Sunday, March 18, 2007

Impac Mortgage of Irvine: $1.4 billion in Problematic Loans

Well, here's another surprise.

By "problematic" we mean in serious risk of default. Now 6.2% of Impac Mortgage borrowers have missed mortgage payments of 2 months or more. This is up 3.1% over last year.

Another textbook example of mortgage lender trying to shovel its way out of a financial nightmare created by lackluster self-regulation, corporate greed, and ultimate reliance on the American taxpayer to eventually foot the bill of homedebtor defaults.

Ah, the American Dream! Just like common sense. You never really come to appreciate it until it's gone.

1 comment:

Anonymous said...

"Problematic" is a euphemism for fraud.