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The loan modification crush, by the numbers


One more bit of perspective on the mortgage crisis.

Nationwide, the Treasury Department says 650,994 home loans have been modified under the Obama administration’s Making Home Affordable program through October.

That's a large number. But the number of those in need of a new mortgage deal is large, too.

You know how many troubled loans there are eligible for a modification in Florida? 667,754.

More than have been modified in the nation to date.

In Florida, almost 83,000 of those troubled loans have been modified so far.

That leave almost nine out ten loans yet to go.

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Comments

This is very interesting. They keep refusing to modify my mortgage, I am 7 months behind and no help from anyone is in sight. except for people wanting money.


So far, over half of loans that have been modified have fallen back into foreclosure in less than a year.

It's a waste of time and money. Unless coupled with principal reductions, the foreclosure tsunami and depressed real estate prices will continue for years.


These are all trial modifications & the homeowners don't receive payment coupons or calls for the scheduled payment...only about 20,000 of the Gov modifications have been signed off on for final approval.


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About the author
You've got the job of managing your money. No one in school taught you how. But you and I, we can teach each other, how to handle it, how to save for retirement, how to make money last, how to educate the kids, how to make a budget work. The conversations I have with my readers are fun. Money's important, but discussing it does not have to be boring.

Harriet Johnson Brackey Harriet Johnson Brackey, the personal finance columnist for the Sun Sentinel, is an award-winning business reporter. Her columns for 2008 were named "The Best in the Business," a national award chosen by her colleagues at the Society of American Business Editors and Writers.

Brackey has worked at Business Week magazine and at USA TODAY, where she was a founder and part of the original staff of the Money section at the country's first national newspaper. After nearly 11 years there - spent covering the 1980s bull market, the insider trading scandals, the 1987 crash - Brackey left Washington, D.C., and came to The Miami Herald. She spent the next decade writing a column about personal finance that chronicled the stock market's Internet boom and bust, as well as the popular Money Makeover features.

Brackey also has done commentaries for Marketplace Money, which airs on National Public Radio and The Nightly Business Report which is broadcast on more than 250 PBS television stations nationwide. She also has been a radio guest on WLRN’s Miami Herald News.
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