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Nonprime 30-Days Improve

7.8% RMBS 30-day subprime delinquency

April 5, 2007

By MortgageDaily.com staff

While delinquency of at least 60 days on subprime loans continued to climb during the latest month -- 30-day delinquency on securitized nonprime loans improved.

Securitized subprime loans past due at least 30 days in January were 7.8 percent, according to data from First American LoanPerformance. The latest month's figure fell from the previous month's level of 8.7 percent but was worse than 6.4 percent a year earlier,

Despite the 30-day improvement, delinquency of at least 60 days and greater worsened to 14.3 percent, up from 13.4 percent in December, the data showed. The level of 60-day lates on subprime loans backing residential mortgage-backed securities in January 2006 was 8.4 percent.

Foreclosed RMBS subprime loans reportedly increased to 4.3 percent from 4.0 percent in December, while the percentage of real estate owned rose to 1.8 percent from nearly 1.6 percent.

Of all subprime loans serviced -- including those backing bonds, one-fifth were 30 days or more past due in February, unchanged from January but much higher than 14.3 percent a year earlier, First American said.

Newer delinquencies also improved during January for Alt-A loans packaged in securities, as about 2.4 percent were at least 30 days delinquent, compared to 2.6 percent the previous month, First American said. However, 30-day delinquency was worse than 1.9 percent in January 2006.

The share of Alt-A loans 60 days or more late rose to 2.6 percent from 2.3 percent in December and 1.3 percent a year earlier, according to the data.

About 0.9 percent of Alt-A loans went into foreclosure in January, slightly up from 0.8 percent, First American reported. The percentage of Alt-A loans in REO status edged up from the previous month to above 0.3 percent.

Nonprime and Subprime News | Subprime Statistics
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