by Calculated Risk on 7/07/2009 09:25:00 AM
Tuesday, July 07, 2009
ABA: Record Home-Equity Loan Delinquencies
From Bloomberg: U.S. Home-Equity Loan Delinquencies Set Record in First Quarter (ht Bob_in_MA)
Late payments on home-equity loans rose to a record in the first quarter ...Update: headline corrected, ABA, not MBA.
Delinquencies on home-equity loans climbed to 3.52 percent of all accounts in the quarter from 3.03 percent in the fourth and late payments on home-equity lines of credit climbed to a record 1.89 percent, the group said. ...
“The number one driver of delinquencies is job loss,” James Chessen, the group’s chief economist, said in an e-mailed statement. “Delinquencies won’t improve until companies start hiring again and we see a significant economic turnaround.”