The increase of delinquencies is not surprising. We have been expecting an up-tick in delinquencies due to a number of factors.
More Quotes from Doug Duncan:
The key, then, is to talk to multiple lenders because they serve different parts of the market. Shopping will always help you ensure that you are getting consistent stories. Then you can negotiate. When I've bought homes, I've always talked to at least three lenders and I've always gotten a better deal.Doug Duncan
The historical low delinquency rate was 3.9 percent in the late 1970s, while the historical high for delinquencies was 6.07 percent in 1985. Right now it's right in the middle between the all-time low and the all-time high, and we're just coming out of a recession.
Doug Duncan
While these new products provide consumers with a wide range of choices to meet their cash flow needs and risk tolerances, borrowers need to be vigilant to ensure that they prudently measure and manage the additional risk of these new products.
Doug Duncan
If you're stretched to the max to be able to make the interest-only payments, the question is What are you going to do when the principal comes due
Doug Duncan
Over half of all loans out there are less than 3 years old. Loans tend to peak in probability of delinquency in 3-5 years of their life.
Doug Duncan
After discussing all the risks, Greenspan summed up by saying the share of households who are very highly leveraged is lower than expected and is not correlated closely with high home price states, other than California.
Doug Duncan
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