As Foreclosures Rise, Investors Pull Back |
| New York Times - Mar 7, 2008 |
Defaults on home mortgages touched another historic high late last year as foreclosures on adjustable-rate mortgages surged, an industry group reported on Thursday.
The figures are expected to increase pressure on policy makers and the mortgage industry to move faster to contain losses and help homeowners. In recent days, regulators and lawmakers have begun suggesting that the federal government might need to take a bigger role in the mortgage business.
The Mortgage Bankers Association reported Thursday that loans past due or in foreclosure jumped to 7.9 percent of the total in the fourth quarter, from 7.3 percent at the end of September and 6.1 percent from December 2006. Before the third quarter, the rate had never exceeded 7 percent since 1979, the earliest year for which figures are available.
Read Full Article from New York Times
- Posted: 2008-03-07 09:35:21
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