Late breaking news......Not! Borrowers exit loan mod program

[Sam M.]

I am sure y'all have seen this already since Yahoo featured it.

http://finance.yahoo.com/news/Borrowers-exit-troubled-Obama-apf-887634101.html?x=0

[J Scott]

Maybe it's just me, but that seemed like one of the worst-written (and therefore most-confusing) articles I've read in a long time.

I couldn't even make it past the second paragraph without being confused:

"More than a third of the 1.24 million borrowers who have enrolled in the $75 billion mortgage modification program have dropped out. That exceeds the number of people who have managed to have their loan payments reduced to help them keep their homes."

So, more than 400,000 people have dropped out of the program, which is more people than have gotten their payments reduced.

Is that saying that most of the people who have dropped out of the program *HAVEN'T* gotten their payments reduced? If so, maybe that's why they dropped out of the program... :)

Regardless, as I'm sure everyone here agrees, perhaps it's time to just let everyone who can't pay their mortgage go into foreclosure and start letting the investors pick up the pieces...