not see the horrible WAMU numbers, buried inside Chase...
The first wave of U.S. mortgage defaults was spurred by lenders who made bad loans and borrowers who wound up with larger monthly payments than they could ever hope to manage. Lately, something altogether different has been making an increasing contribution to soured debt: Americans choosing to stop making mortgage payments they actually can afford.
"Strategic" defaults accounted for at least 12 percent of all defaults in February, up from about 4 percent in mid-2007
http://news.yahoo.com/s/bw/
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JPMorgan's Washington Mutual loans, though, are detailed in the bank's SEC filing --
and they're even worse than JPMorgan mortgages:
The entire {WAMU} portfolio -- $98 billion of unpaid mortgage principal -- is underwater.
And those mortgages are even deeper underwater at the end of this year's first quarter than they were at the end of last year's fourth quarter.
The options ARMs loan-to-value ratio was at 113 percent, meaning they were 13 percent underwater; now they're at 119 percent,
Home equity loans were 15 percent underwater; now they're 20 percent.
Prime mortgages were at 6 percent; they've climbed to 11 percent.
Subprime jumped from 10 percent underwater to 13 percent.
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Mortgages: Strategic Defaults Are On the Rise
The first wave of U.S. mortgage defaults was spurred by lenders who made bad loans and borrowers who wound up with larger monthly payments than they could ever hope to manage. Lately, something altogether different has been making an increasing contribution to soured debt: Americans choosing to stop making mortgage payments they actually can afford.
"Strategic" defaults accounted for at least 12 percent of all defaults in February, up from about 4 percent in mid-2007
http://news.yahoo.com/s/bw/
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Fitch finds Calif. at both extremes in mortgages
the Bay Area region of San Francisco, San Mateo and Redwood City has a 60-day mortgage delinquency rate of just 4 percent. That was No. 1 among the 382 metropolitan statistical areas tracked by Fitch.
At the other end of the spectrum is the Riverside-San Bernardino-Ontario (Riverside) region, at 367th among all U.S. metro areas with a 60-day delinquency rate of 23 percent. Ninety percent of Riverside mortgages are now "underwater," Fitch said, and nearly 60 percent of borrowers owe more than 150 percent of the value of their homes.
http://news.yahoo.com/s/ap/
At the other end of the spectrum is the Riverside-San Bernardino-Ontario (Riverside) region, at 367th among all U.S. metro areas with a 60-day delinquency rate of 23 percent. Ninety percent of Riverside mortgages are now "underwater," Fitch said, and nearly 60 percent of borrowers owe more than 150 percent of the value of their homes.
http://news.yahoo.com/s/ap/
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