“Almost” a Million Mods
A million is a nice round number and in the world of real estate we don’t always manage to get to nice round numbers. What I’m talking about right now is the number of loan modifications that have become permanent since the start of the year. Now let’s be clear, the actual number is NOT 1 million. Nope, it’s closer to 885,000 but for people who want you to be proud of their accomplishments, what’s a small thing like 115,000 missing loans.
So since 2007 “almost” 5 million homeowners have had their mods approved. I wonder how many of those are permanent but of course the study didn’t say. So what does the industry have to say about the whole process:
“With almost a million loan mods completed this year, it is clear that the industry and its partners continue to invest a tremendous amount of resources into assisting homeowners across the country.”
I would definitely say that’s a true statement. It’s clear that people are pouring a lot of money and effort into the program. But please notice something. The quote didn’t say:
“With almost a million loan mods completed this year, it is clear that the industry and its partners continue assisting homeowners across the country.”
You see the difference? No one knows if this program is helping. They just know that a lot of money is being spent on it. So where does that get us? Only time will tell but let me know what you think.
