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DBRS: Subprime Exposure Concentrated Across Six Metro Areas.
NEW YORK -- The distribution of recent vintage subprime loans appears to be concentrated across six major metropolitan areas, according to a recent report by credit ratings agency DBRS.
In its report, "Analysis of Subprime Loan Concentration by Major Metropolitan Area and Corresponding Economic and HPA Trends," DBRS reviewed the distribution of subprime loans by MMA for recent vintages (transactions closing in the later half of 2005 through the end of 2006), given the declining hope price appreciation environment occurring in most MMAs and the predisposition of subprime loan performance to correlate with HPA rates.
According to the report, potentially more than one-third of subprime exposure on a dollar basis is concentrated across Los Angeles (which DBRS estimates at 18.11%), San Francisco (6.24%), New York (8.82%), Chicago (3.27%), Washington (4.92%) and Miami (3.47%).
All of these areas are currently experiencing declining HPA rates based on the most recent data from the Office of Federal Housing Enterprise Oversight and Fiserv Case Shiller Weiss.
Although borrowers in earlier vintages were ...
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Source: HighBeam Research, DBRS: Subprime Exposure Concentrated Across Six Metro Areas.