High-Cost Mortgages Putting Many Homeowners at Risk
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A record number of homeowners with high-cost mortgages have fallen behind on their payments or are facing foreclosure, a side effect of the growth in lending to people with poor credit, according to an industry group survey released yesterday.
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Here's something more scary than  Chucky: A growing number of people are borrowing against their  homes to invest in the stock market.
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Mortgage rates are nearing a five-year high, raising the cost of home ownership for buyers by hundreds or thousands of dollars a year at a time when real estate markets are struggling with tepid demand and a surplus of houses for sale.
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The price of home insurance on Cape Cod and the tony islands of Martha's Vineyard and Nantucket is soaring, but thousands of homeowners are being insulated from the price shocks by a state regulatory system originally set up to protect low-income residents of inner-city neighborhoods.
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The turmoil in the mortgage markets has incited a wave of legal tangles, as homeowners are suing lenders, lenders are suing banks, banks are suing loan specialists. And investors are suing everyone.
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Troubles in mortgageland may get worse before they get better, especially for the so-called "subprime" borrowers whose spotty credit histories put them into more costly loans.
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Experts have warned all year that a slowing U.S. economy and rising borrowing costs would lead to an increase in bad loans by homeowners and other borrowers.
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It started with subprime mortgages. Now owners of McMansions are defaulting, and the effects of the housing bust are beginning to ripple through the economy.
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At that rate, about 1.1 million of the homeowners who took out subprime loans in the last two years will lose their houses, at an estimated cost of $74.6 billion.
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The number of Americans who may lose their homes because of late mortgage payments rose to a record in the first quarter, led by subprime borrowers pinched in an economy that grew at the slowest pace in four years.
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Beware of interest-only mortgages and other extreme loans.
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Mortgage lenders have obeyed demands that they stop charging excessively high mortgage redemption fees.
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Hundreds of lawsuits are being filed on behalf of borrowers who legal advocates say were shoehorned into homes beyond their means with creative and onerous mortgages.
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With more than $1 trillion in subprime mortgages still outstanding, some fear the financial sector's troubles have only just begun
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The subprime mortgage mess has created a mixed blessing for potential homebuyers.
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Federal bank regulators, worried about a surge in defaults on high-risk home mortgages, on Friday called on lenders to exercise caution in making subprime loans and closely evaluate borrowers' ability to repay them.
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In the wake of the subprime mortgage meltdown, traditional financial institutions have tightened up on who gets to borrow money. But some people are still finding ways to borrow what they need, thanks to another area of lending that is booming.