Bushonomics 0
Failure to regulate, because the monied class is always right. Follow the link for the full release:
The delinquency rate includes loans that are at least one payment past due but does not include loans in the process of foreclosure. The percentage of loans in the foreclosure process was 2.47 percent at the end of the first quarter, an increase of 43 basis points from the fourth quarter of 2007 and 119 basis points from one year ago.
(snip)
The foreclosure start rate differed considerably by loan type. For example:
- • Prime fixed rate loan foreclosure starts increased 7 basis points to 0.29 percent over the previous quarter and prime ARM foreclosure starts increased 49 basis points to 1.55 percent.
- • Subprime fixed foreclosure starts increased 28 basis points to 1.80 percent and subprime ARM foreclosure starts increased 106 basis points to 6.35 percent.
- • FHA foreclosure starts decreased 4 basis points to 0.87 percent and VA foreclosure starts increased 11 basis points to 0.39 percent.
And Duncan expects that bank failures are next on the Bushonomics agenda.
