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Politics : A US National Health Care System?

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To: RetiredNow who wrote (17619)	5/12/2010 1:03:22 PM
From: John Koligman	Read Replies (2) of 42652

Looks like the banks are really starting to sweat as more homeowners are walking away... The ARM resets you mentioned are highly concentrated in the high cost states like CA and should give this another 'shot in the arm'... One comment in the article states that the 'rate of strategic defaults has tripled'.... John JPMorgan Chase Warns Investors About Underwater Homeowners Walking Away huffingtonpost.com The nation's second-biggest bank is warning investors that underwater homeowners may walk away from their mortgages. In a Monday filing with the Securities and Exchange Commission, JPMorgan Chase told investors and regulators that homeowners who owe more on their mortgages than their homes are worth may not continue to make their payments -- even when they're able to. "Declining home prices have had a significant impact on the collateral value underlying the firm's residential real estate loan portfolio," the bank stated. "In general, the delinquency rate for loans with high LTV [loan-to-value] ratios is greater than the delinquency rate for loans in which the borrower has equity in the collateral.

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