Mortgage delinquencies have declined by some 110 basis points over the last three years, reaching 4.12% in the first quarter of this year in tandem with interest rates, according to a survey by the Mortgage Bankers Association. But David Lereah. the group's chief economist, believes the improvement may be short-lived, and for a wide variety of reasons. American Banker recently asked him for details about his expectations.

Q.: Are delinquencies about to get worse?

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