MBA REPORT SHOWS 1 IN 7 HOMEOWNERS WITH A MORTGAGE ARE PAST DUE OR IN FORECLOSURE
Up from 1 in 11 Just Two years ago
Center for Responsible Lending
August 26, 2010
One in seven homeowners with a mortgage is past due or in foreclosure, according to the Mortgage Bankers Association’s latest report on home loan delinquencies. 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.”
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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.