Wednesday, October 14, 2009

Do you see the problem here?

Apparently the federal government's plan to modify mortgages for people who can't afford them isn't working out too well. Check out the below quote from this Reuters article on Yahoo! which describes a guy that didn't qualify.

"Latta, a 53 year-old retiree, pays $1,600 in monthly home payments that eat up 93 percent of his pension and he struggles to make child support payments."

According to my math, his pension is roughly $1,720 per month. His mortgage is $1,600. Yet he apparently decided to retire at age 53.

And he's frustrated the federal government can't save his house.

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