Posted on Monday, August 31, 2009
hate to say I told you so (no, I don't really hate it that much) but I did. Sure we've got 1.5 million foreclosures pending now. But low and behold we now have an acknowledged additional 3.5 to 4 million deliquent (translates to soon to be in foreclosure).
And - told you so again - the default numbers from loans originated AFTER we realized there was a problme are higher than mid bubble vintage loans.
2006 vintage are only 4.7 times the average. But 2007 vintage loans are 12 times the average and 2008 8 times. And mark my words, 2009 will be ever higher if GINMA and FHA don't cut it out.