41% Delinquency Rate on Mortgages Revised in Q1 2008!

Mortgages modified in Q1 2006 fell delinquent 41% of the time after 8 months, and Q2 loans had a 46% delinquency rate. Q3 trends are worse. The delinquency rates are a reflection of the declining economic conditions and the fact that loan mods many times only extend payments on a loan amount that is higher than a homeowner can truly afford is pointless.

Bloomberg Article