16 percent of vintage ALT-A loans 60-days down
Bank Failures, Current Events, Meltdown, Mortgage Defaults | (0)
From Bloomberg:
Homeowners lured by low introductory rates to Alt-A mortgages, which typically require little or no proof of a borrower's income, may fuel the next wave of foreclosures and further delay a recovery from the worst housing decline since the 1930s. Almost 16 percent of securitized Alt-A loans issued since January 2006 are at least 60 days late, data compiled by Bloomberg show. Defaults will accelerate next year and continue through 2011 as these loans hit their three- and five-year reset periods, according to RealtyTrac Inc., an Irvine, California-based foreclosure data provider.
``Alt-A will be another headache,'' said T.J. Lim, the ...
