United States:Mortgage problem
As U.S. homes continue to decline its value, the mortgage problem is still a unmanageable. The ongoing confusion is also rousing fears that some hedge funds may run into more trouble. By the end of September, almost 4 percent of prime mortgages will be past due or foreclosure, according to the Mortgage Bankers Association based in Washington(Source:International Herald Tribune/Google)
It was the highest rate since the group started tracking prime and subprime mortgages separately in 1998. The delinquency and foreclosure rate for all mortgages, 7.3 percent, is higher than at any time since the group started tracking that data in 1979, largely as a result of the surge in subprime lending during the last few years.
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