California Foreclosures Soar 200% Compared To Last Year

The 2nd Quarter National Delinquency Survey, released today by the Mortgage Bankers
Association (MBA), shows that California mortgage loans entering foreclosure have reached 25-year highs, with subprime borrowers bearing the brunt of the storm.

The MBA linked market factors such as declining home prices and an increase in housing inventory to the grim foreclosure situation in California, but failed to acknowledge the risky products and deterioration of lending practices in their own industry. "Brokers and lenders pushed risky products that maximized their profits, but lost sight of the basic fundamentals of lending," says Paul Leonard, director of the California office of the Center for Responsible Lending. "Subprime borrowers were set up for historic levels of failure."

While foreclosures on all types of loans have increased in the Golden State, foreclosures in the subprime market are especially severe. CRL analysis of the MBA report shows that the second quarter subprime foreclosure rate is the highest-ever in 25 years, topping the most recent
record quarter, which was the first quarter of 2007. MBA's data also show that foreclosures -- both for all loans and subprime loans -- increased about 200% over last year.

Unlike other states, California has not acted to stem the foreclosures or tighten safeguards for borrowers. "It's time for California's elected leadership to act to reduce the foreclosures and the economic declines that are sure to follow," Leonard says. In response to the record level of
foreclosures facing California homeowners, it is imperative that California works immediately to provide assistance to borrowers in crisis and enact legislation or regulation that will protect consumers in the future.

Watch more breaking news now on our video feed:

Bookmark http://universeeverything.blogspot.com/ and drop back in sometime.

When It Comes to Delinquency, Boys Exposed to More Risk

Researchers trying to understand why high school-age boys are involved in serious delinquency more often than girls have found that males are exposed to higher levels of risk factors and lower amounts of protective factors.

A new study of more than 7,800 high school sophomores from 40 suburban and rural communities in seven states examined 22 risk and protective factors associated with serious delinquency. It found that boys reported higher levels of risk and lower levels of protection for 18 of the factors than did girls. In addition, boys were twice as likely to engage in seven of the eight serious delinquent behaviors that were measured.

“Boys come into contact with risk factors in their families, school, peers and in their personal attributes more frequently and are sometimes influenced by them more strongly than are girls,” says Abigail Fagan, lead author of the study and an intervention specialist with the University of Washington’s Social Development Research Group.

All of the risk and protective factors examined were significantly related to serious delinquency for both boys and girls, according to Fagan.

The students in the study came from communities with populations ranging from 1,600 to 106,000 in Colorado, Illinois, Kansas, Maine, Oregon, Utah and Washington. Slightly more than half of the students were girls, and 79 percent were white.

Data were collected from surveys administered in school, including questions about participation in eight behaviors in the past year that are indicative of serious delinquency – being arrested, carrying a handgun, bringing a handgun to school, attacking someone with the intent to do harm, stealing a motor vehicle, selling illegal drugs, being suspended or expelled from school, and being drunk or high at school.

Being drunk or high at school was the most common self-reported offense with nearly 20 percent of the girls and 26 percent of the boys reporting such behavior. Attacking someone was the second-most-common behavior, with 11 percent of girls and 21 percent of boys reporting it. However, the overwhelming majority of teenagers said they did not engage in delinquent acts.
The 22 protective factors measured included the teens’ attachment to each of their parents, rewards for good behavior in school and social skills in dealing with other people. Risks included family conflict, low commitment to school, peer drug use and sensation seeking.

While boys experience higher levels of risk and lower protection for 18 of these factors, girls only reported higher risk for family conflict and less protection from attachment to their fathers. There were no gender differences for exposure to peer drug use and for peer rewards for delinquency.


Bookmark http://universeeverything.blogspot.com/ and drop back in sometime.