mortgage bankers association

The Mortgage Bankers Association’s quarterly survey found that one in seven homeowners are either late on their payments or are already in foreclusure.

A record 12 percent of homeowners with a mortgage are behind on their payments or in foreclosure as the housing crisis spreads to borrowers with good credit.

And the wave of foreclosures isn't expected to crest until the end of next year, the Mortgage Bankers Association said Thursday.