"Problem" Home Mortgages Hit Record High

This story in today's Washington Post explains that a new bank industry survey shows that the percentage of home mortgages delinquent or in foreclosure is at a record high. Here's a couple paragraphs to give you a flavor:

More than 14 percent of borrowers were in trouble on their mortgage during the third quarter, a new record, according to an industry survey released Thursday, which also suggests that the foreclosure rate is likely not to peak until next year as unemployment rates continue to rise. * * *

About 9.6 percent of borrowers were delinquent on their mortgage during the third quarter, according to the survey, and another 4.5 percent more were somewhere in the foreclosure process. Overall, about 14 percent of mortgage loans or 7.4 million households were delinquent or in the foreclosure process during the quarter, according to the group.

Ugh.

Comments

[Brian Wolfman]

Hello. After many years at Public Citizen, I have moved to Georgetown law school, where I will be a co-director of the Institute for Public Representation (IPR) and head IPRs Civil Rights Clinic. You can reach me at 202 661 6582 and wolfmanb@law.georgetown.edu.

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Brian Wolfman

reply-3P3ND8VUHUI4_4D5OV9L997RF 11/25/09 13:41

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A new comment from Home Mortgage San Antonio was received on the post Problem Home Mortgages Hit Record High of the blog CL&P Blog. If you would like to post a reply to this comment you can do so at the following URL:

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Comment:

[Home Mortgage San Antonio]

It is very true that mortgage problems are becoming very rampant now days. I feel something needs to be done immediately to stop this.