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One Bright Spot.(Editorial)
It isn't easy for servicers to find bright spots in recent delinquency reports, but we think we've spotted one.
It's true that the Mortgage Bankers Association's most recent delinquency numbers at first seem like nothing but more bad news. Overdues and defaults continue to jump, and the subprime books of business are a catastrophe.
But here's what we noticed: a peculiar inversion in which some big states are showing more foreclosures than overdues. And, the country as a whole is trending that way.
We haven't seen this particular inversion before, and it seems counterintuitive that a state can have more loans in foreclosure than in late status. But what we think it means is that the foreclosure flood is more than halfway finished in those states, which would be good news.
Take the state of Florida. In the Sunshine State, more loans are in foreclosure (37.58%) than are overdue (22.61%). That must mean the foreclosure bust there is more than half over.
California is also inverted, with more loans in foreclosure ...
- Report Discusses S&P's Views on Freezing Interest Rates on U.S. Subprime ARMs.
- Press release article from: PR Newswire December 6, 2007 700+ words
...supports appropriate loss mitigation strategies to prevent foreclosures and allow subprime borrowers to remain in their homes. By...amp; Poor's Views On Freezing Interest Rates On U.S. Subprime ARMs," was published Dec. 6, 2007, and is available on RatingsDirect...
- Fitch: Loan Modifications Will Cushion Rate Shock on $347B of U.S. Subprime...
- Press release article from: Business Wire October 29, 2008 700+ words
...million loans, totaling $245 billion of the total outstanding subprime ARMs, are past their initial rate reset. Based on recent peak...them stay in their home as it may be the only alternative to foreclosure,' said Mistretta. To the extent that the modification...
- Pressure On Subprime ARMs.
- Magazine article from: National Mortgage News Collins, Brian January 15, 2007 700+ words
...subprime lending and rising foreclosures which will put more...end up in default and foreclosure." He did not announce...responsible for rising foreclosure rates and she is planning to hold hearings. "Foreclosures are on the rise and...
- 4Q delinquencies rise, foreclosures top record.(Briefing Book)
- Magazine article from: Mortgage Banking April 1, 2008 700+ words
...percent of all subprime ARMs, but 36...subprime ARM foreclosure starts...rates of new foreclosures, those states...rate for subprime ARMs increased...percent. The foreclosure start rate...Although subprime ARMs represent...percent of the foreclosures ...
- MBA Reports Higher Delinquencies and Foreclosures.
- Newspaper article from: Asset Securitization Report September 10, 2007 700+ words
...country and more than 19% of the foreclosure starts on subprime ARMs. "The four states of California...one-third of the nation's subprime ARMs, more than one-third of the foreclosure starts on subprime ARMs, and are responsible for most...
- Homeowners Favor Repayment Plans to Mods: No one likes reporting, but currently...
- News wire article from: Mortgage Line Collins, Brian March 19, 2008 700+ words
...384,000 foreclosures in the third...for 18% of foreclosure starts on subprime ARMs and prime...servicers started foreclosure actions on 166,000 subprime ARMs in the third...comes to subprime ARMs saying it only postpones foreclosures. "Such...due, in ...
- Foreclosures Edge Up.
- Magazine article from: National Mortgage News Harmon, Jennifer June 18, 2007 700+ words
...bills." The rate of foreclosures started on subprime ARMs jumped from 2.7% in...states had decreases in the foreclosure rate on subprime ARMs, and the national foreclosure...and continue the pace of foreclosures. What we do not know...
- New Foreclosures Reach Record.
- Magazine article from: Mortgage Servicing News Harmon, Jennifer August 1, 2007 700+ words
...bills." The rate of foreclosures started on subprime ARMs jumped from 2.7% in...states had decreases in the foreclosure rate on subprime ARMs, and the national foreclosure...and continue the pace of foreclosures. What we do not know...
- Mortgage foreclosures nearly double in Virginia: Variable-rate loans hit some...
- News wire article from: Richmond Times-Dispatch (Richmond, VA) June 15, 2007 700+ words
...highest percentage increases in foreclosure starts and foreclosures in subprime ARMs. If it were not for increases in those four states, national foreclosure starts and risky loan foreclosures would have declined. "Foreclosures...
- 3Q delinquencies up, foreclosures top record.(Briefing Book)
- Magazine article from: Mortgage Banking January 1, 2008 700+ words
...percent of the nation's foreclosure starts for prime ARMs...1 percent of the subprime ARMs and 33.7 percent of foreclosure starts for subprime ARMs. "In areas where...and leading to more foreclosures. In Michigan and Ohio...
Source: HighBeam Research, One Bright Spot.(Editorial)