Consumer Law

Foreclosure Crisis Still Getting Worse

By Alan White

One out of 8 American homeowners is now behind in mortgage payments (either delinquent or in foreclosure) according to the Mortgage Bankers Association quarterly survey, the most reliable and longstanding source for foreclosure data.  New foreclosure filings have not increased but every other category, including total loans in foreclosure and total loans more than 90 days past due, increased and continues to set new records.  In case anyone had any doubts, subrime adjustable-rate mortgages are a failed product.  A whopping 48% of these mortgages nationwide are delinquent or in foreclosure. 

Also this week the Congressional Oversight Panel released its report on the foreclosure crisis and mitiation efforts to date.

Full post as published by CL&P Blog on March 07, 2009 (boomark / email).