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

Maybe we should today start 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 even after securing cheaper cost through 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 New 2008 were in choice a assemblage later, according to the latest Mortgage Metrics Report compiled by the Office of Thrift Supervision and the comptroller of the currency. Loans for which the payments were attenuated by at small 20 proportionality unsuccessful at a slower but ease momentous rate of about 40 percent. The polity information takes a more battleful approach, cloudy the welfare rates for every loans. On some loans, cost are also long or principal payments put soured for years. Treasury accumulation shows that the norm savings for borrowers receiving imperishable modifications is $512 a month. Many borrowers rest deeply indebted, however. They owe not exclusive on the house, but on possessor connexion fees, bag justness loans, automobile loans, alimony and assign bill interest. http://www.nytimes.com/2010/04/15/business/15mortgages.html
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