Defaults on home mortgages touched another all-time high at the end of the last year as foreclosures surged on adjustable-rate mortgages, an industry group reported on Thursday.
The latest data is expected to put further pressure on policy makers and the mortgage industry to move faster to contain losses and help more homeowners. In recent days, regulators and lawmakers have begun suggesting that the federal government might need to take a more interventionist role in the mortgage business.
The Mortgage Bankers Association reported Thursday that the number of loans past due or in foreclosure jumped to 7.9 percent, from 7.3 percent at the end of September and 6.1 percent in December 2006. Before the third quarter, the rate had never risen past 7 percent since the survey began in 1979.
I’d really love to get out from underneath some credit card debt that I had no choice but to incur during a spate of unemployment. Therefore, I’m writing to request that everybody here consider defaulting on their credit card debt and tell your friends to do the same. If enough of us do it, the government will help us out.
charley: the government helps you out only if you are a war profiteer or a corporation. Otherwise, its your own fault.
I think the feet of some of the banking industry should be held to the flames for a short time particularly those that foisted the idea of sub% ARM and 0 % down. You would think that they would learn something from watching auto sales under the same conditions.