60% of 2006/2007 home buyers are underwater

[w¡n9Nµ7 §£@¥€r 123]

The majority — 60% — of remaining performing borrowers within ‘06- and ‘07-vintage residential mortgage-backed securities (RMBS) bear negative home equity, meaning they are underwater on their mortgages and owe more than their houses are worth.

This overwhelming presence of negative equity is hampering sustained improvement in RMBS performance, according to Fitch Ratings.

http://www.housingwire.com/2009/10/13/fitc...ers-underwater/

[almaty 19]

sad....allot of folks who bought never had the long term capital ...i had clients buying 60-75000 houses and barely able to pay their dealers