![]() Information regarding FHA mortgages is available on the HUD web site.įor more on subprime mortgages and the mortgage markets see:Īvery, Robert, Bevoort, Kenneth and Canner, Glenn. In late 2009 the main channel of mortgage credit for higher risk borrowers was through the FHA guarantee program. You can view this at the FRBSF website, The Economy: Crisis & Response listed below. Based on third quarter 2009 data from the MBA, 17.4 percent of subprime loans were “seriously delinquent”: 90 days or more past due or in foreclosure.Īlso note that since mid-2007 originations of new subprime loans have all but dried up. Since mid-2007, the number of subprime loans has dropped substantially, owing to their high default rate. Based on the MBA data, subprime loans as a share of total residential mortgage loans reached a high of about 14 percent in the second quarter of 2007. Nevertheless, other evidence indicates that the share of subprime borrowers rose substantially in the latter stages of the recent housing boom that extended into 2005. Note that the very sharp rise in the subprime share in 2003, shown in Chart 1, in part reflects an increase in coverage by the MBA survey. The total number of loans serviced each quarter, as compiled through the survey, is also included in the data.” 1įrom these data we are able to derive the share of subprime loans by dividing the number of subprime loans being serviced by the total number of loans being serviced. At each geographic classification, there are 7 measures: total delinquencies, delinquency by past due category (30-59 days, 60-89 days and 90 days and over), new foreclosures, foreclosure inventory and seriously delinquent. Delinquency and foreclosure measures are broken out into loan type (prime, subprime, VA and FHA) and fixed and adjustable rate products. “…based on a sample of more than 44 million mortgage loans serviced by mortgage companies, commercial banks, thrifts, credit unions and others, NDS provides quarterly delinquency and foreclosure statistics at the national, regional and state levels. The MBA publishes quarterly data on loans outstanding and loan performance for subprime and other types of loans in its NDS. These loans are not guaranteed by the Federal Housing Administration (FHA). Subprime mortgages are residential real estate loans that are generally considered to be higher risk. Share of Subprime Mortgages to Total Mortgages You can also visit the Press Center section of the MBA Web site and look for the latest free National Delinquency Survey (NDS) results. ![]() ![]() The MBA data are often used to estimate subprime loans’ share of total mortgages. For information on subprime mortgages, as well as mortgages in general, look to data published by the Mortgage Bankers Association (MBA)-a trade association that sells market research and data on its web site.
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