S&P: Alt-A Loan Defaults Remain Uncomfortably High
The growth rate of Alt-A loan delinquencies remains uncomfortably high, but defaults are beginning to moderate, a new industry survey shows.
The Alternative-A RMBS Performance Update report from Standard & Poor’s says that as of the July 2009 distribution date, total delinquencies were 27.49% for the 2005 vintage, 39.25% for the 2006 vintage, and 35.85% for the 2007 vintage.
“Although delinquencies continue to increase, there are signs that the pace of growth is starting to slow,” said the credit research study.
For the 2005 vintage, total delinquencies increased at a rate of 0.82% between June and July, but that’s quite a bit lower than the 2.34% average growth rate in the prior three months. Serious delinquencies â€
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