Keep the Information Flowing
Small contributions go a long way. Your donation to Consumer Action, a 501 (c)(3) nonprofit, nonpartisan organization, can help us cover the cost of research, writing, and translation of our materials. To keep our services free for those who need them. Select an amount to give.
Released: July 29, 2010
Foreclosures boom among most creditworthy
Source: Stephanie Armour, USA Today
A record number of borrowers once judged the most creditworthy are heading into foreclosure as the job market leaves more homeowners unable to keep up with mortgage payments.
Foreclosures among borrowers with prime conforming loans have shot up 425% since January 2008, according to Lender Processing Services, which compiles mortgage data. Conforming loans are those eligible for purchase by Fannie Mae and Freddie Mac, the federal agencies that buy mortgages from lenders.
Jumbo prime loans not eligible for purchase by Fannie or Freddie have done even worse — foreclosures on those have increased nearly 600%.
Read Full Article: Foreclosures boom among most creditworthy
Tags/Keywords
foreclosure, mortgage, financial, home financing, headlines, home loan
Article Statistics
Article Viewed: 1088
Quick Menu
Support Consumer Action
Join Our Email List
Housing Menu
Help Desk
- Help Desk
- Submit Your Complaints
- Frequently Asked Questions
- Links to Consumer Resources
- Consumer Service Guide (CSG)
- Alerts