U.S. Foreclosure Filings Jump 23%
October 15, 2009 by admin
U.S. foreclosure filings climbed to a record in the third quarter as lenders seized more properties from delinquent borrowers, according to RealtyTrac Inc.
A total of 937,840 homes received a default or auction notice or were repossessed by banks, a 23 percent increase from a year earlier, the Irvine, California-based seller of default data said today in a report. One out of every 136 U.S. households received a filing, the highest quarterly rate in records dating to January 2005. Read more about U.S. foreclosure filings…
Of course, the massive rate of foreclosure could have been dramatically curtailed if Congress had done a national mortgage cramdown in 2007. This would have entailed converting all ARMs to long-term fixed-rate mortgages at the original teaser rates. Such a measure would have helped homeowners and stopped mortgage-backed securities from turning into worthless garbage. That leads me to the inevitable conclusion, which is that banks knew foreclosures would skyrocket when large numbers of ARMs started resetting. Isn’t that criminal?
Do you own a law firm? Would you like to utilize our mortgage auditing services for foreclosure defense cases? Contact MFI-Miami now!
Comments
Feel free to leave a comment...
and oh, if you want a pic to show with your comment, go get a gravatar!
You must be logged in to post a comment.