“A study shows that people who abruptly and intentionally abandon their mortgages often have high credit scores, in stark contrast with most financially distressed borrowers. Research using a massive sample of 24 million individual credit files has found that homeowners with high scores when they apply for a loan are 50% more likely to “strategically [...]

There is a new wave of foreclosures with 1.5 million loans now in foreclosure and 3.5 to 4 million seriously delinquent. The loans originated under tighter underwriting standards, beginning in year 2008, are experiencing increased delinquencies as a result of unemployment. For a CNBC video report see the following:

Can housing sales be sustained into the fall is the subject of the following video interview appearing on CNBC 8/26/09.

The Mortgage Bankers Association said its latest survey, released Thursday, showed that 13.2% of mortgages on homes with one to four units were at least a month overdue or in the foreclosure process in the April-to-June period, up from 12.1% in the first quarter and 9% a year earlier.  The Wall Street Journal  8/21/09 provided [...]

The Federal Reserve’s latest “5 Tips” guide explains consumers’ rights and lenders’ responsibilities when credit lines are reduced and provides information for those seeking to have a credit line reinstated. Consumers are urged to protect their credit history by acting responsibly and contacting the lender immediately if they have questions or concerns about a credit [...]

Just 23% of short-sale offers that homeowners receive from potential buyers actually close, according to a February study of 1,300 real estate agents by Campbell Communications.  More than 90% of agents cited a slow response from the lender as the reason short sales were lost.  USA Today, Stephanie Armour

Fair Issac reports consumers have had 20% reduction in available credit lines.  The average consumer reduction is $5,000. Fair Isaac, the makers of the FICO credit score, are soon to be out with an extensive study on consumer credit conditions in this market. Mark Greene, the company’s CEO, has a preview of the study.  See CNBC [...]

The Los Angeles Times reports ” A study finds that 26% of the defaults across the country are calculated economic decisions to bail out of loans by borrowers who could afford to make the monthly payments.” See article at: http://www.latimes.com/classified/realestate/news/la-fi-harney12-2009jul12,0,3674775.story