According to MDA Datequick statistics (Monitors Real Estate Activity), 135,431 NOD’s sent to California homeowners in 1st quarter of 2009…up 80 percent from 4th quarter 2008.
What changed?
Banks sat on their hands while the government restricted foreclosures with moritoriums. The moritoriums expired and the flood gates opened.
What’s going to happen?
The next wave of “toxic loans” are due to correct and hit the market. These loans have projected to have the greatest potential of default. The well known banks that originated these loans are none other than Countrywide, Indymac, Wells Fargo, WAMU (now Chase), World Savings (now Wachovia Owned by Wells Fargo).
The highest loan failure rate from a bank belongs to ResMAE (69.9% of loans resulted in failure).
