Tuesday, 27 May 2008

sub prime mortgage payments


The FT is reporting that 21% of all sub prime mortgages are more than 30 days behind on their payments.

This is a massive number and links in with the whole sub prime/liar loans/self cert fiasco that has been going on for many years now.

The most vulnerable borrowers have been let down by the markets as their lenders pull out of offering new mortgages leaving borrowers on significantly higher rates than before.

I'm sure that many months after things have got even worse, the FSA and government may come up with some proposals to help.

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