Prime mortgages going bust at an alarming rate

By Kevin G. Hall | McClatchy Newspapers

WASHINGTON — Aftershocks from the nation's financial crisis continue rumbling through the housing sector as fixed-rate mortgages held by the safest borrowers accounted for nearly 37 percent of new foreclosures during the first three months of this year, the Mortgage Bankers Association reported Wednesday.

Additionally, more than one in 10 homeowners were behind on their mortgage payments in the first quarter — a record, the association said. That's up from 9.47 percent in the last three months of 2009.