Survey Finds High Level of Loan Failure

Survey Finds High Level of Loan Failure
WASHINGTON (AP) -- A third of home loans originated by mortgage brokers failed to close in August as investors shied away from riskier borrowers, a new survey says.

Well, a third is certainly better than half.

The survey also found that nearly half of borrowers with adjustable rate mortgages were not able to refinance their loans. That's a major concern of policymakers as an estimated that 2.5 million mortgages given to borrowers with weak credit will reset at higher rates by the end of next year, according to the Federal Deposit Insurance Corp.

Oops, nevermind.