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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Les H who wrote (242477)3/28/2010 2:37:10 AM
From: PerspectiveRead Replies (1) of 306849
 
The key statistic that guarantees this program will be every bit as successful as the earlier programs in stopping the foreclosure tsunami:

"Jack Schakett, a credit loss mitigation strategies executive for the bank, said in a press conference today there were 1.5 million borrowers 60 days or more behind on their loans, but not all these borrowers will qualify. Right now the bank estimates about 45,000 customers will ultimately qualify for this program and about $3 billion dollars of principal will be reduced, provided all the customers accept and complete the program."

Now, my math isn't what it used to be, but I think that's a whopping 3%, and that's what they're touting up front. That's going to help exactly how?

`BC
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