US mortgage defaults reach record highMarch 6th, 2009 - 5:18 am ICT by IANS
Washington, March 6 (DPA) Lenders are taking back homes in the US at a record pace as families can’t afford mortgage payments, a industry report said Thursday indicating the country’s housing crisis deepened further at the end of last year.
The Mortgage Bankers Association (MBA) said 3.3 percent of all mortgage-holders were in foreclosure at the end of 2008 - up 126 percent from a year ago - and 7.88 percent were behind on at least one monthly payment.
Both numbers were the highest ever recorded since MBA’s records began in 1972.
US housing prices have plummeted nearly 20 percent in the past year and more than eight million people now owe more money on their mortgages than their property is worth.
The downturn has cost financial institutions more than $1 trillion in mortgage-related investments and plunged the wider US economy into a deep recession.
President Barack Obama Wednesday launched a $75-billion effort to reduce the mortgage payments of up to nine million homeowners.
- Fannie Mae, Freddie Mac prevented two mn foreclosures: Report - Dec 07, 2011
- Behind the Numbers:Banks Repossess 1Million US Homes in 2010 - Jan 13, 2011
- Californians warned to beware of forensic loan audit scams - Feb 23, 2010
- US launches mortgage plan to stem housing crisis - Mar 05, 2009
- U.S. homes could decrease $1.7 trillion in value, report says - Dec 09, 2010
- Obama presents mortgage refinancing plan - Feb 02, 2012
- Obama's plan to help 3.5 mn homeowners (Lead) - Feb 02, 2012
- Strategic Default Outdoes HAMP Adjustments - May 10, 2010
- US mortgage applications down despite record low rates - Apr 26, 2012
- More Than 40 Percent Drops Obama Mortgage-Aid Program - Jul 21, 2010
- Spanish government prods banks to modify mortgages - Mar 11, 2012
- 40% people leave Barack Obama's mortgage aid program - Jul 21, 2010
- US seeks to suspend executives' bonuses at mortgage giants - Nov 16, 2011
- US mortgage applications drop - Feb 16, 2012
- Obama will use $75 bn to tackle housing crisis - Feb 19, 2009
Tags: barack obama, downturn, economy, financial institutions, foreclosure, investments, lenders, mba, money, mortgage bankers association, mortgage defaults, mortgage holders, mortgage payments, mortgages, recession, record pace, trillion