More prime mortgages default in 3rd quarter

More prime mortgages default in 3rd quarter

www.abovetopsecret.com

The percentage of prime borrowers whose loans were 60 or more days past due doubled from the July-to-September period a year earlier. And more than half of all homeowners whose payments had been lowered through modification plans defaulted again.

The report, which covers about 34 million loans, or about 65% of all U.S. mortgages, underscores the obstacles to strengthening the nation's rickety housing market. Stubborn unemployment is making it tough for millions of homeowners to pay their debts.

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ecreditdaily.com

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What I see in this is the home mortgage and possible the credit crunch is far from over. The article says that for the first time ever the number of forecloses has hit one million for the quoter. As people who have had the mortgages restructured are also again falling behind. This can be a touchy subject for many, as any one who works for there home will do almost anything to keep it. Perhaps we can hope for a miracle of the season.

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