According to a study by Experian, 20 percent of mortgage delinquencies are strategic default situations. And that number is skyrocketing particularly in hard-hit areas like California and Florida, where the numbers of strategic defaults are estimated to be much higher. Experian identified strategic defaults by defining a specific set of characteristics that make foreclosure situations likely to be strategic defaults. Read full article »
Tag archives for Credit Score
Strategic Defaulters Make Up 20 Percent of Foreclosures
tags: BEREL, Bryan Ellis, Bryan Ellis Real Estate Letter, carole vansickle, Credit Score, Draft, Experian, Housing Market, housing market news, Investing, Investing Education, investing news, Real Estate, real estate education, Real Estate Investing, Real Estate Investing News, Real Estate Investors, real estate investors news, Real Estate Market, real estate market news, Real Estate News, Strategic Default, vantage score
Department of Justice’s Fair Lending Unit Could Create a New Housing Mess
The U.S. Treasury Department is stepping in where the current housing crisis left off with a new “fair lending unit” that demands that once again, banks make loans not based on credit scores or worthiness, but based on race and ethnicity. “The foreclosure crisis…disproportionately touches communities of color,” explains Thomas Perez, head of the department’s civil rights division. He explains Read full article »
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More Consumers Opting to Skip Mortgage Payments Instead of Credit Card Payments
Historically, you paid your mortgage before you paid anything else. That kept a roof over your head and tended to be a bright spot on your credit report even if other accounts had been allowed to slide. Now, however, that trend is changing. In fact, according to SmartCredit.com president of consumer education John Ulzheimer, consumers are now opting to pay Read full article »
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Fannie Mae Finds that Nearly Double the Number of Homeowners Would Consider Strategic Defaulting as Last Year
In a new report from Fannie Mae, the government-controlled GSE revealed that 27 percent of homeowners admitted that they would consider walking away from their mortgage even if they could still afford it. In 2010, only 15 percent said they would think about walking away from a mortgage they could still handle. Analysts say that consumers are adopting “the rationality Read full article »
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Mortgage-Only Defaulters Still Good Credit Risk
If you are thinking about lending money to someone who defaulted on their mortgage during the past recession, then you can rest fairly easy as long as the mortgage is the only thing they let go, reported TransUnion credit bureau yesterday. In fact, only 11 percent of borrowers with only a mortgage default on their record defaulted on new credit Read full article »
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The Politics of Real Estate
Few industries are as profoundly impacted by the political machinations in Washington as the real estate industry. Whether it's old legislation like Jimmy Carter's Community Reinvestment Act or Barack Obama's massive mortgage bailouts, the U.S. political machine has a huge impact (usually bad) on the business of real estate.
Ideally, we could ignore politics. But here at the Bryan Ellis Real Estate Letter, we insist on seeing the world with clarity - including the reality of Washington's aggressive involvement in every facet of our business, from mortgage lending to real estate sales license; from loan modification regulations to appraisal requirements... every piece of our business is profoundly impacted by politics. So rather than stick our heads in the sand and ignore reality, readers of the Bryan Ellis Real Estate Letter choose to be informed and prepared.
Mortgage Industry News
Few things change more rapidly than the mortgage market, and with the increasing dominance of GSE's Fannie Mae and Freddie Mac over the mortgage business, it's more important than ever to keep up. Here are a few recent mortgage news updates:
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Mortgage News
- HAMP Success Tally Slowly Growing
- Western States Working Through Foreclosure Backlog Quicker than Eastern
- Biggest Down Payments in the Country Found in New Jersey
- President Bypasses Congress, Appoints Director of the Consumer Protection Bureau
- Federal Reserve Recommends Expanding GSEs to Turn Housing Market Around
- Mortgage Rates Likely to Remain Low for a While Longer
- Top Former FDIC, Wells Fargo Execs Say Fannie and Freddie Must Go
- FHA Continues to Extend Anti-Flipping Waiver
- More Homeowners Using Delaying Tactics to Slow Down Foreclosures
- Now that It’s Passed: The True Cost of the Payroll Tax Cut
About Bryan Ellis
Bryan Ellis is an Atlanta-based real estate analyst and publisher of the widely read newsletter "The Bryan Ellis Real Estate Letter". With over 200,000 subscribers - including real estate investors, agents, brokers, appraisers and other real estate professionals - the Bryan Ellis Real Estate Letter is among America's largest sources of unbiased coverage of politics and public policy for the real estate industry.
Bryan Ellis serves as editor in chief for the Bryan Ellis Real Estate Letter and is assisted by an extraordinary staff of writers, researchers and editors who are each real estate experts in their own right and who assure that the news we report is well researched, factual, and highly relevant to today's real estate industry.
Bryan is very happily married and has two wonderful daughters. He makes his home in the suburbs of Atlanta, Georgia. You can contact the team at the Bryan Ellis Real Estate Letter here.