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: Mortgage Lender Implode-o-Meter

More Prime Foreclosures; More Re-Defaults

By Implode-Explode Heavy Industries

""Another problem is that with home prices continuing to fall, more and more borrowers, who are essentially just renting their mortgages now because they will never see any home equity, are walking away. Even if the mortgage payment is low, the property taxes and home maintenance costs are padding that payment, and without an upside to the investment, there's simply no reason to pay. Suffice it to say, the foreclosure crisis, on the high and low ends, is not getting any better.""

Full post as published by Mortgage Lender Implode-o-Meter on June 01, 2009 (boomark / email).