Despite the fact that the history of mortgage lending of foreign banks in many decades, the global financial crisis has not bypassed, and this segment of the banking sector. The complexity of the mortgage crisis has swept virtually all leading countries.
Analysts say now in the U.S. has depreciated almost any 5-second loan on your mortgage. Any 5-th of the American mortgage borrower owes the bank the amount which seriously above the home's value on the market. In this position, as it turned out was more than 7 million Americans are 18% of the number of people in this country. Those same analysts paint a not too rosy outlook: in case of falling property values are at least 5%, it is fraught with increasing number of these borrowers to 25%. The probability of such a development is quite large - experts say, and predict that in the coming year, prices could fall by 10%. Maximally impaired mortgage loans in states such as Nevada, Michigan and Georgia, California, Florida, Arizona.
For example, now more than 400 thousand clients of one of the leading mortgage banks in the country JPMORGAN Chase & Co could lose their homes. In connection with this bank is going in the coming days to renegotiate loans that have already been issued to borrowers to reduce the number of cases of alienation of buildings for the mortgage debt. The total amount of loans of $ 70 billion.
For whatever reason the U.S. are on the verge of mass refoulement mortgages? For the most part therefore, that stopped the growth in property prices. In the past, investors have poured money into buying the home, which after some time resold. After payment of credit% they made a profit. Now the situation has changed.
In Europe, the mortgage during the financial crisis has also risen. For example, the European Bank for refinancing rate - 4%, and rates of bank loans on mortgages increased by 0.5%. European borrowers have to be in a very difficult situation, some of them even tries to get rid of their own property - experts say the European property market. For example, the earlier inhabitants of Spain's banks are offering mortgages with low interest rates. Now about to buy a new home on credit, the Spaniards did not even dream of. However, even in such a difficult time, banks in Spain offer a mortgage at a rate of 50 to 70% of the value of the house under 5,7-6 per cent per annum.
Crisis in the housing market concerned and the residents of England. Only in the UK today there are about 70 thousand people, who are required on a loan to pay a much larger sum of money than the cost of housing. And this ugly situation is becoming worse every month. To do something to help homeowners, the Bank of the UK may cut the interest rate on loans.
Analysts say that during the past 60 years the world economy had not experienced such a heavy financial crisis. And he will take on the most conservative estimates, not 1 year.