Loan Modifications Prove to Be Ineffective at Curtailing Default

http://www.nypost.com/seven/12142008/business/reworked_loans_arent_working_at_indymac__144087.htm


Of course, the irony here is that Sheila Bair's program was lauded in the press as the preferred template for loan restructuring:

http://www.forbes.com/afxnewslimited/feeds/afx/2008/12/12/afx5817017.html

http://money.cnn.com/2008/12/10/news/economy/waters_loan_mods/?postversion=2008121013