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Ratings Agency: Half Of Prime Mortgage Borrowers Will Go Underwater

By Travis Waldron on October 6, 2011 at 3:30 pm

"Ratings Agency: Half Of Prime Mortgage Borrowers Will Go Underwater"

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Nearly a third of home mortgage borrowers already owe more on their mortgage than their house is worth, and according to one ratings agency, this already bleak statistic could get even worse. “With home prices likely to decline another 10%, roughly half of prime borrowers will wind up underwater on their mortgage,” Fitch Ratings wrote in a recent analysis. The agency also found that more than 12 percent of prime borrowers are “seriously delinquent” on their mortgages, indicating the extent to which the housing crisis has migrated out of the subprime loans in which it originated.

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