Mortgage defaults are stabilizing

September 24 2007 Money.CNN.com The default rate on U.S. mortgages is stabilizing, an American housing official said Monday, adding she didn't expect last week's cut in U.S. interest rates to significantly affect the number of defaults. Speaking on the sidelines of a forum in Singapore, Housing and Urban Development Assistant Secretary Darlene Williams said the Federal Reserve's bigger-than-expected half-point cut of its key rate last week signaled that authorities were taking action to support the economy. The concern has been that certain sections of the credit markets have frozen up as banks and investors have grown fearful about getting repaid because of the surge in defaults on mortgage loans, especially subprime loans made to borrowers with poor credit.

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