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2.47% of All Residential Mortgage Are in Foreclosure

posted by Adam Levitin

According to the Mortgage Bankers Association's Delinquency Survey, 2.47% of 1-4 family residential mortgages are in foreclosure and 6.35% are delinquent. And Credit Suisse's prediction of 6.5 million foreclosures by 2012 still looms. Scary numbers.


Several questions I immediately asked when I saw this:

1.) Of those percentages, how many are victims of Mortgage Servicing Fraud?

2.) Of those 6.5 million predicted by Credit Suisse, how many of those foreclosures are going to be initiated by Credit Suisse-owned Select Portfolio Servicing f/k/a Fairbanks Capital Corp.?

3.) Of the already foreclosed and delinquent reported by the MBA, how many of THOSE are Fairbanks/SPS foreclosures and how many of THEM are illegal?

Hang on - I sense a theme developing here...

What we be more helpful is if we knew:

1) The percentage of foreclosure that are INVESTORS/SPECULATORS vs little old ladies

2) The breakdown of what states are driving the foreclosure numbers

3) How many of these foreclosures had first payment defaults or soon thereafter

4) How many of these foreclosures are cash out refinances vs purchases

5) How many of these foreclosures could have been prevented had sub-prime lenders still been around and had product.

Unemployment in this country is worse than anyone knows.
Nobody is paying attention to this in this administration,because they think it is a good thing to give tax incentives to corporations and companies to make products and services evrywhere that has cheap labor,and that does not include the United States.
The census of unemployment is MORE than what is on record. Why do you thing people can't make thier mortgage payment or thier car payment? And you can't expect all people to work at Walmart,McDonalds,and places that pay $8.00 an hour and expect them to survive on thier own, and not even mentionng raising a family.
We need good paying jobs [$15 to $20 an hour] for the unemployed in this country and all those financial problems will go away.

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