wonder why the debt has not fallen, yet...
--------
There is a puzzlement, however. Recently we learned that 80% of all subprime & ARM loans made between 03 and 07, in the sand states are now in a "default status" - late on their payments and about to be foreclosed on, strategically defaulted, or already foreclosed upon.
The reason that is a puzzlement is that more than half of all of those ARM & subprime RE loans were made during the same years, in the same state. About 73% of their loans, or US$ 2.5 Trillion, were made by investment bankers as non-agency securitized RE loan packages. Now, 50% of ALL foreclosures over the last few years are also in those same 4 states.
So, the question is: Have most of those bad ARM & subprime RE loans already been washed out of the system? Or/and, are they now included in the One (1) million foreclosures expected to be complete by the end of this year? Bcuz, IF that is true, there may be very few, if any, bad subprime &/V re-set ARMs left. The problem we all are looking for/at simply no longer exists.
--------
======
Property Falls, Mortgages Stay the Same
July 19, 2010
http://seekingalpha.com/article/215086-property-falls-mortgages-stay-the-same?source=email
===========
No comments:
Post a Comment