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Subprime Defaults Soar in 2006.(Brief article)
WASHINGTON -- The troubled subprime industry continues to be plagued by early defaults on adjustable-rate subprime loans originated in 2006, although the default rate on all subprime loans leveled off at 10.12% in December.
The default rate on subprime ARMs securitized in 2006 hit 4.62% in January, up 21% in just one month, according to a report by Friedman Billings Ramsey, Alexandria, Va.
The default rate of the 2006 origination year exceeds the 2005 origination year by 51.6% and the 2004 origination year by a whopping 137% at the same age, the FBR report says.
The early defaults have sparked massive loan buybacks and forced over 20 subprime lending shops to close their doors in the past few months.
(Default rates include loans that are 90 days or more past due, foreclosures and real estate-owned.)
A separate FBR report shows that the ...
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...lending practices, most involving subprime loans. And on Friday, the Mortgage Bankers...point "fact sheet" arguing that subprime loans are not a problem. Subprime lending...the government says. In theory, subprime loans can be good. In exchange for higher...
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- Newspaper article from: Baltimore Sun (Baltimore, MD) March 15, 2007 700+ words
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...borrowers have wound up with high-cost, subprime loans when they could have qualified for...borrowers, only 6.7 percent had subprime loans. In metro Orlando, the figures were...and 16.7 percent of Hispanics had subprime loans, compared with 9.3 percent of non...
Source: HighBeam Research, Subprime Defaults Soar in 2006.(Brief article)