Loan Modifications Not Working?

From CNNMoney.com - "Half of rescued borrowers default anyway":

More than half of delinquent homeowners whose mortgages were modified earlier this year ended up redefaulting within six months, a top bank regulator said Monday.

Some 53% of borrowers with loans modified in the first three months of 2008 and 51% of those with loans modified in the second quarter could not keep up with payments within six months, according to U.S. Comptroller John Dugan, who spoke at a housing conference.

You think?

The high redefault rate raises concerns about the long-term effectiveness of loan modifications, which many are pushing as a key solution to the nation's financial crisis.

Falling further and further behind ...

A record 1.35 million homes are in foreclosure, while the number of borrowers who have fallen behind on their payments soared to a record 6.99%, the Mortgage Bankers Association said last week.

I guess we shouldn't be too concerned with these numbers. After all, nearly half of the loan modifications seem to be working. With all of the incompetence to this point, should we expect anything less or shall I say expect anything more?

I hope someone is planning on early Christmas bonuses for those responsible for this successful effort. No money you say, perhaps more tax dollars would be fitting to support this purpose. That's the way it works. Right?