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Jumbo Mortgage News

Jumbo Performance Sinks

December delinquency 9.2%

Jan. 12, 2010

By staff

Delinquency on loans backing prime jumbo issuances has nearly tripled over the past year. Negative equity was to blame for the poor performance.

Late payments on securitized jumbo loans to borrowers with prime credit jumped to 9.2 percent in December, Fitch Ratings reported today. Loans are considered late when they are at least two months past due.

In December 2008, securitized mortgage delinquency was just 3.2 percent.

Fitch noted that for just the 2006 and 2007 vintages, the delinquency rate shot up to 12.7 percent from 4.3 percent.

Delinquency on loans located in Florida and backing residential mortgage-backed securities was 16 percent. Florida accounted for 6 percent of the loans reviewed by Fitch.

In California, where 44 percent of jumbo loans are located, delinquency was 10.8 percent. New York, with its 7 percent share of U.S. jumbo loans, had a 5.8 percent 60-day rate. Virginia, which had a 5 percent share, and New Jersey, with a 4 percent share, each had a delinquency rate of 2.3 percent.

Fitch pointed to the high level of negative equity in its assessment of the deterioration. On jumbo loans that are still current, one-third are above 100 percent loan-to-value.

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