24% of Homeowners Have No Savings: WF
San Francisco-Roughly one-quarter of homeowners have no savings to cover their living expenses should they lose their jobs, according to new survey results released by Wells Fargo & Co., the nation's second-largest residential servicer.
The bank and mortgage lender also found that anxiety over possible job losses increased significantly in the first quarter compared to the previous one. Job losses lead to higher residential loan delinquencies, which currently are at levels not seen since the Great Depression.
Subprime delinquency rates are north of 30%. Subprime borrowers owe roughly $900 billion on their home mortgages - not including late fees - according to the Quarterly Data Report.
Wells says consumers are taking "drastic actions" to reduce debt and increase their savings.