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MBA REPORT SHOWS 1 IN 7 HOMEOWNERS PAST DUE OR IN FORECLOSURE

Thursday, 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."

For more information: Kathleen Day at (202) 349-1871 or kathleen.day@responsiblelending.org or Charlene Crowell at (919) 313-8523 or charlene.crowell@responsiblelending.org.