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Post by unlawflcombatnt on Dec 26, 2008 19:17:59 GMT -6
Originally from Reuters. Re-posted by Patrick.net: Mortgage Re-Defaults Rising With No Sign of Slowing22 Dec 2008 " The rate of home mortgage borrowers defaulting after their loans are modified is rising and shows no signs of leveling off, U.S. banking regulators said on Monday.
The data showed that after 6 months, nearly 37% of mortgage loans modified in the 1st quarter were 60 or more days delinquent.
After 3 months, 19% were 60 or more days delinquent or in the process of foreclosure.
"One very troubling point is that, whether measured using 30-day or 60-day delinquencies, re-default rates increased each month and showed no signs of leveling off after 6 months or even 8 months,'' John Dugan, head of the Office of the Comptroller of the Currency, said in a statement.
The number of delinquencies rose across all loan categories, although subprime loans had the highest default rates...." www.cnbc.com/id/28352060?ref=patrick.net
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Post by kramer on Dec 26, 2008 19:53:54 GMT -6
Originally from Reuters. Re-posted by Patrick.net: Mortgage Re-Defaults Rising With No Sign of Slowing22 Dec 2008 " The rate of home mortgage borrowers defaulting after their loans are modified is rising and shows no signs of leveling off, U.S. banking regulators said on Monday.
The data showed that after 6 months, nearly 37% of mortgage loans modified in the 1st quarter were 60 or more days delinquent.
After 3 months, 19% were 60 or more days delinquent or in the process of foreclosure.
"One very troubling point is that, whether measured using 30-day or 60-day delinquencies, re-default rates increased each month and showed no signs of leveling off after 6 months or even 8 months,'' John Dugan, head of the Office of the Comptroller of the Currency, said in a statement.
The number of delinquencies rose across all loan categories, although subprime loans had the highest default rates...." www.cnbc.com/id/28352060?ref=patrick.netAnybody know how to translate the following excerpt from the above link: Here's the answer: Give those who are in danger of defaulting bigger financial breaks (i.e. you and I will be paying more of our money to help them pay for their home loans). And this pisses me off to the max, especially since I just found out yesterday that ACORN and banks like CitiBank had special sweetheart deals for low income people (including illegals) where they'd get a lower 30 year fixed rate mortage than the general public and could put less money down. The kicker is that they kept this program low key so as not to make the working idiots who are playing by the rules to buy their homes mad. The other problem I have with this is that it's going to slow down the needed correction in housing prices which means it's going to prolong this economic mess. What a bunch of frigging idiots we have running this country. Kramer
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Post by graybeard on Dec 26, 2008 21:08:16 GMT -6
IF there were enough jobs to go around, bailouts wouldn't be needed.
GB
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