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Thursday, June 23, 2011

Overall strategic default on the decline

Recent data shows the percentage of strategic defaults is on the decline, but still account for nearly one-fifth of serious mortgage delinquencies. Furthermore, the share of strategic defaulters in the jumbo mortgage space is actually growing.
A study from credit reporting agency Experian and consulting firm Oliver Wyman showed 17% of all 60-plus day mortgage defaults in the second quarter of 2010 were due to strategic default. While this is down from a peak of 20% in the second quarter of 2008, it is more than double the number of strategic defaults in 2006.
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