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Politics : HOWARD DEAN -THE NEXT PRESIDENT? -- Ignore unavailable to you. Want to Upgrade?

To: Victor Lazlo who wrote (1318)	1/3/2004 11:08:10 AM
From: Kenneth E. Phillipps	Read Replies (1) \| Respond to of 3079

The number of personal bankruptcies is at an all time high. As interest rates rise, look for the number of bankruptcies to increase.

To: Victor Lazlo who wrote (1318)	1/3/2004 12:22:50 PM
From: AuBug	Read Replies (1) \| Respond to of 3079

Selective data mining is typical of the Republican mindset. Let's take a more complete look at your so called good news. Of note the number of mortgages where the foreclosure process has begun has increased for every mortgage type. The delinquency rate does not include the mortgages in foreclosure. A drop from 4.62% to 4.28% means that as I drive down the street of my neighborhood that every 4 homes in 100 are behind in their mortgage payments leaving one to wonder about their credit card payments and car payments and their pending bankruptcy, and 1 home in 100 is in foreclosure, that's an awful lot of trauma between here and the supermarket. The actual number of homes in some stage of the foreclosure process has not changed. This is not good news it's terrible and indicative of a precariously unstable financial situation for the lending industry. As global forces move out of the dollar and go offshore US interest rates will rise and what we're seeing today is just the tip of a huge iceberg. What we need is an honest government that understands fiscal responsibility and knows that we have to pay as we go for the things we get. Since Mr Bush was born with a silver spoon in his mouth he hasn't clue what fiscal responsibility means. Eu Q3 Residential Mortgage Delinquency Rates Lowest in Three Years; Number of Foreclosures Started Increase Slightly, While Foreclosure Inventory Remains Flat According to MBA National Delinquency Survey Washington, D.C. (December 9, 2003) - The third-quarter 2003 National Delinquency Survey (NDS) released today by the Mortgage Bankers Association (MBA) shows that the seasonally adjusted (SA) third-quarter delinquency rate fell to its lowest level in three years. The seasonally adjusted delinquency rate for mortgage loans on one-to-four-unit residential properties was 4.28% in the third-quarter 2003, down 34 basis points from 4.62% in second-quarter 2003 and registering the highest percentage-point reduction in the total delinquency rate since the first quarter of 1990. “With the expectation of continued strong economic growth through the next several quarters, job growth should continue and accelerate. This, in turn, is likely to give support to the downward trend in the delinquency rate, taking foreclosures lower as well,” said Doug Duncan, MBA senior vice president and chief economist. “While economic growth will lower delinquency rates, most loans have now been on the books less than three years so some increase in delinquency might be expected as they age.” The third-quarter drop in overall SA delinquencies (4.62% to 4.28%) was driven by a decrease in all delinquency categories, especially those in the category of 30 to 59 days. On a seasonally adjusted basis, the percentage of loans past due 30 to 59 days decreased 23 basis points, while the percentage of loans 60 to 89 days past due decreased seven basis points and the percentage of loans 90 days or more past due decreased four basis points. During the third quarter, the SA delinquency rates fell for all loan types: 21 basis points for conventional loans (3.14% to 2.93%), 46 basis points for FHA loans (12.59% to 12.13%), and 50 basis points for VA loans (8.24% to 7.74%). Since third-quarter 2002, the SA delinquency rate has decreased 11 basis points for conventional loans and seven basis points for VA loans, while it has increased 51 basis points for FHA loans. Similar to the overall drop in the conventional loan delinquency rate, prime conventional loans registered an SA delinquency rate of 2.45% in the third quarter, down 15 basis points from 2.60% in the second quarter and down nine basis points from 2.54% in third-quarter 2002. Subprime conventional loans had an SA delinquency rate of 11.71%, down 128 basis points from the second quarter and down 257 basis points from third-quarter 2002. Given the much smaller sample of subprime conventional loans (slightly more than 1.5 million loans), quarterly percentage fluctuations should be viewed with caution, as they can be significantly influenced by changes in sample composition. (Note: MBA is in the process of significantly increasing the subprime sample to better represent the marketplace. Fourth-quarter 2003 results will reflect the significantly expanded sample that will then be representative.) MBA's delinquency rate does not include loans that are in the process of foreclosure. <font color=red>While seasonally adjusted delinquency rates dropped dramatically during third-quarter 2003, the percentage of all loans in the foreclosure process remained flat and the percentage of new foreclosures in the quarter increased.</font> (emphasis added)The foreclosure inventory percentage at the end of the third quarter was 1.12%, unchanged from last quarter but three basis points lower than the third-quarter 2002 rate of 1.15%. While the overall foreclosure inventory percentage proved stable, the percentage of loans in foreclosure varied by loan type from last quarter. The percentage of conventional loans in foreclosure registered a one basis point drop from 0.85% to 0.84%, while the percentage increased to 2.80% from 2.64% for FHA loans and to 1.53% from 1.49% for VA loans. Compared with third-quarter 2002, the percentage of loans in foreclosure has decreased three basis points for conventional loans, increased 34 basis points for FHA loans and increased five basis points for VA loans. The SA percentage of loans in which foreclosures were started during the second quarter increased for all loans and each loan type: six basis points, from 0.32% to 0.38% for all loans; five basis points, from 0.23% to 0.28% for conventional loans; 17 basis points from 0.81% to 0.98% for FHA loans; and three basis points from 0.45% to 0.48% for VA loans. The SA rate of foreclosures started for FHA loans is the highest ever recorded in the MBA National Delinquency Survey. Compared with third quarter 2002, the SA percentage has increased one basis point overall, increased 17 basis points for FHA loans, and increased two basis points for VA loans, while the conventional rate remained unchanged. mbaa.org Further reading: abiworld.org econ4dean.typepad.com