Now the financial crisis has spread out evenly from the poorest to the wealthiest, via Bloomberg.
“The biggest influence in rising delinquencies is related squarely to the economy rather than poor underwriting,” said Keith Gumbinger, vice president of HSH Associates, a Pompton Plains, New Jersey-based mortgage research firm. “We are apparently all suffering to some degree. It’s certainly more severe for some but still, it’s pretty much widespread.”
It's the economy that caused prime borrowers to be late on payments, "not" the underwriting. While subprime loan defaults is because of 'poor' underwriting primarily. Interesting.
So far we haven't seen too many short sale or foreclosure in pricey hoods around DC region. But, you never know..
Read full story here.