More cheery numbers from the mortgage front
posted on July 28, 2010 at 10:20 am
And now its credit-worthy home owners with prime mortgages that are jumping ship.
Foreclosure rates for loans that conform to the guidelines of now government owned Fannie Mae and Freddie Mac have jumped 425% since January 2008. And the monthly rate of foreclosures has accelerated in the last two months, according to Lender Processing Services.
Unlike the subprime mortgages that set off the global financial crisis, conforming agency prime mortgages are held by borrowers regarded as the best credit risks.
There’s bad news and good news in these numbers.
The bad news should be pretty obvious: The last thing that Freddie Mac and Fannie Mae need is more bad mortgages. Read more
