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The Number of Mortgage Delinquencies Due to Job or Income Loss Has Fallen
Fully produced report in MP3 format:
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(61 seconds)
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(MAGNUSON OPEN):
JOB AND INCOME LOSS TRIGGERED FEWER PROBLEMS FOR PRIME-MORTGAGE
BORROWERS LAST YEAR--ALTHOUGH MEDICAL COSTS AND PERSONAL DEBT MAY HAVE
CAUSED MORE--SAYS MORTGAGE INVESTOR FREDDIE MAC.
DELINQUENCIES ON FREDDIE MAC PRIME LOANS FELL FROM NEARLY
ZERO-POINT-SEVEN- TO ZERO-POINT-FIVE-PERCENT, IN 2006. BUT,
FREDDIE MAC VICE PRESIDENT INGRID BECKLES [LIKE
"BUCKLES"] SAYS THAT A NEW ANALYSIS OF FREDDIE MAC LOANS SAW SOME
INTERESTING TRENDS...
(BECKLES):
"EXCESS PERSONAL DEBT CAUSED 14-PERCENT OF OUR 2006
DELINQUENCIES--AND FAMILY ILLNESS CAUSED 21-PERCENT. BUT,
DELINQUENCIES CAUSED BY JOB OR INCOME LOSS FELL FROM 43- TO 36-PERCENT.
AND, FREDDIE MAC'S OVERALL DELINQUENCY RATE FELL, IN PART, BECAUSE MORE
BORROWERS ARE GETTING THE MESSAGE TO TALK TO THEIR LENDERS ABOUT A
WORKOUT, WHEN THEY FALL BEHIND."
(MAGNUSON CLOSE):
BECKLES SAYS THAT LENDERS MANAGING FREDDIE MAC LOANS ARE REQUIRED TO
EXPLORE WORKOUT OPTIONS WITH DELINQUENT BORROWERS--WHICH CAN RANGE FROM
FORBEARANCE TO MODIFYING THE LOAN. FOR MORE ABOUT FREDDIE MAC
WORKOUT OPTIONS, VISIT
W-W-W-DOT-"FREDDIE-MAC"-DOT-COM. THIS IS
ERIC JON MAGNUSON.
