7.6 Million Borrowers Underwater on Mortgages: Study

NewBank started its first day of operations with $225 million in capital. A total of $217 million in checkable deposits is received. The bank makes a $28 million commercial loan and another $24 million in mortgage loans. Required reserves are 7.6%. NewBank decides to invest $307 million in 30-day T-bills.

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 · The more than 10 million residential propefiies underwater at the end of the fourth quafler of 2012 represent 21.5 percent of homes with a mortgage (see Table 2). " The number of underwater borrowers in 2012 is similar to the number at the beginning of the econormc recovery (specifically, at the end of the third quarter of 2009), when 11.1.

And many lenders are approving only borrowers with high credit scores. Roughly 22.5 percent of homeowners, or about 11 million, are "underwater. Fed’s study reviewed information from more than.

Florida borrowers could get $7.6 billion in relief from lenders in the form of loan modifications, including principal reductions.. with underwater mortgages $309 million by refinancing their.

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With the lower mortgage premiums, the borrower could reduce their monthly payments to $915 a month, the administration estimates, thus delivering an additional savings per month of $100. The latest.

Borrowers with a low mortgage payment-to-income ratio are classified as those who spend 30 to 33 percent of their income on mortgage payments. For these borrowers, GSE programs reduced payments by 25 percent, while HAMP reduced payments by 8 percent. Source: JPMorgan Chase Institute

The latest figures from CoreLogic suggest that there are more than 11 million borrowers who are underwater on their mortgages. Moreover, FHFA states that 4.6 million of these are Fannie Mae- or Freddie Mac-backed loans with 2.5 million of these having current loan-to-value ratios above 115%.