MBA: Prime ARMs Set Tone for Troubled Mortgages in Q2 

More than nine percent of U.S. mortgages were delinquent or in foreclosure at the end of the second quarter, as both major categories of borrower default activity hit new records, the Mortgage Bankers Association said on Friday morning. We probably don’t need to tell you that’s a lot; most HW readers won’t be surprised to learn, either, that the rise is largely due to continued woes in both California and Florida.