2008-10-30 — ml-implode.com
Hope Now recently released their summary report of how the program was working and what they reported corresponds with what my research has been tracking for months. That is the higher paper grade, higher leveraged borrower is in trouble and in great need of help. Unless something is done to re-underwrite every loan made between 2003 and 2007 and reduce their principal balance to what these people actually earn using 28/36 debt-to-income ratios and a market-rate 30-year fixed, the default and foreclosure crisis will continue to swim upstream into 10s of millions of home owners who nobody ever thought would have a problem.
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