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Tag Archives: Delinquency Rate

CMBS Delinquency Rate Jumps Above 9% for First Time: Trepp

There was something for everyone in September when looking at the delinquency rate for loans held in commercial mortgage-backed securities (CMBS), according to the research firm Trepp LLC. For commercial real estate bears, the fact that the rate once again set a record at 9.05 percent is a sign that the real estate crisis is not yet over in the commercial sector. The bulls, however, can point to the fact that the September increase in the delinquency rate is the second smallest for 2010.

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Amherst: One out of Five Borrowers Could Lose Their Home

If governmental policy on foreclosure prevention does not change, 11.5 million borrowers are in danger of losing their homes, according to the analysts at Amherst Securities. That staggering figure equates to one out of every five borrowers - an astronomical 20 percent default rate. So how can the administration fix deficiencies in its loan modification program? Amherst analysts say the answer lies in cutting borrowers' principal balances and boosting housing demand, including opening up financing channels for investors.

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Fannie Mae Downsizes Portfolio as Delinquencies Decline

The nation's largest mortgage financier is shrinking its portfolio. Fannie Mae reported this week that its holdings declined at a compound annualized rate of 4.1 percent in August, while its total book of business fell by 1.3 percent. At the same time, delinquency levels fell across the board. Fannie Mae's single-family serious delinquency rate dropped 17 basis points in July to 4.82 percent. The multifamily serious delinquency rate declined 6 basis points to 0.74 percent.

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Regulatory Report Shows Increases in Completed Foreclosures and Mods

The credit quality of first-lien mortgages serviced by the nation's largest banks and thrifts remained steady during the second quarter of 2010, according to a new regulatory report. Mortgage delinquency levels were relatively flat but elevated after rising for several quarters. Completed foreclosures were up by 7 percent from the previous quarter, but mortgage modifications increased 18 percent, and the report found that newer mods are showing significantly lower re-default rates.

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Freddie Mac’s Portfolio Shrinks, Delinquency Rates Mixed

Freddie Mac says it cut its total mortgage portfolio by an annualized rate of 5.2 percent in August. The GSE has been downsizing for most of this year. Only two months during the early part of 2010 saw increases in the company's portfolio size. The GSE also reported that its single-family delinquency rate decreased to 3.83 percent in August, down from 3.89 percent the month before. The multifamily delinquency rate, on the other hand, increased to 0.32 percent, up from 0.30 percent in July.

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Foreclosure Starts Hit Highest Level Since January: LPS

The August Mortgage Monitor report released Friday by Lender Processing Services shows that foreclosure starts are continuing to accelerate, with the GSEs displaying more aggressive timelines on early stage delinquencies. Last month, the company tracked 282,528 newly initiated foreclosures. That's 20 percent above a year ago and the highest level recorded by LPS since January of this year, when there were 287,865. As of August month end, there had been more than 2 million foreclosure starts so far this year.

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Default Risk Diminishes as Consumer Credit Conditions Improve

The credit bureau TransUnion says U.S. consumers are less of a credit risk now than they were in 2009 and earlier this year. The agency's proprietary Credit Risk Index declined 0.9 percent between the first and second quarters of 2010. The drop was more than double the decrease observed between the fourth quarter of 2009 and the first quarter of 2010. TransUnion says it signals that ""a broad improvement in consumer credit conditions is finally taking root.""

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More Delinquent Loans Entering Foreclosure Process: LPS

Lender Processing Services (LPS) is offering a sneak peak at its upcoming mortgage market report, scheduled for release September 24. The company's study will show that the national home loan delinquency rate has retreated, while the foreclosure rate is on the rise. LPS says the numbers are a sign that more delinquent loans are entering the foreclosure process, as servicers pick up the pace working through their default backlogs. According to LPS, the country's inventory of pre-sale foreclosures stood at 2,038,000 at the end of August.

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CMBS Delinquencies Moderate, but Rate Still Above 8%: Reports

Special servicers of commercial real estate loans are feverishly pursing workouts and liquidations. Their efforts have helped to moderate increases in past dues, but delinquency rates, nonetheless, continue to rise. Two industry reports released last week served to drive this point home. Fitch Ratings says the delinquency rate on loans held in its rated commercial mortgage-backed securities (CMBS) hit 8.48 percent in August. Moody's reported a similar increase to 8.10 percent.

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Investigation Finds Criminals Making FHA Loans

The Federal Housing Administration (FHA) has failed to root out several executives with criminal records whose firms continue to do business with the agency, according to the Center for Public Integrity. The Center's investigation found that more than 34,000 home loans have been issued over the past two years by FHA-approved lenders that have employed people who were convicted of felonies, banned from the securities industry, or previously worked for firms barred by FHA. Nine percent of these loans are delinquent.

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