Uh-Oh...

Until this very moment I have not considered the Federal Reserve Bank of New York to suffer from Dawn syndrome...

A new study found that borrowers who receive loan modifications that reduce loan balances, and not simply interest rates, are less likely to redefault on the loan, according to the Federal Reserve Bank of New York.

Principal reductions are more successful at avoiding redefaults because they reduce negative equity and provide the borrowers with greater incentive to remain current on the loan, according to the study. The study also found that borrowers who owe 15 percent or more than their homes’ value have a 51 percent higher risk of redefaulting in any given month.

I'm not going to waste too much time on this but i will say that Dawn syndrome is popularly named after a famous radio disk jockey who carries the first name of Dawn and always states the obvious. Most of her listening audience want to present her with a bouquet of roses complimented with a nice fresh slap.