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The latest delinquency survey from the Mortgage Bankers' Association re-states the story that everyone has know for some time - that late payments and foreclosures are still high and that many of them are for prime loans made to borrowers that are now unemployed.
The New York Times read the report, which states the both delinquencies and foreclosures dropped by a matter of a few basis points, and concludes that "Foreclosures Fall, but Rise in Delinquencies Causes Some Concern." True enough, there is a rise in delinquent loans relative to one year ago, but we're off by 21 bps from last quarter.
More than a few people have told me that banks are putting off on putting loans into foreclosure. This could be attributed to a number of things. Most often, I hear that both