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Thrifts Withstand Higher Home Loan Delinquencies: Single-family loans 90 days or more past due have risen to 1.16%, up from 0.76% at the start of the year.
WASHINGTON -- Thrift institutions originated $173.3 billion in single-family loans in the second quarter and posted strong profits despite an increase in troubled assets.
The second-quarter single-family originations were up 17% compared to a year ago and it turned out to be the best quarter in terms of thrift loan production in nearly two years.
However, non-current loans and foreclosures are rising and hit 0.95% of total assets as of June 30, the highest level since 1997, according to the Office of Thrift Supervision.
Single-family loans 90 days or more past due have risen to 1.16%, up from 0.76% at the start of the year. Subprime loans make up only 4% of thrift mortgage assets.
During the same six-month period, serious delinquencies on construction and land loans have jumped from 0.91% to 1.61%.
OTS officials expected delinquencies to increase but they noted that thrifts are increasing their reserves faster than charge-offs are rising.
Meanwhile, refinancings comprised 48% of thrift origination as adjustable-rate mortgage holders continue to move into fixed-rate loans. ARMs comprised only 10% of thrift loan production in the second quarter.
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