Investor-Owned Mortgages Have High Re-Default Rates, Says Report
by Mike King on Dec.23, 2009, under Uncategorized
“About half of all modified investor-owned mortgages, undertaken to help troubled borrowers and investors looking to cut losses, re-default within six months, according to a new quarterly report by federal bank regulators. These are loans that are sliced and diced and sold to investors in the form of securities.
That compares with a 25 percent re-default rate for modified loans held in-house at banks, according to data as of Sept. 30.”
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