3.6 million mortgages in the US that are 90 days+ delinquent or in foreclosure
This is very unsettling information from the MBAA that out of 3.6 million
mortgages in the US that are 90 days + delinquent or in foreclosure, more
than half of the delinquent and foreclosing loans in the United States are
now Prime loans-not Subprime lending.
This helps one to understand just how difficult it is to assess credit
quality today even when looking at the best borrowers. Presumedly, the reason
is the incredibly high unemployment rates not just of blue collar, but even
professionals who constitute the Prime mortgage lending marketplace who
are receiving loans based upon strong credit, income and assets.
That is the fastest growing class of mortgage defaults. These graphs answer
the question that so many are asking with regard to why it is so difficult
and takes so long to approve a mortgage application these days.
Please see me at :
Agency: | Century 21 Ludecke Realty | |
20 E. Foothill Blvd. #105 , Arcadia, CA 91006 | ||
Name: | John Vostenak | |
Phone: | 1-626-445-0123 ex 244 | |
web: | www.johnvostenak.com | |
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