From Marketwatch.com:
Click here for the whole story."Office of the Comptroller of the Currency director John Dugan on Monday released statistics showing a high re-default rate on mortgages that have been modified in the first two quarters of 2008. "The results were surprising, and not in a good way," Dugan told a gathering in Washington at the Office of Thrift Supervision's annual conference."
58% of mortgages that have been modified by the government had defaulted again within months of the modifications. Unfortunately, the American People are going to be left holding the bag for this!
