40% of subprime mortgages stand delinquent, can prime be next?

The Norris Group Real Estate News Roundup 9/8/10. Housing Wire – “40% of subprime mortgages stand delinquent, can prime be next?” (9-8-10) “corelogic reports 2,376,120 American subprime mortgages are still active in the market in June, down 12.5% from a year ago. As of June, 39.6% of the subprime loan market is 60 days delinquent.

The immediate cause or trigger of the crisis was the bursting of the U.S.A. (United States of America) housing bubble, which peaked in 2004. [8] Already-rising default rates on "subprime" and adjustable-rate mortgages (ARM) began to increase quickly thereafter.As banks began to give out more loans to potential home owners, housing prices began to rise.

first of the month and the servicer reporting date on the last day of the month) a newly delinquent borrower can be flagged as “under 30” by the OTS methodology and 30-59 days delinquent by the MBA methodology. The MBA methodology is typically used for Prime loans and the OTS methodology is typically used for Subprime loans.

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of prime and subprime mortgages that originated in 2004 or 2005 and are followed monthly from origin until they are paid off, go into foreclosure, or until the end of our sample period in October 2008. 2 Mortgage default is defined to occur when homeowners are delinquent on their payments by one month or more.

"The mortgage market has improved dramatically, to a point where it has normalized on a delinquency basis," Verma said. From an overall consumer credit standpoint, the mortgage marketplace also stands out from other loan types, with prime-and-above borrowers representing a larger percentage of total accounts.

Fleming warned that the impact percentage of delinquent loans in the prime space have been masked because the volume is so huge. Compared to the less than 3.5 million subprime, there are about 40 million prime loans in the marketplace, 6.2% of which were 60 days delinquent in June 2010 and 3% of which were 90 days delinquent.

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Housing Wire – "40% of subprime mortgages stand delinquent, can prime be next?" (9-8-10) "CoreLogic reports 2,376,120 American subprime mortgages are still active in the market in June, down 12.5% from a year ago.

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