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Jumbo Performance Showing Signs of Credit Improvement.
New York -- In a rare bit of good news on the loan performance front, Moody's reported that the serious delinquency rate on securitized, prime credit quality jumbo mortgages improved slightly in March.
That reverses a trend of credit deterioration, the rating agency said. It was the first time in nine months that the jumbo mortgage delinquency rate improved.
Moody's said that 0.378% of prime, jumbo mortgages were 60 or more days past due in March, down from 0.383% in February. However, the March 2007 rate was up 100 basis points from the 0.278% serious delinquency rate in March 2006.
Measured on a quarterly basis, Moody's said that the serious delinquency rate for the first quarter of this year, at 0.370%, was higher than in the fourth quarter of last year, when the rate was 0.329%.
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