Courtesy, The Boston Globe:
US Representative Barney Frank said that even with significant default rates, the majority of those who are helped stay in their homes and slow the bleeding in neighborhoods struggling from abandonment and blight …
… Other specialists said the problem is as much the homeowners. Paul Willen, an analyst for the Federal Reserve Bank of Boston, said too many borrowers simply cannot afford to own their homes.
“Many of the people in the foreclosure process are in deep, deep trouble. They are not a modified loan away from financial happiness,” said Willen. “Many people who are heading into foreclosure don’t need a modification, they need an exit strategy.“
Unfortunately, true. Which is why, in my opinion, this thing is so slow to correct itself.