One in seven behind on mortgage payments, report shows - The Hill's On The Money: "One in seven behind on mortgage payments, report shows
By Jay Heflin - 08/27/10 11:51 AM ET
One in seven homeowners are either past due on their mortgage or in foreclosure, according to the latest report on home-loan delinquencies by the Mortgage Bankers Association (MBA).�
The number of past-due payments has increased since 2009, when one in eight were delinquent. Two years ago, one in 11 were behind on mortgage payments.�
The report comes on the heels of a report issued this week by the State Foreclosure Prevention Working Group that shows more than 60 percent of seriously delinquent borrowers are not getting any assistance from mortgage servicing companies.�
Julia Gordon, with the Center for Responsible Lending, said in light of the recent findings it might be time to reinstate a moratorium on foreclosures.�
'With millions of homeowners at risk and only a fraction of them receiving any help from their mortgage servicer, it's time to implement mandatory measures to stop foreclosures and help the housing market recover,' she said in prepared remarks. 'In fact, it's past time.'�"
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