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Tag Archives: Delinquency Rate

CMBS Delinquency Rate Nears 9% after August Jump: Trepp

The delinquency rate for real estate loans held in commercial mortgage-backed securities (CMBS) accelerated in August after two successive months in which delinquency increases had moderated, according to Trepp LLC. Overall, the percentage of loans 30 or more days delinquent, in foreclosure, or REO, jumped 21 basis points last month, putting the overall delinquency rate at 8.92 percent. The analysts at Trepp say the August numbers ""may give ammunition to those who argue that the commercial real estate crisis is far from over.""

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FHA Keeps Delinquency Rate Steady, Issues New Premium Guidelines

After falling for five straight months, the Federal Housing Administration's (FHA) delinquency rate held steady in July at 8.3 percent. At the beginning of 2010, the rate stood at 9.4 percent. HUD also issued guidelines for FHA's new insurance premium structure, which takes effect next month. The annual premium will increase from 0.55 percent to between 0.85 percent and 0.90 percent of the loan amount. At the same time, though, the upfront premium has been reduced by 100 basis points from the current 2.25 percent.

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Commercial Mortgage Delinquencies Vary by Investor: MBA

Delinquency rates were mixed in the second quarter for commercial and multifamily mortgage investor groups, according to the Mortgage Bankers Association (MBA). The delinquency rate for loans held in commercial mortgage-backed securities (CMBS) is the highest it's been since MBA began tracking the sector in 1997. Delinquency rates for other groups, on the other hand - such as Fannie Mae and Freddie Mac - remain below levels seen in the early 1990s, some by large margins.

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Loan Delinquencies Slow for Housing Finance Agencies: S&P

In the first quarter of 2010, state housing finance agencies' (HFAs) delinquencies declined for the first time since overall performance of loans began to deteriorate in the second quarter of 2008, according to Standard & Poor's. But the agency's analysts say the slowdown could be only temporary. S&P's study shows delinquency rates for HFA loans remain high relative to a year ago. However, the percentage of HFA loans at least 60 days past due or in foreclosure decreased to 6.05 percent in Q1, down from 6.57 percent in the fourth quarter of 2009.

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Loan Modifications Surpass One Million Mark for 2010

The industry has completed 1.13 million permanent loan modifications for at-risk homeowners so far in 2010, according to data released Wednesday by HOPE NOW. The organization also reports that since January of this year, mortgage delinquencies of 60 days or more past due have dropped 20 percent, but the data supports the assumption that the decline is simply the byproduct of an increase in foreclosures. July's foreclosure starts outpaced loan mods during the month by nearly 90 percent.

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LPS Reports a Jump in Foreclosure Starts in July

The Mortgage Bankers Association (MBA) offered the industry a ray of hope when it reported Thursday that foreclosure starts were down nearly 10 percent in Q2, but the brightness quickly faded when Lender Processing Services (LPS) released its own dataset. MBA's numbers were based on data through the end of June. LPS reports that by the end of July, foreclosure starts had jumped back up by 24.5 percent. It's the fourth highest level ever recorded by the company.

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Foreclosures and Late-Stage Delinquencies Drop

Foreclosure starts dropped during the second quarter and the inventory of homes in the process of foreclosure fell for the first time since 2006, the Mortgage Bankers Association reported Thursday. Loans 90 days or more past due also decreased. But it's a different story at the other end of the spectrum. After declining since the beginning of 2009, the number of 30-day delinquencies is going up. Overall, 13.97 percent of the nation's mortgages were delinquent or in foreclosure at the end of Q2, down from 14.01 percent three months earlier.

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Late Payments Rise on Second Mortgages, Decline for Firsts: Report

Default rates in July declined for first mortgages, but a larger number of homeowners fell behind on their second lien payments, according to data released jointly by Standard & Poor's and Experian. The companies' credit indices show defaulting balances on first mortgages were 3.2 percent last month, down from June's 3.3 percent, demonstrating continued improvement in the performance of first lien home loans. Second mortgage defaults, however, increased to 2.8 percent from 2.4 percent the month prior.

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Even Though Challenged by Delinquencies, U.S. Thrifts Post Q2 Profit

The U.S. thrift industry reported second-quarter earnings of $1.49 billion, its fourth consecutive quarterly profit. The industry consists of savings and loan institutions that by law are required to have at least 65 percent of their lending in mortgages and other consumer loans. With today's troubled housing market, their mandated line of business is proving precarious. The industry's regulator warns that thrifts continue to face challenges from delinquent loans, with the number of problem thrifts growing and overall assets declining.

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Nearly Two-Thirds of Delinquent Mortgages Untouched: Study

According to a report from state attorneys general and bank supervisors from across the country, more than 60 percent of homeowners with seriously delinquent loans are still not involved in any form of loss mitigation with their servicer. The ratio is disconcerting considering the group also found that loan modifications today are resulting in significant payment reductions with fewer redefaults. Absent improvements in foreclosure prevention efforts, the group expects hundreds of thousands of foreclosures will occur later this year.

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