Deadbeat: Not Just A Circumstance, A State of Mind - Reason Magazine

Well, yeah... there is that.

Hit & Run > Deadbeat: Not Just A Circumstance, A State of Mind - Reason Magazine:

"But one pattern emerges when you add up all the redefaults per quarter and compare them to the total number of loan modifications: When you take deadbeats and give them a free opportunity to get out of contractual obligations they willingly signed before God and country, a fairly reliable majority of them — and often a fillibuster-proof 60+ percent — end up deadbeating again.

In general, the more loans you modify, the higher the percentage of redefaults: In the first quarter of 2008, 68,001 loans were modified, and 40,206, or 59 percent, of those have ended up 30 days late again, or worse. In the first quarter of 2009, 185,156 loan mods were done, and of those, 120,067, or 64 percent, ended up in trouble. (Check my math: to get a total-in-trouble number I'm adding up '30-59 days Delinquent,' '60 or More Days Delinquent,' 'In Process of Foreclosure,' and 'Completed Foreclosure.' To be sporting, I'm leaving 'Short Sale or Deed-in-Lieu of Foreclosure' out.)"

But it will all be better when they start to run the healthcare industry the same way. Deadbeats are in charge of the country, so why would we expect any different from the deadbeats of amerika?