Mortgages Made in 2007 Go Bad at Rapid Clip
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2008-08-07 — wsj.com
"Mortgages issued in the first part of 2007 are going bad at a pace that far outstrips the 2006 vintage, suggesting that the blow to the financial system from U.S. housing woes will be deeper than many people earlier estimated."
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mustbecrazy at 12:23 2008-08-07 said:
Not sure why this surprising, late comers to the purchase party, even qualified ones, get the last of the zero down deals. Home value pluments 20% (at least) Completely underwater and walk, can't sell without a loss, can't refi. They may not have planned to to go anywhere, but if they have to, they can't. If they have reserves, keep pouring down a rat hole or split? Permalinkadd a comment | go to forum thread
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