MORTGAGES MELTING LIKE ICE CREAM UNDER A HOT SUN
By Daniel at 21 August, 2009, 1:28 am
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“Souring Prime Loans Compound Mortgage Woes” By Nick Timiraos
“Programs Designed to Prevent Foreclosures Face Pressure”
“A survey found that one in eight U.S. households with mortgages was in foreclosure or behind on its mortgage payments during the second quarter, putting added pressure on programs aimed at preventing foreclosures.
While foreclosure starts have slowed on the subprime loans that ignited the mortgage and banking crisis, loans extended to borrowers with good credit are deteriorating at a faster clip as falling home prices and mounting job losses weigh on more households.
The Mortgage Bankers Association said its latest survey, released Thursday, showed that 13.2% of mortgages on homes with one to four units were at least a month overdue or in the foreclosure process in the April-to-June period, up from 12.1% in the first quarter and 9% a year earlier.”
The full article is at:
http://online.wsj.com/article/SB125082120504548471.html
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