Foreclosures, Fannie and Freddie
A record number of homeowners are behind schedule in mortgage payments
or have already entered foreclosure proceedings, according to the
Mortgage Bankers Association.
More than 9 percent of U.S. mortgages were delinquent or in foreclosure at the end of June, according to the MBA's National Delinquency Survey. In a statement released today, the MBA reported 6.41 percent of home loans were behind by at least one payment with an additional 2.75 percent already in foreclosure.
"The seasonally adjusted total delinquency rate continues to be the highest recorded in the MBA survey," according to the MBA statement. "The increase in the overall delinquency rate was driven by increases in the number of loans 90 or more days past due, primarily in California and Florida."
The Wall Street Journal reports today that a Treasury Department bailout of Fannie Mae and Freddie Mac could come as soon as this weekend. While spare on the details, WSJ reports the plan will likely include "a capital injection" and "changes to senior management."
More than 9 percent of U.S. mortgages were delinquent or in foreclosure at the end of June, according to the MBA's National Delinquency Survey. In a statement released today, the MBA reported 6.41 percent of home loans were behind by at least one payment with an additional 2.75 percent already in foreclosure.
"The seasonally adjusted total delinquency rate continues to be the highest recorded in the MBA survey," according to the MBA statement. "The increase in the overall delinquency rate was driven by increases in the number of loans 90 or more days past due, primarily in California and Florida."
The Wall Street Journal reports today that a Treasury Department bailout of Fannie Mae and Freddie Mac could come as soon as this weekend. While spare on the details, WSJ reports the plan will likely include "a capital injection" and "changes to senior management."
About this blog
Economic Alert is a daily blog on business and the economy in the San Gabriel Valley and beyond, featuring updates and observations from the staff of the San Gabriel Valley Newspaper Group. SGVN includes the San Gabriel Valley Tribune, Pasadena Star-News and Whittier Daily News.
Your hosts:
Kevin Smith is business editor for the San Gabriel Valley Newspaper Group. Over the past 15 years, Smith has covered development, housing, employment, technology and financial trends for a variety of newspapers.
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Ryan Carter covers business and the economy for the San Gabriel Valley Newspaper Group.
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Your hosts:
Kevin Smith is business editor for the San Gabriel Valley Newspaper Group. Over the past 15 years, Smith has covered development, housing, employment, technology and financial trends for a variety of newspapers.
Ryan Carter covers business and the economy for the San Gabriel Valley Newspaper Group.
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