Blog posts for October 2010

Spotted this statement in a profile of MIT professor and economist Esther Duflo in the The New Yorker (May 17, 2010). Dr. Duflo studies the economies of developing countries, but her observations offer a helpful insight for our own work with poor households: "... the poor are very clever about money, except when they are not clever at all; they are 'incredibly smart' about day-to-day financial matters, 'because the cost of errors is much bigger,' but 'so busy doing this effort, and optimizing...
Updated: 3 months 4 days ago | Read More
It’s so nice to hear something good about loan modifications! You have no doubt heard about the mortgage loan modification/foreclosure mess spreading across the U.S. First, lenders battered by public and political pressure promised to modify the loans of homeowners in financial distress. Several months later, we learned that most borrowers were either ineligible for the modifications or received a modification that neither reduced the principal balance on their loan nor made their existing...
Updated: 2 months 1 week ago | Read More