7.6 Million Borrowers Underwater on Mortgages: Study

Few states saw as big a housing bubble as Nevada, and the bust has left nearly two-thirds of the state’s mortgage borrowers underwater. Around half of all loans backed by Fannie Mae in the state are deeply underwater, where borrowers owe more than 125% of the value of their homes.

According to a First American logic study. rescue all the underwater borrowers. Another way of doing the math is that $20 billion could reduce by $100,000 each the balance on 200,000 mortgages. But.

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Under the state’s $7.6 million Community Restoration Fund, local nonprofits will work with borrowers to modify mortgage amounts and terms so they can keep their homes.. which the state is.

Borrowers with a low mortgage payment-to-income ratio are classified as those who spend 30 to 33 percent of their income on mortgage payments. For these borrowers, GSE programs reduced payments by 25 percent, while HAMP reduced payments by 8 percent. Source: JPMorgan Chase Institute

Last year, 1.7 million homeowners who had been underwater. 7.6 percent in March. Every state and the District of Columbia posted an annual decline in the late-payment rate of home loans in the.

Chapter 12 HW. STUDY.. many subprime borrowers found that their mortgages were "underwater." This meant that. If a borrower takes out a $200 million loan in a repo agreement and is asked to post $220 million of mortgageminusbacked securities as collateral, the "haircut" is.

As of the end of December 2008, more than 8.3 million U.S. mortgages, or 20% of all mortgaged properties, were in a negative-equity position – a jump from September 2008’s total of 7.6 million, according to First American CoreLogic’s latest negative-equity report. During the fourth quarter of 2008, an average of 230,000 borrowers a month [.]

And if Zillow’s estimates of the number of underwater borrowers are correct — First American CoreLogic has estimated that 7.6 million U.S. households were underwater on their mortgages as of Oct.

CoreLogic, which digs down to the metro level in the study, found that 10,617 residential properties, or 6.9 percent of all homes, were underwater. mortgage, about 9.7 million hold less than 20.

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