GAO Says Worsening Negative Equity is Pushing More Subprime and Alt A Borrowers Into Default
January 21, 2010
The Government Accountability Office reported this week that nonprime mortgage performance worsened in the second quarter of 2009. The GAO’s analysis of data from LoanPerformance found a 9 percent increase in foreclosures on nonprime loans originated from 2000 to 2007. Subprime mortgages accounted for a significant portion of foreclosures, about 61 percent of the completed...