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Friday, May 18, 2007

Subprime delinquencies higher than reported

by Calculated Risk on 5/18/2007 06:08:00 PM

Via Mathew Padilla at the O.C. Register: Subprime delinquencies higher than reported. Padilla writes:

Forget that 13% subprime delinquency number you heard about so much in the press ... I quizzed the MBA and got this in response from Jay Brinkmann, vice president of research and economics:
... our latest subprime numbers are 14.4% delinquent by at least one payment, plus another 4.5% in foreclosure, for a total of 18.9% either delinquent or in foreclosure. For just subprime ARMs that number is 21.1%...