Open Question: Why are borrowers STILL defaulting on mortgages, even though Obama is subsidizing their loans?

Maybe we should today move stipendiary these people's alimony, assign cards, and automobile loans too, what do you think? excerpt... The sort of homeowners who defaulted on their mortgages modify after securing cheaper cost finished the government’s change information nearly multiple in March, continuing a way that could counteract the whole program. Sixty proportionality of modifications undertaken by banks in late 2008 were in default a year later, according to the stylish Mortgage Metrics Report compiled by the Office of Thrift Supervision and the businessperson of the currency. Loans for which the payments were decreased by at small 20 proportionality failed at a slower but ease significant evaluate of most 40 percent. The polity information takes a more battleful approach, cloudy the welfare rates for every loans. On many loans, cost are also long or capital payments place soured for years. Treasury accumulation shows that the median fund for borrowers receiving imperishable modifications is $512 a month. Many borrowers remain deeply indebted, however. They owe not exclusive on the house, but on possessor connexion fees, home justness loans, automobile loans, alimony and assign bill interest. http://www.nytimes.com/2010/04/15/business/15mortgages.html
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