Mortgage merriment
Bob Morris @ Aug 12th 2008 17:49 - Category: Credit crisis
Fed says foreclosures will sweep exurbs next
The pattern that emerges from the data is that the foreclosure wave started in the central cities will mostly skip the first-tier suburbs, then hit the exurbs next, Grover said.
“It’s like a doughnut,” he said.
1/3 of US homeowners who bought in last 5 years owe more than house is worth
The highest percentages of homeowners with negative equity were located in California. In four of the state’s metropolitan areas — Stockton, Modesto, Merced and Vallejo-Fairfield — the number of homeowners whose mortgage debts exceeded the values of their properties topped 90 percent.
JPMorgan: Mortgage market “substantially deteriorated” in July
Goodbye subprime crisis, hello Alt-A crisis.
If the “subprime crisis” was about “exotic securities,” the “Alt-A crisis” is going to be about bank balance sheets. And the fun is only beginning.
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