Re-Default Rates

Citi Mortgage isn’t scared to show you what theirs are.  It’s kind of scary and I hope more follow in Citi’s footsteps.  Click on the link and take a look at the chart.  It gets ugly 12 months after the modification.  In my opinion they are just postponing the inevitable which could drag this recovery on even longer. 

I could not have said this better myself, “I know many lenders have given borrowers extensions on the three month trial in order to get all the paperwork correct, but that has nothing to do with who has and who has not missed a payment. Look, maybe very few people have missed a payment, or fewer than we think, and the program is a huge success. We’d just like to know.”