US Mortgage Default Rate Stabilizing accoridng to HUD

According to U.S. Housing and Urban Development Assistant Secretary Darlene Williams, the rate at which US mortgages are defaulting is stabilizing.

Williams spoke at a forum in Singapore in which she also said that last week’s cut in interest rates would not significantly affect the number of defaults. However, the Fed’s half-point cut does signal at authorities are taking action to support the economy.