I’ve got nothing against horizontally stacked(?) bar charts with only one group of data as the results of the U.S. government’s loan modification program are portrayed in this story at ProPublica (spotted at Barry’s Big Picture blog), but, in my view, this was a dataset that was just crying out for a pie chart.

There’s really not much that needs to be added to the graphic above, that is, aside from the fact that those 35 percent who made it through to “permanent” status have a freakishly high median back-end debt-to-income ratio of over 60 percent, making the use of the word “permanent” to describe their status premature at best.
For those new to this story, HAMP (Home Affordable Modification Program) was much more of a bank rescue program than one for homeowners since most people who entered the trial couldn’t make it through to permanent status and, for those who did, the odds of surviving such an onerous debt load for more than a year or two are not good. The banks, however, were able to stretch out the entire process, delaying the realization of even bigger losses.











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[...] This post was mentioned on Twitter by Donna Pret, C. Santos. C. Santos said: Loan Modification Data in Need of a Pie Chart | The Mess That …: I've got nothing against horizontally stacked… http://bit.ly/eJmJcd [...]
Of course, the loan mods were just another bailout for the banks yet many irresponsible homeowners are benefiting from it. The biggest bailout for the banks though was the change in accounting regulation from mark to market to mark to bubble, which allowed them to not foreclose while legally cooking their books to hyper-state their earnings and profits. That’s what saved the big ones and allowed them to raise money through share dilution. Without quarters of great (fake) earnings they could have never raised such capital.
Did you read about the next bailout program that’s been implemented?
http://www.wtffinance.com/2011/02/more-socialism-for-california-homeowners-3000-monthly-housing-allowance/
Amazing times for sure…
[...] a foreclosure nationwide has stretched to 17 months, here are a couple of very interesting items on mortgage modifications and how likely Joe Average is to get [...]