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The MReport Webcast: Thursday 8/18/2016

The national credit picture took a nine basis point dip in July from the year prior, as mortgage and consumer credit default rates overall stay steady on a month-over-month basis, according to the latest S&P Dow Jones/Experian Consumer Credit Default Indices. The indices reported that, nationally, first mortgage defaults rose one basis point to 0.66 percent in July from June 2016 but this was a dip from the reported 0.80 percent from the year prior. Second mortgage defaults on the other hand fell four basis points from June to July and 11 basis points from the year prior.

Additionally, New York reported a default rate of 0.77 percent for July 2016, down 6 basis points from 0.83 in June and 15 basis points from the year prior. Dallas also reported a decreased default rate of 0.69 percent for July, down 5 basis points from June, but up 5 basis points from July 2015. For Chicago’s default rate, there was a reported decreased of 12 basis points from the prior month as well as a 26 basis point decrease from July of the previous year.

Fannie Mae is reminding those homeowners affected by the floods that have submerged huge areas of Louisiana that there are options for relief from the bills, at least in the near-term. Fannie Mae’s guidelines for single-family mortgages allow servicers to temporarily suspend or reduce a homeowner's mortgage payments for up to 90 days, if they believe a natural disaster has quote adversely affected the value or habitability of the property or if the natural disaster has temporarily impacted the homeowner's ability to make payments on their mortgage.