The fallout from the subprime lending crash is expected to continue for at least another year and a half. As mortgage interest rates outgrow their intro periods and reset, more and more people will have to enter foreclosure. Investment News reports the following about expected foreclosures:
Technorati Tags: 2 million foreclosures, foreclosures 2009, mortgage interest rates, mortgage loan blog, mortgage news, subprime lending crash"The current tidal wave of foreclosures will soon turn into a tsunami of losses and debt for families and communities," said Sen. Schumer, according to a statement.
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for the next year anf a half, my butt. Lets use some real numbers, the type of loans that are the brink of the problem were made as far back as ten years ago, by hundreds, if not thousands of mortgage lenders. This country is looking at 65 to 80 million foreclosures over the next 15 years, and another 20 million over the next 15 years made on well founded loans with high credit scores, who simply fell into hard times. This also lends to the fact, builders are going belly up, banks are going belly up, because no one is going to buy the new vacant over inflated homes, especially when they can assume a foreclosure at 30,000 less than previous owners cost.
Posted by: david | July 17th, 2008 3:48 pm |