You're probably seeing mortgage defaults drop, but it could be another five years before they return to the level of the 1990s.
That's the forecast from Dennis Capozza, professor of business administration at the University of Michigan. Capozza is a founding principal of University Financial Associates, which publishes the UFA Default Index.
The index measures the risk of defaults on newly written mortgages, both prime and nonprime. The index focuses on the impact of general economic conditions and assumes what will happen with the same borrower, collateral and loan characteristics.
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