U.S. Housing Market Debt, The Gov Loan Mod Bizarro World

U.S. Housing Market Debt, The Government’s Loan Mod Bizarro World

Housing-Market / US Housing
Apr 16, 2010 - 02:49 AM

By: Tim_Iacono

Just when you think that the statistics can’t get any worse for the graduating class of the Obama Administration’s Home Affordable Modification Program, they do. Otherwise known as HAMP, this program is apparently designed to convince people who really can’t afford their current debt load that they really can. http://www.makinghomeaffordable.gov/

To that end, it is meeting with modest success.

How else can one explain that total debt-to-income ratios have risen even higher than February’s ridiculous burden of just under 60 percent as noted in this item four weeks ago? http://timiacono.com/index.php/2010/03/ ... m-part-63/

http://www.marketoracle.co.uk/images...-debt-16-1.gif

Over the last four weeks, some 60,000 HAMP “trialâ€