By Ilaina Jonas
NEW YORK (Reuters) - About 1.1 million additional home foreclosures are expected over the next six years as adjustable-rate mortgages -- which made home buying more affordable to U.S. buyers in recent years -- reset to higher payments, according to a study by research firm First American CoreLogic.
The expected $112 billion in losses won't break the mortgage industry but will inflict pain on lenders and borrowers affected by the defaults, said the study, released on Monday.
more at: http://today.reuters.com/news/articlenews.aspx?storyID=2007-03-19T051716Z_01_N19243239_RTRUKOC_0_US-USASUBRIME-RESET.xml&rpc=81
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1 comment:
it's funny to check out older post about foreclosures... its amazing how much can change in 1 year..
Rogan McGillis
www.reversemortgagecity.com
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