More borrowers default on second liens in April

Sec­ond liens are default­ing at a faster rate for upside down home­own­ers - mark­ing a new trend.

“In addi­tion, there are some sig­nif­i­cant dif­fer­ences across credit types and MSAs. Bank card default rates went up in April, after hav­ing fallen each of the past 11 months; and the data indi­cate that the rate of default on credit cards is still 5.9%, more than twice any of the other loan classes,” he said.

via More bor­row­ers default on sec­ond liens in April « Hous­ing­Wire.