macroblog put together an excellent series of graphs to highlight some of the increased default and foreclosure activity being seen across the country. (hat tip Calculated Risk)
Here is one graph of note (see the whole series at macroblog):
If you have a customer who has an ARM loan – and, here’s a hint, if they are subprime they do – then it is incumbent upon you to contact them and see how they are doing with their mortgage.
See if you can help them. And I’m not saying help like "Hey I can get another loan out of this guy" I mean help, like really address some pressing financial needs and make sure that they won’t be adjusting their way in to foreclosure any time soon.
The number of subprime ARM lates are headed up, and in a hurry. Try to make sure as many of your former customers as possible don’t become statistics.
Last 3 posts by Morgan
- Subprime Bananas - June 28th, 2009
- Roubini: No confidence in government exit strategy - June 24th, 2009
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