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Merrill Lynch: Banks Reach 'Uncharted Territory'.
New York -- Economists at Merrill Lynch, reacting to news that home loan delinquencies and foreclosures reached record highs in the first quarter, say that the banking industry is far from finished with bad-debt write-offs.
Economists Sheryl King and David Rosenberg, in the Merrill Lynch report, suggest that the record foreclosure level and the surge in "serious delinquencies" portend a flood of homes back on the resale market, which "will only add to the deflation in the real estate market."
The foreclosure inventory, at 2.47% of all mortgages outstanding, along with the surge in serious delinquencies, suggests that the foreclosure rate will head yet higher from the record level of the first quarter, they said. That leaves the mortgage industry and investors in mortgage assets facing "uncharted territory," the economists said.
They noted that the data, compiled by the Mortgage Bankers Association, show that 480,000 homes faced foreclosure starts in the first quarter, double the number seen a year-and-a-half earlier in the third quarter of 2006.
- Merrill: Banks in 'Uncharted Territory'.
- Magazine article from: National Mortgage News June 16, 2008 700+ words
...Economists at Merrill Lynch, reacting to news...Rosenberg, in the Merrill Lynch report, suggest...mortgage assets facing "uncharted territory," the economists...now rising," the Merrill Lynch report said. Among...
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Byline: Gavin Hinks David Jetuah Uncharted territory The countdown to a merger between the National Audit...parliament's financial fact checker, he veers into uncharted territory. An area that the civil servants at both institutions...
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Heading for uncharted territory US RELATIONS with the Middle East will never be the same...Hussain has launched the US and the world community into uncharted territory. Bush's calm managerial response to the Iraqi invasion...
- Heading for uncharted territory. (United States and the Middle East crisis)...
- Magazine article from: MEED Middle East Economic Digest Kemp, Peter September 7, 1990 700+ words
Heading for uncharted territory US RELATIONS with the Middle East will never be the same...Hussain has launched the US and the world community into uncharted territory. Bush's calm managerial response to the Iraqi invasion...
- REAL ESTATE WATCHERS PREDICT 'UNCHARTED TERRITORY'.(Business)
- Newspaper article from: Daily News (Los Angeles, CA) April 24, 2005 700+ words
...Karevoll, DataQuick's chief numbers cruncher. ``We are close to uncharted territory for the Los Angeles and Southern California region. We are in uncharted territory in San Diego as far as statistics go,'' he said. Economic modeling...
