The latest Mortgage Bankers Association (MBA) survey shows positive trends in the housing market, with delinquencies and foreclosures down from last year. However, the millions of foreclosures still ahead will continue to erode communities and slow economic recovery. The need for aggressive and fair loan modifications remains as strong as ever.
In addition, policymakers will sabotage growth and recovery if they leave underwater families stuck in high interest rate loans. About one quarter of all households that hold a mortgage are now underwater. Refinances remain out of reach even for families with good payment histories, and even though homeowners would benefit by lower mortgage payments and the economy would benefit by fewer foreclosures. For more information on how expanding refinances could help qualified homeowners, see http://rspnsb.li/N3FLr4.
For more information: Ginna Green at (510) 379-5513 or ginna.green@responsiblelending.org