And about another 8 million have a mortgage with a loan to value ratio between 95 to 100%.
For example, the Fed could pop housing bubbles by imposing a maximum loan-to-value ratio for mortgages.
Tronox trades for less than book value, and at a 45% discount to its five-year average price-to-book value ratio.
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The loan-to-value ratio of Zions' commercial real estate portfolio is low at 62%.
The percentage of riskier securities like subprime mortgages and mortgages with a loan-to-value ratio of greater than 90% skyrocketed.
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It trades for 3.9 times sales, but its price-to-book-value ratio is just 1.2.
Under the Obama plan there is no upper limit on this loan-to-value ratio.
"If you liken it to a household account, that's not a bad mortgage to house value ratio, " Mr Kershaw added.
The biggest success rate occurs when the loan-to-value ratio is below 66%, a condition that rules out recent subprime borrowers.
This share price results in a price to economic book value ratio of 1.0, implying no future growth in NOPAT.
Its price-sales ratio is 27% below its 3.5 average since 2008, and the discount to its five-year average price-to-book value ratio is 31%.
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Beaten up Hovnanian Enterprises, for example, carries a price-to-book value ratio of 0.9, cheap relative to an average multiple since 1988 of 1.1.
When you roll in the insurance fee into the loan balance you have a loan to value ratio that starts at over 98%.
The coming change will allow all borrowers with loans backed by the company, regardless of their loan-to-value ratio, to benefit from the streamlined program.
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Will there be certain debt-to-income ratio or loan-to-value ratio thresholds imposed?
This can be seen by comparing the median loan-to-value ratio of underwater borrowers by age, which is lower in the younger age brackets (see Figure 1).
That drop in value caused Plaza Group to trigger the loans' net asset value ratio covenant and default, according to filings made by Plaza Group in bankruptcy court.
The previous maximum loan-to-value ratio of 125% has been eliminated.
Really, the wide berth that a lot of investors are giving BofA now can be seen in its share price to tangible book value ratio compared to other banks.
That price translates into a price to economic book value ratio of 0.5, which means the market is predicting a permanent 50% decline in its profitability, an awfully pessimistic assumption.
The substantial drop in delinquency rate and loan-to-value ratio for borrowers who purchased homes in the years after 2007 is likely a product of the tightened lending standards implemented in the post-bubble housing market.
Mr Osborne will also say the sale's valuation of Northern Rock's "price-to-book value ratio" - that is, its assets minus its liabilities - is higher than peers Barclays, Lloyds TSB or the Royal Bank of Scotland.
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One of the first acts of the US Congress after the new US Constitution was the Coinage Act of 1792 allowed for the minting of both gold and silver coins at a face value ratio of 15:1.
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Because the appraisal didn't lower his loan-to-value ratio, and despite his high credit score, Mr. Lattas says he's going to end up with a mortgage rate that's a quarter of a point more expensive than the lowest rates available.
After a deed-in-lieu of foreclosure, preforeclosure sale, or short sale, there is a mandatory waiting period of two years for a loan with an 80% maximum LTV (loan-to-value ratio), or four years for a loan with a 90% LTV.
The median loan-to-value ratio among underwater borrowers gradually rises by transaction year, peaking at 133% for those who purchased their homes in 2005, before falling slightly for those who purchased homes in 2006 and 2007 and falling rapidly in subsequent years.
This valuation gives it a 0.8 price to economic book value ratio, implying that the market expects a permanent 20% decline in NOPAT for SNDK. In the short term it is possible that SNDK might experience a decline in NOPAT, but over the long term it is hard to imagine this company experiencing the kind of permanent decline that its share price implies.
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Value Creation Ratio was 12.6% for 2012, compared with 6.0% for 2011.
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This is almost 50% higher than the highest value that this ratio had between January 1986 and September 2008, and it is 125% higher than the average ratio during this period.
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The European Banking Authority will be given the task of determining the type of instruments that win favourable treatment and the discount rate that is used to calculate their value within the ratio.
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