Delinquent mortgage loans in US rises further
The unemployment in US is rising to record high levels when it hit 10.2% in the month of October 2009. That is having a direct impact on the bad debt and doubtful debt level of banks and mortgage firms. Yes the percentage of delinquent mortgage loans has reached a record high of 9.64% as of third quarter end, up from the 9.24% recorded in the second quarter.
This is in spite of special efforts by the Obama government to reverse the fortunes of millions of jobless Americans and also the efforts in pushing up the ailing housing sector.