Delinquencies Double on Least-Risky Loans
Prime mortgages 60 days or more past due climbed to 2.9 percent of such loans through March 31 from 1.1 percent at the same point in 2008, the Office of the Comptroller of the Currency and the Office of Thrift Supervision said today in a report. First-time foreclosure filings on the loans rose 22 percent from the fourth quarter, the report said.
Serious delinquencies on prime loans, which account for two-thirds of all U.S. mortgages, rose to 661,914 in the first quarter from 250,986 a year earlier, according to the report. Overall, mortgages 60 days or more past due rose 88 percent from last year, the report said.
Mortgages modified to help struggling borrowers stay in their homes fail within nine months more than half the time, the report said. About 53 percent of mortgages modified in the first quarter of 2008 were 30 or more days delinquent after six months; 63 percent were in default after a year.
The data shows 5.9 percent of the 21.8 million Fannie Mae and Freddie Mac loans serviced by national banks or thrifts were at least days 30 days late, in foreclosure or subject to bankruptcy, compared with 3.2 percent a year earlier.
The report covers the performance of 34 million loans totaling $6 trillion, the agencies said.
Originally posted by Hastobemoretolife
reply to post by Rockpuck
The only thing that I have heard about extending unemployment benefits is that they were tucked away into some bill that passed or is up to be voted on or something like that.
I know in the Cap and Trade bill, there is unemployment benefits for 2 or 3 years, new job training, and it pays for their medical insurance.
That is about the way things are going, just shove through things without reading them.
section 426
Climate Change Adjustment Allowance-CommentsClose CommentsPermalink
(1) ELIGIBILITY- Payment of a climate change adjustment allowance shall be made to an adversely affected worker covered by a certification under section 425(b) who files an application for such allowance for any week of unemployment which begins on or after the date of such certification, if the following conditions are met:CommentsClose CommentsPermalink
(A) Such worker’s total or partial separation before the worker’s application under this part occurred--CommentsClose CommentsPermalink
(i) on or after the date, as specified in the certification under which the worker is covered, on which total or partial separation began or threatened to begin in the adversely affected employment;CommentsClose CommentsPermalink
(ii) before the expiration of the 2-year period beginning on the date on which the determination under section 425(d) was made; andCommentsClose CommentsPermalink
(iii) before the termination date, if any, determined pursuant to section 425(d)(3).CommentsClose CommentsPermalink
(B) Such worker had, in the 52-week period ending with the week in which such total or partial separation occurred, at least 26 weeks of full-time employment or 1,040 hours of part time employment in adversely affected employment, or, if data with respect to weeks of employment are not available, equivalent amounts of employment computed under regulations prescribed by the Secretary. For the purposes of this paragraph, any week in which such worker--CommentsClose CommentsPermalink
(i) is on employer-authorized leave for purposes of vacation, sickness, injury, maternity, or inactive duty or active duty military service for training;CommentsClose CommentsPermalink
(ii) does not work because of a disability that is compensable under a workmen’s compensation law or plan of a State or the United States;CommentsClose CommentsPermalink
(iii) had his employment interrupted in order to serve as a full-time representative of a labor organization in such firm; orCommentsClose CommentsPermalink
(iv) is on call-up for purposes of active duty in a reserve status in the Armed Forces of the United States, provided such active duty is ‘Federal service’ as defined in section 8521(a)(1) of title 5, United States Code,CommentsClose CommentsPermalink
shall be treated as a week of employment.
Economists forecast the ADP report would show a decline of 395,000 jobs, according to the median of 29 estimates in a Bloomberg News survey. Projections ranged from decreases of 280,000 to 532,000.
A Labor Department report tomorrow may show employers cut 363,000 workers from payrolls in June and unemployment rose to a 26-year high of 9.6 percent. The increase from May’s 9.4 percent jobless rate would be the smallest since November 2008.
Warren Pierson, senior portfolio manager of the Baird Intermediate Municipal Bond Fund in Milwaukee, says no to the country’s fiscally weakest state. California’s credit rating could drop to BBB from A today, he says, raising yields even further. “We would then most likely get involved.”
