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Seriously Delinquent

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While some banks still seem to be having major problems in their efforts to modify mortgages to borrowers, President Obama's "$75 billion foreclosure-prevention effort made modest strides in August, according to a report released Wednesday by the Treasury Department," reports the WSJ. "Treasury Assistant Secretary for Financial Institutions Michael S. Barr will trumpet the program's progress in a U.S. House hearing later Wednesday. 'There are clear signs that the incentives offered under the Home Affordable Modification Program are having a substantial effect,' he said in prepared remarks." According to the Journal, one in 12 borrowers "are seriously delinquent on their mortgage." It was last December that the 1 in 10 number was trumpeted, although it's not clear just how seriously delinquent those people were. [WSJ]