No Modification for You! Followup I

Housing Wire reports few borrowers are getting FHA Secure loans. One problem (the primary focus of the post) is that few of the borrowers who apply have been approved (266 out of 3,200). As Housing Wire says, this could be because few qualify, but it seems more likely to me that there are probably the same kind of logistical problems with the FHA program as I anticipated for the Paulson modification program in one of my previous posts.

A bigger issue is the fact that only 3,200 (out of an anticipated 240,000) borrowers have applied. Low borrower anticipation rates are to be expected, see my previous post on this topic.