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Mortgage Bankers Association Report: The Foreclosures Continue in California and the Nation
By Paul Leonard
California Office Director
Center for Responsible Lending
Nearly 11 percent of all mortgage loans in California were past due or in foreclosure at the end of September according to new data released this morning from the Mortgage Bankers Association (MBA).
The data, which show that nationally one in 10 homes were delinquent; 1 in 20 were seriously delinquent and 1 in 33 were in foreclosure as of Sept. 30, underscore the need for swift and effective solutions to mitigate the foreclosures that are at the root of the worst economic crisis in decades and the personal financial crises of millions of homeowners and their neighbors.
Solutions to date offered by industry and the Bush administration have not been ambitious enough. Nor has California done enough to stem the rising tide foreclosures.
Risky adjustable rate mortgages (ARMs)--prime and subprime--continue to drive the nation's foreclosures, with California and Florida leading the way. The Golden State is home to approximately 54% of the nation's ARM foreclosures.
The nation and California need immediate action to rein in the massive foreclosures; until we do so, the economy, the marketplace and homeowners nationwide will continue to suffer. Importantly, we do not have to wait for the next administration. Serious efforts can and should be implemented immediately.
At the national level, the Treasury Department should introduce a mortgage modification plan that will allow for a large-scale rescue of homeowners quickly. The department should also implement the FDIC's proposal for the government to guarantee modified home loans as a way to induce loan servicers and investors to agree to such changes. In addition, Congress must act quickly to lift the ban on judicial modifications.
And California has weapons in its arsenal too, though anything done in California must be considered a complement to--not a substitution for--federal efforts. We must address the immediate crisis by passing the modest California Foreclosure Prevention Act, which would implement a 90-day foreclosure moratorium on loans from lenders without an aggressive modification plan to keep families in their homes.
Key California Points from the MBA Report:
• Nearly 11% of all California loans were delinquent or in foreclosure
• Of the 7.3 million outstanding loans in California, 112,000 started foreclosures and 449,000 were seriously delinquent
• Subprime ARMs in California fare worse than national subprime ARMs: 45.4% were delinquent or in foreclosure versus 42.7% nationally.
To read the MBA release, visit click here.
The Center for Responsible Lending is a nonprofit, nonpartisan research and policy organization dedicated to protecting homeownership and family wealth by working to eliminate abusive financial practices.
Comments
We custom built our California home in 2006. Our first Mortgage is at 982,000,this amount is what it cost to build our home. We do not have a second mortgage, although in 2008 we could have done like millions of other people did and pull out our equity to to pay for things we couldn't afford to pay cash with. We didn't, we left our equity there because our plan was to take the equity in 4 years when we retire to buy a home with cash. Well unfortunately the market took a huge turn, appraisers say our house is only worth around 600,000 according to the comps in the area. We are stuck like everyone else, with a mortgage rate that we can't even refinance at 7.25% We have never missed a payment of 7200.00 a month. Our mortgage was with Country Wide, now with Bank of America and nobody wants to help us at all to refinance to a lower interest rate. Everyone is walking from their mortgages, while we continue to be honest and pay the price with absolutely NO HELP! Somethings wrong with this system!
Posted by: Brenda Stemwell at July 2, 2009 11:46 AM
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