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B&C Loans Withstand Pressure.
The unemployment rate has continued to edge up, but so far the weak job market has not done much damage to subprime mortgage portfolios.
Data from several sources show that subprime delinquency rates are holding steady or improving.
For instance, the Mortgage Bankers Association of America, which recently began tracking the delinquency rates for servicers with predominantly subprime loan portfolios, shows a strong improvement in overall performance in the first quarter of this year.
While the MBA cautions that its data may not be representative of the entire subprime mortgage universe, chief economist Doug Duncan recently told MSN that he believes the improvement is real.
The MBA data show a sharp decline in delinquencies among lenders that specialize in servicing subprime mortgage loans. The MBA found that the overall delinquency rate on subprime portfolios was 12.4% in the first quarter, a drop of 89 basis points from a year earlier.
While the MBA cautions that its subprime database, consisting of 1.4 million loans, may not be representative of the entire industry, Mr. Duncan said the improvement probably reflects a real trend in that sector. He said servicers have developed expertise in managing subprime loans.
"In the subprime sector, intervention is earlier and more serious. There's a more aggressive approach," Mr. Duncan told MSN.
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- Newspaper article from: Asset Securitization Report Sibayan, Karen October 7, 2002 700+ words
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Source: HighBeam Research, B&C Loans Withstand Pressure.