(Bloomberg) — The next six months will bring more credit-card and mortgage defaults, said Mark Greene, chief executive officer of FICO, maker of the credit-scoring formula most widely used by U.S. lenders.(…)
Some borrowers are changing the order in which they pay their bills and focusing on paying off credit-card and auto loans, which they rely on for daily living, before mortgages, Greene said.
Especially if they have negative equity in their home.
