Rate rises 'cause 500,000 defaults'

Research by MoneyExpert.com shows that 77,000 mortgage payments are missed every month since the beginning of the year. Earlier research showed that 36,000 mortgage payments were missed every month in 2006, indicating that the rate of missed mortgage payments is set to double in 2007. Sean Gardner, chief executive of MoneyExpert.com, says: “Missing a mortgage payment is a real signal of distress and anyone in such dire straits needs to address the issue as soon as possible. “We are a long way from the dark days of the late 1980s and early 1990s when more than a million lost their homes b...