September 10, 2009
U. S. Foreclosure Filings Top 300,000 for Sixth Straight Month
Bloomberg.com
By Daniel Taub
...While the loan revamps may prevent some foreclosures, many homeowners facing repossession have prime loans, mortgages considered less risky than the subprime loans blamed for much of the housing crash, and can't make their payments because of job losses, said Richard K. Green, director of the University of Southern California Lusk Center for Real Estate.
"When people live in a housing market that's dropped 30 or 40 percent, and they lose their jobs, that's a recipe for default," Green said...