Redefaults of COVID-era delinquent loans rise to 12%
Eric Brown • March 12, 2019
The Federal Reserve Bank of Philadelphia also found that interest rate spikes are preventing modification programs from effectively reducing principal and interest payments as originally intended.
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The jump for second mortgages and bank cards was even more pronounced, according to indices published by Standard & Poor’s and Experian.
The withdrawal of pandemic housing relief and high home prices have heightened consumer strain, according to nonprofit Money Management International.
Home prices dropped again on a monthly basis in October, exacerbating the loss in home equity among recent buyers, but the size of the falloff was the smallest since June.