Bloomberg: Loan Payments On 15%+ Of Securitized Alt-A Mortgages Made Since 2006 Are At Least 60 Days Late

Bloomberg News reports:

• [H]omeowners lured by low introductory rates to Alt-A mortgages, which typically require little or no proof of a borrower's income, may fuel the next wave of foreclosures and further delay a recovery from the worst housing decline since the 1930s. Almost 16 percent of securitized Alt-A loans issued since January 2006 are at least 60 days late, data compiled by Bloomberg show. Defaults will accelerate next year and continue through 2011 as these loans hit their three- and five-year reset periods, according to RealtyTrac Inc., an Irvine, California-based foreclosure data provider.

For more, see Alt-A Mortgages Next Risk for Housing Market as Defaults Surge.