The data outlined that after 6 months almost 37 percent of mortgage loans modified in the first quarter of 2008 were still 60 days or more in the red. This means they the bank and the mortgagee renegotiated the delinquent loans in early 2008 to try to prevent foreclosure, but even the new mortgage terms haven't succeeded.
This does not bode well for 2009.
Believe me when I tell you, the financial crisis is going to get very much worse in 2009. We will see worldwide economic Armageddon in 2009. Nothing can stop it. It will make the Great Depression of 1929 look like child's play.
