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Jumbo, HEL Performance Continues Decline

Moody's reports performance indices for September

November 29, 2007

By MortgageDaily.com staff

Delinquency on home equity and jumbo loans backing loan securitizations continued to ascend while prepayments continued to decline, according to a ratings agency report.

Home equity loans backing residential securitizations that were at least 60 days delinquent during September were 16.53 percent, according to Moody's Home Equity Index Composite announced today. The figure was up from 15.24 percent during August.

September's HEL foreclosure rate was 6.62 percent, rising from 6.25 percent, Moody's reported. The rate of real estate owned was 3.33 percent.

The ratings agency said the annualized charge-off rate index for HELs climbed to 3.31 percent from 3.00 percent in August.

Prepayments on HELs "have fallen sharply over the past two months, with the 1-month CPR index falling to 20.1% in August and 16.7% in September," Moody's said.

On jumbo mortgage-backed securities, Moody's reported that 0.724 percent of loans were between 30 and 59 days delinquent, rising from 0.531 percent in August. Loans at least 60 days delinquent jumped to 0.598 percent from 0.525 percent.

Jumbo prepayments were down for the sixth consecutive month, "with the aggregate 1-month CPR dropping from 12.1% in August to 8.9% in September," the New York-based company said.

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