One of many ill-advised pieces of the Home Affordable Modification Program may be getting a quiet retirement. The Second Lien Modification Program, which was announced back in April, seems to be on the skids. Calculated Risk puts the story together: Housing economist Tom Lawler emailed the HAMP administrative website to obtain a list of servicers who had signed up for the Second Lien Modification Program.

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First Smart Move In a Long Time: Government Surrenders on Second Mortgages
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Here’s a deceptive headline from the Boston Globe : "Lenders avoid redoing loans, Fed concludes." Actually, this remarkably straightforward study [pdf] from the Federal Reserve Bank of Boston begins with the ( old ) news that lenders have "performed payment-reducing modifications on only about 3 percent of seriously delinquent loans." The meat of the discussion paper "Why Don’t Lenders Renegotiate More Home Mortgages? Redefaults, Self-Cures, and Securitization," by Manuel Adelino, Kristopher Gerardi, and Paul S. Willen, is an exploration of why loan modifications, or renegotiations, are so rare
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Boston Fed: No Way Out of Foreclosures
Here’s a fairly dramatic encounter from this afternoon’s Suze Orman Show .

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Suze Orman’s Personal Finance Advice: Quit Your Job