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WASHINGTON (Thomson Financial) - The US foreclosure rate will likely remain "elevated above its historic level," Treasury Under Secretary Robert Steel said today.
A total 1.8 mln subprime mortgages are expected to reset over the next two years, "but not all will end in foreclosure," Steel said in testimony before the Senate Committee on Banking, Housing and Urban Affairs.
Steel noted that recent data from the third quarter of last year indicates that 2007 was on track for a foreclosure starts rate of 2.7 pct. That is approximately 1 pct higher than the average annual rate of foreclosures in the US between 2001 and 2005, which translates to more than 650,000 foreclosure starts each year.
Compare that to the 1.8 mln resets Steel expects in the next two years, or about 900,000 per year, not all of which would even involve foreclosure.
The Committee's chairman, Sen. Christopher Dodd, earlier this month proposed a new federal corporation that would purchase loans at risk of default and help those homeowners refinance.
Steel will likely be facing questioning on this plan later in today's hearing.
tessa.moran@thomson.com
tlm/wash/lam
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