A little blurb no one saw...

I would call this the article of the week, but I didn't want to do to it being so close to the last one.

I may have been wrong, although I think not. The following article is a report of how well the reworking of mortgages have gone for the first half of this year, reality is not that good. I think though that we really haven't seen the major modifications yet. I think that some of this representative of people not having any money and trying to still keep it together.

Regardless read on, it certainly could be proof for the naysayers of what I thought would help this economy.

http://clusterstock.alleyinsider.com/2008/12/ouch-borrowers-keep-defaulting-after-mortgage-modification

Added Note: In a funny coincident, I am watching CNBC right now and James Stewart (Smart Money editor-at-large) makes a great suggestion that let's just lower the mortgage rates across the board. That way those who have been making the right decisions all along on payments could refinance (thus being rewarded) along with some of the fringe people getting a chance to switch as well to a better payment. Not a bad idea at all to free up money.

Added Disclaimer: I think James Stewart is an absolute genius, his articles in Smart Money have always been excellent.