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Jumbo, HEL Delinquency Worsens

HEL 60-day lates 15.24% in August; Jumbos 0.527%

October 29, 2007

By MortgageDaily.com staff


Monthly delinquency on jumbo mortgages and home equity loans worsened, while prepayment speeds slowed.

Delinquency of at least 60 days on home equity loans backing residential mortgage-backed securities rated by Moody's Investors Service was 15.24 percent during August, according to Moody's U.S. Home Equity Index Composite: September 2007 announced today. Late payments rose from 14.17 percent in July -- maintaining a worsening trend.

The ratings agency said HEL foreclosures jumped to 6.25 percent in August from 5.65 percent the prior month. The charge-off rate was 3.02 percent, climbing from 2.68 percent in July.

Home equity prepayments continued to slow, with the 12-month index falling to 20.1 percent in August from 24.2 percent the previous month.

Jumbo mortgage delinquency of at least 60 days, while much lower than for HELs, also rose -- to 0.527 percent from July's 0.498 percent, Moody's U.S. Jumbo Mortgage Credit Indexes for the September 2007 reportedly said. A year earlier, the index was at 0.300 percent.

The 30- to 90-day delinquency rate on jumbo loans, which are those that exceed the current conforming limit of $417,000, was 0.531 percent in August, according to the report.

The jumbo 1-month prepayment index was reported at 12.12 percent, falling from 13.57 percent in July.

"Prepayments on securitized jumbo mortgage loans, which have been trending downward since April, fell again in August 2007," the statement said.

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