Post by unlawflcombatnt on Jun 13, 2007 16:59:56 GMT -6
Below are excerpts from an article from Realty Times titled Nation Doomed To 2 Million Foreclosures. The title pretty much says it all.
"by Broderick Perkins
A second study forecasting millions of foreclosures sweeping the nation in the next few years, says it won't matter what the Feds do to fix the problem.
"Foreclosures Will Affect 2 Million Homeowners," by upstart housing market researcher HousingPredictor.com says subprime mortgages are the culprit.
Among the independent researcher's findings:
More than 2 million homeowners will face foreclosure in next two and a half years, due largely to loans written that shouldn't have been.....
More than 50 percent of all home mortgages made in 2006 were written with 5 percent or less down.
"The figure is particularly significant since mortgages like this were nearly impossible to obtain except by those with excellent credit histories and strong incomes until two years ago," said Mike Colpitts, editor of HomePredictor.com.
Colpitts says the study is based on a survey of 100 real estate market's public records and interviews conducted by researchers.
Late last year, the five-year-old Center for Responsible Lending's report on the matter, "Losing Ground: Foreclosures in the Subprime Market and Their Cost to Homeowners" used a proprietary loan-level dataset of more than six million securitized subprime loans and determined 2.2 million homeowners have either already lost the farm or will by 2008, due to subprime loans...."
The full article can be found at the link below
realtytimes.com/newsfiles/realtimes2.nsf/rtcpages/20070608_nationdoomed.htm
"by Broderick Perkins
A second study forecasting millions of foreclosures sweeping the nation in the next few years, says it won't matter what the Feds do to fix the problem.
"Foreclosures Will Affect 2 Million Homeowners," by upstart housing market researcher HousingPredictor.com says subprime mortgages are the culprit.
Among the independent researcher's findings:
More than 2 million homeowners will face foreclosure in next two and a half years, due largely to loans written that shouldn't have been.....
More than 50 percent of all home mortgages made in 2006 were written with 5 percent or less down.
"The figure is particularly significant since mortgages like this were nearly impossible to obtain except by those with excellent credit histories and strong incomes until two years ago," said Mike Colpitts, editor of HomePredictor.com.
Colpitts says the study is based on a survey of 100 real estate market's public records and interviews conducted by researchers.
Late last year, the five-year-old Center for Responsible Lending's report on the matter, "Losing Ground: Foreclosures in the Subprime Market and Their Cost to Homeowners" used a proprietary loan-level dataset of more than six million securitized subprime loans and determined 2.2 million homeowners have either already lost the farm or will by 2008, due to subprime loans...."
The full article can be found at the link below
realtytimes.com/newsfiles/realtimes2.nsf/rtcpages/20070608_nationdoomed.htm