MBA Report Shows Persistence of Foreclosure Epidemic: 1 in 10 Mortages in Serious Trouble


Center for Responsible Lending
May 19, 2010

Washington, D.C. --- As the U.S. Senate prepares to vote on financial reform, the Mortgage Bankers Association reported today that serious mortgage delinquencies—those at least 90 days past due or in foreclosure—remained at record levels during the first quarter.  These latest statistics show that one in 10 borrowers is seriously delinquent on their mortgage, up from one in 14 borrowers a year ago and one in 25 two years ago.

“It is jolting to see the persistence of the foreclosure epidemic,” said CRL president Mike Calhoun.  “As Congress moves forward on financial reform, it’s important to remember that the financial crisis began with bad mortgages that were never designed to be sustainable. We must have strong oversight so this doesn’t happen again.”

For more information: Kathleen Day at (202) 349-1871 or kathleen.day@responsiblelending.org; Ginna Green at (510) 379-5513 or ginna.green@responsiblelending.org; or Charlene Crowell at (919) 313-8523 or charlene.crowell@responsiblelending.org.

###

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.