Posted on 04/07/2009 7:58:43 PM PDT by FromLori
More U.S. consumers are falling behind on their mortgages, an indication that the housing market has yet to hit bottom, a top credit bureau executive told Reuters.
Dann Adams, president of U.S. Information Systems for Equifax Inc, reported that 7 percent of homeowners with mortgages were at least 30 days late on their loans in February, an increase of more than 50 percent from a year earlier.
He also said 39.8 percent of subprime borrowers were at least 30 days behind on their home mortgage loans, up 23.7 percent from last year.
(Excerpt) Read more at reuters.com ...
Zero’s plan meets with complete failure.
Are we being poor stewards of our children’s future inheritances, if we PAY our mortgages? Maybe we should “plea bargain” with the lenders, too. Let it ALL hang out! LOL.
Why should people pay when the wealthy white men will eventually pick up the tab?
Hope!
I’m reading it the same way you are — the subprime mortgages are a subset of all mortgages and so must be included in the 7% of all mortgages that are late.
What I still don’t get is how 7% of mortgages being late can cause a total global financial meltdown, and it began last year when only 5% were late.
It is not the problem. This 13 minute video explains it.
http://www.cbsnews.com/video/watch/?id=4502673n
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I can’t seem to put these numbers in perspective.
Only 7 % are 30days late or greater? and that’s up 50% from last year. Is that possible? that the percent is so little?
how much of the 7% that are late are also sub-prime ? The 39.8 % sub-prime that is late must be included in the 7% overall late, right?
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You have hit the jackpot Stylin19a!
It’s called How To Lie With Statistics 101.
This entire mortgage mess has been a slight of hand by predatory lenders and leveraged credit swaps. Some have been caught with their hand in the cookie jar, but most of the mess was blown WAY out of proportion by the media.
Remember, this was just one of the strategies used by the left and the liberal media to discredit GWB... Cause the housing ‘bubble’ to burst on his watch.
In California back in 2002 we shuddered at the thought of $350K homes being purchased by 20yr old newly-weds with 3 jobs. Total income $3500/mo. House payment $2900/mo. That leaves $600 for groceries, gas, insurance, and other necessities.
It didn’t take much more than a few years of scrimping for the newly-weds to realize that this was a bad idea and they bailed out!
Panic in the industry followed very soon, and rumors of bad loan practices were abundant. But actual foreclosures were minimal.
Foreclosures have increased in the last few years because of the number of really bad loans, but the actual number of mortgages in arrears has only gone up slightly.
It was widespread panic within the industry that they were being ‘found out’! Nobody wanted to take the fall, but outfits like Countrywide couldn’t dodge the avalanche.
Now you know the rest of the story...
We’ve decided to stop paying our mortgage.
Where do we get our free gasoline now?
lol you can probably get that information at an Acorn office and get signed up for Obamastamps too!
The only way to qualify for a reduction in interest (and possibly principle) is to fall behind, so why not?
You have the answer in one sentence.
Some people will write books and still not reveal anything.
You can always join AmeriCorp!
Oh, and about all this mysterious ‘toxic debt’ we keep hearing about....
Soon it will all just disappear as if it were never there.
The bad guys have all been burned and the government will simply create a new unit of Fannie Mae to absorb the bad debt and send it to the bottom of the sea.
Same as it ever was...
Thank you very much for posting that.
You are welcome.
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