Foreclosure Crisis Spreads From Subprime to Prime Mortgages

Print this

USA Today 
June 9, 2009
Armour, Stephanie

Foreclosures are beginning to rise among borrowers with prime mortgages -- a trend that could jeopardize the housing recovery. The Mortgage Bankers Association reports that prime, fixed-rate loans were responsible for almost half of the increase in the start of foreclosures in the first quarter, with 56 percent of the rise in all foreclosure starts and about half of the gain in prime, fixed-rate foreclosure starts taking place in California, Florida, Arizona, and Nevada. Defaults on prime, fixed-rate loans are likely to increase unless the job market improves, according to economists.

 

Abstract News © Copyright 2008 INFORMATION, INC.
Powered by Information, Inc.