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More than Subprime Resets: The Real Meaning of Two Waves

A record number of people buying new cars have negative equity on their trade-ins, meaning they owe more on their. and readjusted after two years. But people started defaulting on these loans.

Fed interest rate cuts prove calming to sub-prime mortgage resets Home loan payments are going up modestly — by just 1% on average in March, a study shows. By E. Scott Reckard Los Angeles Times Staff Writer April 26, 2008 The great mortgage reset of 2008 isn’t turning out quite as advertised.

The subprime time-bomb remained unnoticed thanks to the 2- 28 and 3-27 mortgage schemes in which borrowers would pay a very low rate for 2-3 years, but then would reset at rates as high as 12%, thus leading to almost certain default and foreclosure.

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The logic being that with real estate prices rising so fast (median home prices were rising as much as 14% annually by 2005), a 125% LTV mortgage would be above water in less than two years.

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In 2006, roughly one in three new mortgages was a subprime or Alt-A loan, with about three subprime mortgages for every two Alt-A loans. Two years later, those loans make up about one in fifty new mortgages, and the more creditworthy Alt-A loans outnumber the.

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Subprime News + Mortgage Delinquency = Bad Day On Wall St. Mar 15 2007, 7:00AM Lots of chickens came home to roost on Tuesday but they didn’t exactly fly in unannounced.

Free Online Library: Between a rock and a hard place: waves of foreclosures and falling house prices are aggravating the progress being made by servicers on the loss-mitigation front.(cover report: Delinquency / Default Management, Cover story) by "Mortgage Banking"; Banking, finance and accounting Business Real estate industry Foreclosure Home equity loans Forecasts and trends Loan.

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