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Jumbo Overdue Rate Jumps.(Brief article)
NEW YORK -- Serious delinquencies on securitized jumbo mortgage loans increased sharply in July and August, according to Moody's Investors Service.
At the end of August, Moody's said the percentage of jumbo mortgages more than 60 days past due reached 0.300%. That was 40% higher than the year earlier delinquency rate. 0.089% of jumbo loans were more than 90-days past due, almost 30% higher than one year earlier.
The index also found a 58% increase in REO and a 48% increase in foreclosures compared to August of 2005.
Moody's attributed the rising delinquency rate to the slowdown in home price appreciation, a weakening housing market, and rising interest rates.
And don't blame exotic loans made to subprime borrowers for the problem. Moody's jumbo mortgage indexes are comprised of pools of first-lien mortgages made to prime credit quality borrowers. The index tracks pools that ...
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Source: HighBeam Research, Jumbo Overdue Rate Jumps.(Brief article)