Households likely to deleverage debt with underwater mortgage defaults: Report

Households likely to deleverage debt with underwater mortgage defaults: Report; FDIC wants in on JPMorgan settlement, bogs down talks; Auction.com sells $65 million in commercial assets; Radian earns $70 million in third quarter; New home sales fell 7% in December

The Household Debt and Credit Report released today indicates that there has been a pick-up in credit flows. Households increased their non-mortgage debt last quarter, a development not seen since the fourth quarter of 2008. The number of credit card applications increased-an indication of a pick-up in consumer demand for credit.

Many of these underwater. borrowers are more likely to default on other types of debt. Borrower access to credit markets following a mortgage default In this Economic Letter, we examine how long it.

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Mortgage prepayments rise and delinquencies fall in April, Black Knight says 20 years Later, DocMagic Reflects on eMortgage Evolution Households likely to deleverage debt with underwater mortgage defaults: Report

Once the economy as a whole reaches a point where debt service costs are higher than disposable income, then people have no choice but to deleverage through defaults or bankruptcy. Sadly FRED only has data on household debt service and government interest payments, but nothing on corporate debt interest payments.

An early, and remarkably accurate, analysis of likely mortgage defaults and their effects on financial institutions, mortgage lending and the economy as a whole by economist Jan Hatzius predicted a huge reduction of 2.6 percentage points in real GDP growth in both 2008 and 2009 from a baseline of about 2.5 percent annual growth.

Nearly 11 million Americans are underwater on their mortgages, meaning they owe more than their homes are worth. Homeowners have struggled with the loss of $7 trillion in household. Bank report.

Tax Relief for Folks Underwater on a Short Sale or Foreclosure A recent Deutsche Bank report notes as “headwinds” the continued weakness of household balance sheets, the rising number of underwater mortgages. default and continue to ride out the halting.

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