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Mortgage Delinquencies Hit Record High
 NEW YORK An industry report shows that a record 12 percent of U.S. homeowners with a mortgage are behind on their payments or in foreclosure as the housing crisis spreads to borrowers with good credit.The Mortgage Bankers Association said Thursday the foreclosure rate on prime fixed-rate loans doubled in the last year, and now represents the largest share of new foreclosures. Nearly 6 percent of fixed-rate mortgages to borrowers with good credit were in the foreclosure process. At the same time, almost half of all adjustable-rate loans to borrowers with shaky credit were past due or in foreclosure. California, Nevada, Arizona and Florida accounted for 46 percent of new foreclosures in the country. Posted by: GolfBravoUSMC 2009-05-28 |
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