The Mortgage Bankers Association reported yesterday that 9.73 percent of Massachusetts customers were at least 30 days late on home loans during the fourth quarter. That’s the highest delinquency rate in the 31 years the association has tracked such data. The MBA also found that Massachusetts had a record 8.28 percent of borrowers in “serious” delinquency, defined as at least 90 days behind on loans or already in foreclosure.
One of the reasons that MA is near the top in delinquencies is laws that provide borrowers with more time to avoid foreclosure. Such efforts help some struggling consumers, but also keep lots of mortgages that banks would have quickly foreclosed upon listed on the books as delinquent instead. These policies are very effective in slowing down foreclosures, but the flip side is that loans stay in the ‘delinquent bucket’ for longer and longer. MBA researcher Mike Fratantoni said.
Nationally, the MBA found that a record-high 4.62 percent of all U.S. mortgages were at least 90 days late during the fourth quarter. However, fewer loans were severely delinquent - a sign that the U.S. foreclosure crisis might be winding down. Fratantoni said that although long-term unemployment remains at record highs, things are looking up for homeowners who only recently lost jobs. “We’re talking about this as being the beginning of the end for this problem,” he said.
For the whole story NEWS!!! BostonHerald.com.
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