Mereja

Now It’s “Prime” Mortgages That Are Going Bust Right And Left

Written by

Serkadis

in

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On the MBA conference call concerning the “Q1 2010 National Delinquency Survey”, MBA Chief Economist Jay Brinkmann said this morning:

  • These are “extraordinary times” and the seasonal adjustment may be incorrect. The 90+ day delinquency bucket is very high and might not be seasonal. If that is backed out, delinquencies are “flat”.
  • FHA foreclosure starts up sharply.
  • “Shadow inventory” of 4.3 million loans that need to worked through (90 day delinquent or in foreclosure) – or they will become REOs or distressed sales.
  • Prime fixed rate is now the key problem! 
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