Tell me again why the Obama administration is bringing in economists who thought all of this made sense? Who needs liberals anyway? It's probably best that we run away with tails between our legs from the liberal label since conservatism has been such a success.
“The biggest story is really with mortgages,” said Becker. His firm, which has a database of 27 million anonymous consumer records, projects delinquencies will reach their highest levels since 1992.
“The percentage of mortgage borrowers who are 60 days or more past due on their mortgages historically hovers right around two percent, and at the end of the third quarter of 2008, it had reached almost four percent,” he added.
Becker expects mortgage delinquencies to reach 4.7 percent at the end of 2008 and 7.17 percent by the end of 2009 – three-and-a-half times the historical norm.
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“Auto loan debt at the end of the third quarter was about 80 basis points, and we expect it to hit 88 basis points by the end of this year,” Becker told CNBC.
By the end of 2009 he expects auto loan debt to rise above one percent for the first time since his company started tracking the number.
