Friday, October 31, 2008

Struggling IndyMac borrowers may be in the dark about offer to lower their mortgage payments - Los Angeles Times

Struggling IndyMac borrowers may be in the dark about offer to lower their mortgage payments - Los Angeles Times: "The Federal Deposit Insurance Corp.'s program to lower loan payments for struggling borrowers with mortgages from IndyMac Bank has been lauded by consumer advocates and government leaders as a model of foreclosure prevention.

But when the FDIC, which is running IndyMac, mailed out 35,000 letters offering homeowners a chance to rework the terms of their mortgages, more than half the borrowers were apparently so discouraged, scared or stressed out that they didn't bother to respond."

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You have to love the media. Look at the helpful excuses they offer as the only possible explanations: they were "discouraged, scared, or stressed out."

I could add one or two to that list, but they would have a bit of a critical edge. Things like intelligence, a sense of personal responsibility, opening your mail...old fashioned notions like that.

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