY big bank. Here’s what she said:

“All the modification programs, fed and state, are all just about over. I think they are getting to the end of what they will modify.
and that is going to send TONS of homes into foreclosure, and on top of that… 80% of all our modifications fail and go to foreclosure anyway.

“So most of what they modified will end up coming back to the banks, usually within 6 mnths. you cant modify a loan to a low enough payment if the person has no income!”

What I am wondering is, what is the point of not confronting these facts? I thought Obama said he would always base policy on FACTS.

You mean he is just a Chicago Rezko hood? Who knew?

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