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Friday, January 25, 2013
Can Jumbo Mortgage Loan Workouts Reduce the Sting of the Next Looming Foreclosure Crisis?
Foreclosures increased in most large metropolitan areas over the first half of 2012 according to data released by foreclosure website RealtyTrac.com. Despite optimistic indicators such as the National Association of Home Builders/First American Improving Markets Index (IMI) for August showing that the housing market is improving [1], there remains a staggering 12 million mortgages with negative equity waiting to begin the foreclosure process. According to Brandon Moore, CEO of RealtyTrac, that amounts to $1.2 trillion.
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