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Adding onto Ramsey Su’s comments on piggington – Here is the latest press release from Hope Now:

http://www.hopenow.com/upload/press_release/files/October%20Data%20Release%20.pdf

They are rambling on about how the government is preventing record foreclosures; 225,000 in October alone.  But when you look at their accompanying data, you see that they have been re-structuring payment plans at the tune of approximately 300,000+ per quarter since mid-2007, when we didn’t have much of a problem yet (foreclosures were half of what they are now). 

So take out the repayment plans, and compare only the modifications to the foreclosures.

The chart shows how the growth of foreclosures was skyrocketing, at least until California’s new law slowed the foreclosure machine in August.  We were on track to see close to 300,000 foreclosures nationally in 2008 3Q, and probably would have reached 350,000 foreclosures in 4Q08.

Instead, the government’s invention caused the lenders to stop foreclosing, and Hope Now is trying to make it look like their stellar work is solving everything. 

But now with Hank doing the flip-flop on buying distressed assets, the lenders should be giving loan modifications a brief cursory run and then quickly dropping the foreclosure hammer.  The whining borrowers should stop their moping and start packing their bags.

Posted on Sunday, November 30th, 2008 at 8:18 AM in Loan Mods | 2 Comments » |  Email |  Print You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.