Why Banks Are Better at Making Loans Than Modifying Them

``You may remember this past year there was a study released that showed that loan modifications were re-defaulting at the rate of like 60% within the first year after being modified. It sort of came across like proof that sub-prime borrowers shouldn’t have been allowed to buy their homes in the first place, because apparently even if you modified their loans, they still couldn’t make their payments. Ah ha! I knew it! Dead beats, one and all. ''