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Risk on B&C Loans Remains 'Elevated'.(nonprime credit quality loans)(Brief Article)(Statistical Data Included)
The risk of default on newly originated, nonprime credit quality loans has risen by over 30% since 1999 and remains 'elevated,' according to a report from University Financial Associates here.
According to UFA's quarterly Nonprime Mortgage Report, economic conditions are increasing risk on both the credit quality and collateral stability sides of the equation.
"The risk is rising because the accommodating interest rate policy of the Fed is not sufficient to offset the eroding prospects for both the consumer and the underlying housing collateral," said Dennis Capozza, professor of finance at the University of Michigan and a principal in University Financial Associates.
According to the report, the default risk index for the summer of 2002 rose to 107 from the revised reading of 97 a year ago. An index reading of 100 means that the risk of default on new, nonprime mortgage loans is equal to the average of loans originated during the decade of the 1990s. Higher ...
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