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Tag Archives: Mortgage Debt

Residential, Commercial Delinquencies Likely to Rise at Smaller Banks

Third-quarter delinquency rates for both residential and commercial mortgages will increase, particularly among smaller lenders, according to preliminary estimates released by Foresight Analytics. Final figures for the third quarter 2010 are not due out until late November, but based on earnings reports and call report filings from many smaller banks, Foresight Analytics offers its advance estimates of what we'll see in the final mortgage delinquency numbers for the July to September time period.

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Current Mortgages Turning Delinquent Rises for First Time in a Year

During the third quarter, 2.7 percent of current mortgage balances transitioned into delinquency, according to the New York Federal Reserve. That's up from 2.6 percent that became newly delinquent in the second quarter. Fed officials called the increase ""slight"" but noted that the rise follows a full year of declines in new delinquencies. According to the federal bank's report, about 457,000 individuals received home foreclosure notices on their credit reports between July 1 and September 30, 2010.

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Mortgage Defaults Decline Despite High Unemployment: S&P

Consumer default rates declined in September across certain structured finance categories, including first- and second-lien mortgages, according to a report issued Thursday by Standard & Poor's. The improvements, which S&P's data shows have continued since last year, came despite a national unemployment rate that is still near its recession peak. The agency's analysts explained that job growth typically lags an economic recovery, and noted tighter underwriting standards are having a positive effect.

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Mortgage Delinquency Roll Rates Peaked in Summer 2009: TransUnion

The number of consumers rolling their delinquency status on mortgage payments from 30 to 60 days past due and 60 to 90 days past due peaked in July 2009, according to a new study from TransUnion. It's interesting to note that the National Bureau of Economic Research has declared the end of the nation's latest recession to be June 2009, one month before the roll-rate crest. TransUnion says although we may have left the worst of the recession behind, from a credit perspective we were just hitting the toughest period for consumer default.

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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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Developer Aims to Bring $100M in Distressed Assets Back to Life

Arizona-based Sand Capital recently announced the company's acquisition of more than $100 million in distressed debt and REO properties. The company says the economic conditions present in the market for the last two years have created a once-in-a-quarter-century opportunity. Sand Capital has been acquiring commercial, residential, office, and industrial real estate assets since November 2008, has added 1.2 million square feet to its portfolio.

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Survey: 78% of Americans Believe Home Prices Have Bottomed

Fannie Mae has conducted a poll of both homeowners and renters to gauge consumers' attitudes toward housing in the U.S. The results indicate that Americans have become more cautious about buying a home, though most believe the market has bottomed out. Rents are expected to increase more than home prices, and Fannie says mortgage borrowers, and even underwater borrowers, are less discouraged about homeownership than delinquent borrowers and renters.

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Beige Book Shows Slowdown in Recovery, Trouble Spots in Real Estate

Economic growth is still grinding along, but has slowed considerably since earlier in the year, according to the Federal Reserve's popular Beige Book report released Wednesday. Reports from the 12 Fed districts on their local economies painted a picture of ""widespread signs of a deceleration."" Real estate remains a drag on economic growth in regions across the country, with major trouble spots identified in poor home sales and weak demand for commercial space.

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Freddie Mac’s Streamlined Refi Program Is Nothing New: Barclays

Rock-bottom interest rates and less-than-encouraging economic data have kept mortgage-backed securities (MBS) investors worried about what the government could do next to prop up the ailing housing market, with the latest concern stemming from a recent announcement by Freddie Mac, according to Barclays Capital. The GSE has issued a new servicing guide detailing an ""easy refinance"" option with loan-to-value ratios up to 95 percent and $2,000 cash back to the borrower. Barclays says the program ""is everything but new.""

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U.S. Consumers Remain Mired in Financial Distress: CredAbility

High levels of unemployment and the strain of housing costs continue to keep consumers mired in financial distress, according to data released by the nonprofit credit counseling agency CredAbility. While economic and mortgage duress is the underlying theme of the agency's second-quarter findings, CredAbility noted that consumers' net worth has actually increased for the past five quarters as they continue to pay down debt and, in some parts of the country, benefit from stabilizing housing prices.

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