Word: redefault
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Dates: during 2008-2008
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Consumer groups argue that part of the redefault problem is lenders' reluctance to make the sorts of changes that will really improve a homeowner's chances. While the popular notion of loan modification might have the lender lowering an interest rate or reducing the overall loan balance, many work quite differently. For example, one of the most widely implemented changes is to simply spread missed payments over the remaining life of the loan. That has the perverse effect of raising, not lowering, a homeowner's monthly payment. The nonprofit Center for Responsible Lending estimates that nearly half of the loan...
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