{"id":4845,"date":"2008-02-29T18:06:00","date_gmt":"2008-02-29T18:06:00","guid":{"rendered":"http:\/\/127.0.0.1\/site\/2017\/2\/1985\/wall_street_journal_borrowers_abandon_mortgages_as_prices_drop\/"},"modified":"2008-02-29T18:06:00","modified_gmt":"2008-02-29T18:06:00","slug":"wall_street_journal_borrowers_abandon_mortgages_as_prices_drop","status":"publish","type":"post","link":"https:\/\/kendallharmon.net\/?p=4845","title":{"rendered":"Wall Street Journal: Borrowers Abandon Mortgages as Prices Drop"},"content":{"rendered":"<p>Goldman Sachs economists estimate that as much as $3 trillion in mortgages could be underwater by the end of the year, leaving 30% of the country&#8217;s outstanding mortgages in negative equity. Since there is roughly $1 trillion in subprime mortgages outstanding, that means a large amount of better-quality mortgages, such as prime and Alt-A &#8212; a category between prime and subprime &#8212; will be attached to negative equity.<\/p>\n<p>&#8220;The focus has been on the [interest rate] resets,&#8221; said Goldman Sachs economist Andrew Tilton. &#8220;But if you&#8217;re in a deep enough negative-equity position, defaulting has its own kind of logic.&#8221;<\/p>\n<p><a href=\"http:\/\/online.wsj.com\/article\/SB120424677934501611.html?mod=hps_us_whats_news\">Read it all<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Goldman Sachs economists estimate that as much as $3 trillion in mortgages could be underwater by the end of the year, leaving 30% of the country&#8217;s outstanding mortgages in negative equity. Since there is roughly $1 trillion in subprime mortgages<span class=\"ellipsis\">&hellip;<\/span><\/p>\n<div class=\"read-more\"><a href=\"https:\/\/kendallharmon.net\/?p=4845\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":794,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[40,149,600],"tags":[],"class_list":["post-4845","post","type-post","status-publish","format-standard","hentry","category-economics-politics","category-economy","category-housingreal-estate-market"],"_links":{"self":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts\/4845","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/users\/794"}],"replies":[{"embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4845"}],"version-history":[{"count":0,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts\/4845\/revisions"}],"wp:attachment":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4845"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4845"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4845"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}