Tuesday, May 27, 2008
Roughly 80 per cent of all subprime mortgages have been securitised, as have about 20 per cent of all prime mortgages.
FT: Sharp rise in overdue mortgage payments
“We have seen numbers like this two years ago.” However, he added: “The difference today is that borrowers are not being helped by rising house prices as they have been in recent years,” he said. “In previous years, homebuyers in difficulty could find another lender to refinance the mortgage. It could mean that now more homes wind up in repossession.”
The fact that a rise is occurring while employment is strong and interest rates low suggests that it may not only be macroeconomic factors making it hard for homeowners to pay their debts.
Posted by malct @ 10:32 AM (295 views) Add Comment
1 Comment
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1. landofconfusion said...
> may not only be macroeconomic factors making it hard for homeowners to pay their debts.
So high levels of inflation, lower than inflation pay rises and manipulated government statistics aren't "macroeconomic factors" ?