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Reply #9: And how many do you think are behind ("bleeding")? [View All]

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dmallind Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-07-11 03:50 PM
Response to Reply #6
9. And how many do you think are behind ("bleeding")?
As the link states - the vast majority of mortgages are current, and always have been. Delinquencies IIRC never got above 10% and foreclosures even lower. The much "doom-sexier" "underwater" rate is at less than 22%, and of course that only matters if you need to sell.

The mortgage crapola is indeed a deep hole, and is miserable for those unfortunates caught in it, but it's important to remember that the vast majority of mortgage borrowers are paying on time, and have substantial equity in their homes. The idea that any decrease in delinquencies is only because everybody is already delinquent is both utterly wrong and insulting to the huge majority of us who are up to date and solvent.
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