MBA Survey: Delinquencies Improve but Homeowners Still Drowning
Center for Responsible Lending
August 9, 2012
The latest Mortgage Bankers Association (MBA) survey shows positive trends in the housing market, with delinquencies and foreclosures down from last year. However, the millions of foreclosures still ahead will continue to erode communities and slow economic recovery. The need for aggressive and fair loan modifications remains as strong as ever.
In addition, policymakers will sabotage growth and recovery if they leave underwater families stuck in high interest rate loans. About one quarter of all households that hold a mortgage are now underwater. Refinances remain out of reach even for families with good payment histories, and even though homeowners would benefit by lower mortgage payments and the economy would benefit by fewer foreclosures. For more information on how expanding refinances could help qualified homeowners, see http://rspnsb.li/N3FLr4.
For more information: Ginna Green at (510) 379-5513 or firstname.lastname@example.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.