One in ten mortgage payers behind

mikea

mikea

Touchdown! Greaser!
Gone West
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They just said on Newshour that one in ten mortgage payers are at least a month behind on payments. :yikes:

It's the end of the world as we know it.
 
It may be... or it may be one of those dimensionless statistics.

What is the proportion of mortgage payors which as historically been behind?

And (this one would be especially interesting), I wonder how many of those who are behind, are people who purchased homes which were beyond their legitimate reach in the first place?

Also (and I saw this in Houston a LOT in the early 80s), how many are simply allowing their mortgages to go into default because it is no longer attractive to them to make their payments- the appreciation in value that they expected did not materialize, and they'd rather just move on?
 
mikea said:
They just said on Newshour that one in ten mortgage payers are at least a month behind on payments. :yikes:

It's the end of the world as we know it.
Click to expand...

It just may be.

the end of auto making as we know it.

The methods of manufacturing must change.
Worker dependence upon the retirement system must change.
Product its self must change.
Customer thinking must change.
Union thinking must change


the auto type vehicle of the future will not look like what we know as a car.
 
NC19143 said:
It just may be.

the end of auto making as we know it.

The methods of manufacturing must change.
Worker dependence upon the retirement system must change.
Product its self must change.
Customer thinking must change.
Union thinking must change


the auto type vehicle of the future will not look like what we know as a car.
Click to expand...

Will they run on oats again? :smilewinkgrin:
 
SCCutler said:
It may be... or it may be one of those dimensionless statistics.

What is the proportion of mortgage payors which as historically been behind?

And (this one would be especially interesting), I wonder how many of those who are behind, are people who purchased homes which were beyond their legitimate reach in the first place?

Also (and I saw this in Houston a LOT in the early 80s), how many are simply allowing their mortgages to go into default because it is no longer attractive to them to make their payments- the appreciation in value that they expected did not materialize, and they'd rather just move on?
Click to expand...

I wanna know what happened to "Only 4%(?) of mortgages are troubled," which they were saying in the early days of the $700B bailout.

It may be as you say, that the doom and gloom news has convinced more yuppies that would have no problem paying that walking away is the right move.

People used to have morals.

It's the end of the world as we know it.
 
while I agree with you, I believe that "corporate" thinking must change also.
 
mikea said:
I wanna know what happened to "Only 4%(?) of mortgages are troubled," which they were saying in the early days of the $700B bailout.

It may be as you say, that the doom and gloom news has convinced more yuppies that would have no problem paying that walking away is the right move.

People used to have morals.

It's the end of the world as we know it.
Click to expand...

Not sure I disagree with you... but it is more like "the world as we know it" has not truly been "as we know it " for some time.

There are a great many people who simply operate under a different code- moral, ethical- than those with whom we are used to dealing. I am confident, Mike, that if you determined that you had made a bad deal when you bought a house, you'd feel bad about it, but you would not bail simply because it was no longer a "good deal." This is no longer a prevalent way of thinking.

Bob Noel said:
while I agree with you, I believe that "corporate" thinking must change also.
Click to expand...

Amen, brother. There are corporations where it is recognized that the Board's responsibility could include behaving responsibly to the marketplace, to the employees and to the industry, and not solely to the shareholders' immediate (ie, next quarter's results) desires. This is still sound policy, but it takes vision and character to put it in place... and vision and character are often at odds with immediate, short-term personal gain.

---

I worked for several years for a good Chicago company (back when "good" and Chicago" were not necessarily mutually-exclusive), Bell & Howell. They were solidly in the fortune 500, always had decent profits, paid decent dividends to shareholders, treated employees well (pay, benefits and policies) from the bottom to the top, had a mutually-respectful relationship with the unions at those facilities which were organized, and had sound fiscal policy which included a balance sheet with little debt and plenty of cash and paid-for assets (like real estate).

Oops.

All that cash and real estate meant it was "more valuable" broken-up than as a single entity, so LBO-here-we-go, thousands of good jobs and some of the best-in-the world manufactured products (nothing from Japan could come close to touching our Made in Lincolnwood microfilm recorders, for quality, longevity or serviceability) went by the wayside, and there are but shards of the old company remaining. It never failed- it was looted to death.

Discuss.
 
> Discuss.

The principal I like is: "do the right thing"
 
Only ten percent? I guess I always assumed that at any one time at least one in ten were behind one month or more :confused:

The economy is actually stronger than I assumed.
 
alaskaflyer said:
Only ten percent? I guess I always assumed that at any one time at least one in ten were behind one month or more :confused:

The economy is actually stronger than I assumed.
Click to expand...

Heh. I guess the two stats do match up, you could easily have 10% of payers being a month behind with 4% or less more severely in default, aka "troubled."

A month behind merely puts you in double-secret probation and the world of double late fees and messed up credit.
 
Nine in ten mortgage payers are up to date. Oh wait - that isn't depressing enough to be a headline.
 
geneseib said:
Nine in ten mortgage payers are up to date. Oh wait - that isn't depressing enough to be a headline.
Click to expand...

They are idiots. You won't get the 4.5% fixed rate loan if you are current on your loans. Everyone should stop paying their bills now. Uncle is gonna pay them all.

Don't worry, be happy.
 
We're having to jump through all sorts of hoops to finalize our approved mortgage on a house we settle on in three weeks. Last spring we sold a place for only 10K less than the new place is costing ($350K+). This is a second home and we are "moving" from a condo in maryland to a single-family in Delaware. Tax savings are $3200 and condo fee saving are another $3000 per year. We were never late on the prior mortgage. We fully qualify and have no problems - but the paperwork hoops are absolutely "crazy." I will be publishing the entire "story" online once the settlement is over.

Somehow I don't feel sorry for some folks in a shaky mortgage situation. I'm referring to those who only make 40K per year and bought a 350K house with only 1K down payment - plus have car payments on two new cars and no money in the bank.

Oh, yeah - we're putting 25% down and have zero car payments (on three cars) and zero airplane payments (but only one airplane). Grrrrrrrrrrrr..... :(

Sorry... </END RANT>
 
BaltimoreBill said:
We're having to jump through all sorts of hoops to finalize our approved mortgage on a house we settle on in three weeks. Last spring we sold a place for only 10K less than the new place is costing ($350K+). This is a second home and we are "moving" from a condo in maryland to a single-family in Delaware. Tax savings are $3200 and condo fee saving are another $3000 per year. We were never late on the prior mortgage. We fully qualify and have no problems - but the paperwork hoops are absolutely "crazy." I will be publishing the entire "story" online once the settlement is over.
...

Oh, yeah - we're putting 25% down and have zero car payments (on three cars) and zero airplane payments (but only one airplane). Grrrrrrrrrrrr..... :(

Sorry... </END RANT>
Click to expand...
I think I know.

I had to have more documents and sign more affidavits on my refi early this year - pre-meltdown as apposed to how it was when I bough tint he first place the year before. I have a feeling I wouldn't make it through the red tape now.

In 2007 it was *almost* "We have your application filled out based on your credit info. Let us know when you want the money." They did want a proof of employment faxed.

I think the standards for a second home have always been tighter, though. The banks get nervous whenever you won't care so much if they toss you out. :smile:
 
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