Based on the study, mortgage creditors in the 1,733 cases put in claims for almost $6 million more than the loan debts listed by borrowers in the bankruptcy filings.
A report on November 24th by Sir James Crosby, asked in April to study mortgage finance, predicted that next year banks could take more in from mortgage repayments than they give out in loans.So far Mr Darling and Mr King have relied on jawboning to try to persuade banks to use the billions they have received in state aid to back more lending.
Dwight Jaffee, a professor of finance and real estate at the University of California at Berkeley who has studied mortgage markets for 35 years and who wrote a paper last year on interest-rate risk at Freddie Mac and Fannie Mae, said the Sonic Capital analysis appeared to be "exactly right".
Malcolm Bush, president of the Woodstock Institute, a national research group that studies mortgage lending in poor neighborhoods, said that widespread foreclosures in an area can depress already low housing prices, making it harder for others in that area to get loans or refinance.
A 2007 study looked at a majority of Chapter 13 bankruptcy filings in 2006 and found that in 70percentt of the cases studied, mortgage companies claimed homeowners owed an average of $6,309 more on their loans than homeowners believed.
Threadneedle Street commissions its own study of mortgage distress and found that a disturbingly high level of the UK's total mortgage debt is held by households where loans are a high multiple of income.
My study of mortgage disclosures, published in the Ohio State Law Journal, found that many borrowers spent little time reading the final loan disclosures and rarely, if ever, backed out of loans upon learning the terms.
// >< -- brightcove.createExperiences; //-->study for mortgage broker OceanFinance.co.uk, nine per cent of those questioned said they would pay a professional to bleed a radiator and seven per cent would get someone in to assemble flat pack furniture.
While there, she said, she worked with Ned Gramlich, a governor of the Federal Reserve, to study subprime mortgage issues.
Mr. Findlay also studied the mortgage burden of households across the nation, as a guide to how quickly particular states could recover from the recession.
The first involves a long-term advantage, such as a student loan to complete your studies, a mortgage or even a car loan.
