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Also, without modifying these mortgages, allowing people to stay in their homes, you would have a lot more foreclosures than we have right now.
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Unfortunately the government sponsored loan modification programs and what not aren't working very well... My wife manages a loan modification department. Over 75% of people with their loans modified end up back in default within 6 months.
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'09 1500 Laramie Crew - Mods: Loaded STI GP6 under the seat, Cooper Zeon LTZs (305/50/20), Resonators Removed, Mobil 1
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Other Vehicle: '08 Hummer H3
Past: '08 Corvette 3LT & '07 1500 QC Laramie (modded)