From Bloomberg: U.S. Home-Equity Loan Delinquencies Set Record in First Quarter
Late payments on home-equity loans rose to a record in the first quarter …
Delinquencies on home-equity loans climbed to 3.52 percent of all accounts in the quarter from 3.03 percent in the fourth and late payments on home-equity lines of credit climbed to a record 1.89 percent, the group said. …
“The number one driver of delinquencies is job loss,” James Chessen, the group’s chief economist, said in an e-mailed statement. “Delinquencies won’t improve until companies start hiring again and we see a significant economic turnaround.”
My thoughts: The recession lives on.
