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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: mishedlo who wrote (71608)	11/24/2007 3:11:49 PM
From: Incitatus	Read Replies (2) of 116555

A recent study from the California Reinvestment Coalition found that loan modifications have been inadequate. ... In a prepared statement, the advocacy group said it had “surveyed 33 of the state's more than 80 mortgage counseling agencies that offer assistance to financially strained borrowers, and found that most borrowers are pushed to foreclosure or short sale, leaving them without the homes they worked so hard to own.” My comment: I am surprised by this. It seems 33 of 80 counseling agencies are actually watching out for the best interests of their clients. If asked to guess, I would have said 10 not 33. However, the number ought to be closer to 70 out of 80. Losing the home and starting over rather than remaining a debt slave forever in a depreciating asset is likely the best solution for the vast majority of those struggling. How is answering a survey "watching out" for clients? Do we even know that all 80 were approached to participate in the survey? It says "most borrowers are pushed to foreclosure" - that doesn't mean that all 33 push most borrowers to foreclosure. Maybe 20 push for foreclosure, 13 do not, etc.

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