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Performance of Home Equity Securities Reaches Milestone.(Brief Article)
New York -- The serious delinquency rate on home-equity loans pooled into securities has fallen to its lowest level in eight years, according to Moody's Investors Service.
Moody's said that in March of this year, 5.19% of securitized home equity debt was 60 or more days past due, a decline of 21% from the 6.59% delinquency rate posted one year earlier.
The charge-off rate in March was 0.83%, a 10% increase from the previous month. Still, Moody's said the charge-off rate remains "at historically low levels." The charge-off rate has been lower than 1% since September 2004.
Moody's said that the performance of home-equity loans has benefited from high levels of new issuance, robust housing markets and low interest rates.
While Moody's expects that the trend of declining rates will eventually reverse itself, Moody's said there was no sign of this happening yet. Issuance of ...
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