Search the Wall!MBA Report Shows 1 in 7 Homeowners Past Due or in Foreclosure
MBA Report Shows 1 in 7 Homeowners Past Due or in Foreclosure
One in seven homeowners is past due on their mortgage or in foreclosure, according to the Mortgage Bankers Association's latest report on home loan delinquencies. The report shows that mortgage delinquencies rose during the second quarter, and overall, one in seven borrowers is delinquent or in foreclosure. That's up from one in eight a year ago and one in 11 two years ago. Although there was a dip in the share of homes in foreclosure, the report shows that the foreclosure epidemic continues, with millions of homes still at risk.
This data comes on the heels of a report issued this week by the State Foreclosure Prevention Working Group* that shows over 60% of seriously delinquent borrowers are not getting any assistance at all from their mortgage servicing company.
'Does it matter if we're drowning a little bit less?' asked Julia Gordon of the Center for Responsible Lending, responding to the slight decline in foreclosures. 'With millions of homeowners at risk and only a fraction of them receiving any help from their mortgage servicer, it's time to implement mandatory measures to stop foreclosures and help the housing market recover. In fact, it's past time.'
* Link to State Working Group report: http://www.csbs.org/regulatory/Documents/SFPWG/DataReportAug2010.pdf
About the Center for Responsible Lending
The Center for Responsible Lending is a nonprofit, nonpartisan research and policy organization dedicated to protecting homeownership and family wealth by working to eliminate abusive financial practices. CRL is affiliated with Self-Help, one of the nation's largest community development financial institutions.