Subprime Foreclosures Hit All-Time Highs

The Mortgage Bankers Association recently released data that indicates that late payments and new foreclosures on adjustable-rate loans in the subprime lending market reached all-time highs in the first three months of 2007, the Boston Herald reported June 14, 2007.

"The Mortgage Bankers Association, in its quarterly snapshot of the mortgage market released Thursday, reported that the percentage of payments that were 30 or more days past due for 'subprime' adjustable-rate home mortgages jumped to 15.75 percent in the January-to-March quarter."

The increase was more than 1 percent from the prior quarter’s delinquency rate of 14.44 percent and was the highest on record.

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