The nation's first mortgage default index stayed flat in January while the national composite credit default index rose slightly for the sixth straight month, according to the S&P Dow Jones Indices and S&P/Experian Consumer Credit Default Indices for January 2015 released Tuesday. The first mortgage default index remained at 1.02 percent from December to January after experiencing its largest increase in 15 months, five basis points, from November to December.
Second mortgage defaults, meanwhile, experienced a month-over-month increase of five basis points up to 0 point 64 percent following a spike of 11 basis points from November to December. The national composite default index, which includes first and second mortgage defaults as well as those on bank cards and auto loans, rose slightly month-over-month in January by one basis point up to 1.2 percent despite seeing a year-over-year decrease of 22 basis points.
Attorney General Eric Holder has given attorneys across the country 90 days to judge whether or not they want to bring cases against specific individuals for their alleged roles in 2008's mortgage crisis, according to reports. Speaking at a National Press Club event on Tuesday, Holder said federal prosecutors who have previously brought charges against firms for selling toxic mortgage-backed securities will be given an opportunity to investigate individual employees for potential charges.