Not So Shocking News: 53% of Rescued Borrowers Default Anyway
Proving that incompetent and irresponsible people will be incompetent and irresponsible no matter how many breaks you give them or how much taxpayer money you throw at them, U.S. Comptroller John Dugan revealed yesterday that 53% of borrowers with loans modified in the first three months of 2008 and 51% of those with loans modified in the second quarter could not keep up with payments within six months.
Seems like pure common sense to me… a financial free pass from the government is no cure all. In fact, its little more than snake oil.
But will this make a bit of difference to those caught up in the Massive Bailout Madness? You can bet it wont.
UPDATE: Malkin’s Duh of the day
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January 8th, 2009 at 4:19 am
[...] absolutely no way anybody could have ever seen this coming. There was no way to ever predict anything like this. No posible way to figure out that the massive bailout madness would backfire and leave the tax [...]