[jennyjenny]

I'm guessing there is no way to get the vast majority of these people to 31% without extending their loan to 50+ years. And, I'm not sure it would matter any way because most of these people have demonstrated they have a spending problem. You help them out with this, they'll look at it as extra cash to borrow/spend on TV’s, vacations, fancy cell phones, a wii, etc.

[mellow velo]

+1

I read (or heard) last week that something in the neighborhood of 35% of the homeowners who have had their mortgages reworked since the bottom fell out of the market are already back in arrears.