MBA Report: “Bubble” of Serious Mortgage Delinquencies Growing
The Mortgage Bankers Association (MBA) reported today that serious mortgage delinquencies (those 90+ days past due or in foreclosure) reached record levels in 2nd Quarter 2009, surpassing the previous record set one quarter earlier. According to new MBA statistics, over 13% of all loans are now past due and 1 in 12 borrowers is seriously delinquent on their mortgage. By...