Finance

MBA: Housing Will Recover in 2007 

The residential finance market is fundamentally sound and working efficiently, according to a study released today by The Mortgage Bankers Association. The study examines the housing and mortgage markets, while specifically focusing on the increasingly globalized market for mortgage debt, decelerating housing markets, new mortgage originations, outstanding mortgage debt, nontraditional mortgage products, trends in mortgage delinquencies and foreclosures, and the overall economy. While not specifially mentioned by the trade organization, the study’s release comes on the heels of a much-publicized report by the Center for Responsible Lending, which in December alleged that 2.2 million American households could lose their homes, costing lenders as much as $164 billion due to foreclosures in the subprime mortgage market.