I don't know if it was the left jab or the right hook, but I do know that the resulting blows would have felled Mickey Rourke on a TKO.
According to the Mortgage Bankers Association, quarterly delinquencies for all loans rose to 7.88%, up 2.00% over the previous year. That does not include the number of homes in foreclosure which rose to 3.3% of all loans. Taken in tandem, over 11% of American homeowners were either in default or in foreclosure as of the end of 2008.
As if we needed to punctuate that message, one must remember that these are numbers AFTER the GSE’s put a temporary moratorium on foreclosures.
It becomes increasing apparent with each passing day that we must convert debt to equity or run the risk of this disease spreading to the point where the mediation could kill the patient.
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