Foreclosure Situation Won’t Get Back to ‘Normal’ Until 2013 as New Wave of Defaults Approaches
January 28, 2010
While the U.S. economy may be getting statistically stronger in 2010, the mortgage industry should still brace for a third wave of foreclosures, experts warn. A surge of foreclosures on option ARMs is likely to hit the industry this year, following the initial wave of defaults by subprime borrowers and last year’s problem loans, many of which resulted from high unemployment...