Gratuitous piling on seemed to be in order after the Obama Administration released the latest data a day or two ago for the flagship Making Home Affordable program otherwise known as HAMP (Home Affordable Modification Program).

While the universe of delinquent borrowers is now a few million higher than indicated above, the number of graduates into “permanent” loan modification is well known at 340,459 and, while their homes may now be affordable, their total debt load is certainly not.

To date, only about 6,357 permanent loan mods have been canceled (less than two percent), but how long can people continue to pay out 64 percent of their income for debt service?