http://www.nbc11.com/msnbcnews/11605431/detail.html
"Some have compared the current wave of mortgage fraud to the savings and
loan debacle of the late 1980s and early 1990s, when deregulation of the thrift
industry opened the door to widespread abusive lending practices among
commercial developers and lenders. After years of trying to roll over bad loans
- only to see losses continue to mount รข€“ the government finally stepped in
with the creation the Resolution Trust Corp. to buy up bad loans. The bill to
taxpayers eventually came to $124 billion, according to a 2000 review by the Federal Deposit Insurance Corp."
Home mortgage debt owed, as of 2004, is $8.2 Trillion dollars, per MBA Rept.
75% of outstanding subprime loans originated since 2003, per MBA Rept.
In 2006, our GDP was $13.21 trillion at the official exchange rate, per the CIA World Factbook
MBA Rept. Mortgage Bankers' Association's "Characteristics of Outstanding Residential Mortgage Debt: 2006"
http://www.mortgagebankers.org/files/Bulletin/InternalResource/47210_DataNoteCharacteristicsofOuttandingResidentialMortgageDebtfor2006.pdf
Interesting notes from this content:
34% of all homeowner households own their homes free and clear
Roughly 70% of outstanding mortgages originated between 2000-2004
For all mortgage loans in the report, the average age is three years.
Top 4 states with ARMs: Nevada, California, Washington D.C., and Colorado
And, just for fun, here's a feature from the Orange County register, ground zero for two of the struggling subprime lenders, and, reportedly, the birthplace of subprime lending.
Take a test on mortgage mess
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