The figures published by our friends within the federal government confirm what we all know already…the government’s primary effort to resolve the mortgage crisis is an abysmal failure.
$50 billion dollars and less than 500,000 modifications resulting in average payment declines of less than $500
That’s government work for you. Keep in mind that the beneficiaries of all this government money are raking in massive profits….at the expense of borrowers, defendants in foreclosure and the American people in general.