Mortgage merriment

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.