05-27-2009, 11:56 AM
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Administrator
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Modified Mortgage Loans Will Likely Default Again
Modifying nontraditional mortgages will succeed for many people, but most such modifications will end up in default within a year, a major ratings company predicts.
The Fitch Ratings study examined subprime mortgages, jumbo loans and little-documented home loans that Wall Street bundled up to back mortgage bonds from 2005 through 2007. Those were the last years of the housing frenzy before delinquencies skyrocketed, home prices plummeted and investors' appetite for such "private-label" securities evaporated...
Many modified mortgages will default again, Fitch Ratings projects - Los Angeles Times
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