by Calculated Risk on 9/03/2008 08:20:00 PM

The Mortgage Bankers Association (MBA) delinquencies and foreclosures report is scheduled to be released on Friday at 10 AM ET.

Goldman Sachs released a research note tonight in advance of the report (no link). Goldman analysts expect a slight rise in delinquencies (seasonally adjusted), and "well over 1% of mortgages" to have entered the foreclosure process in the 2nd quarter.

Goldman sees mixed signals on subprime loans - perhaps even a decline in delinquencies - but rising delinquencies for prime loans (and Alt-A). This is similar to Tanta's post: Subprime and Alt-A: The End of One Crisis and the Beginning of Another

If Goldman's analysis is correct, this will continue the trend reported by Housing Wire last quarter: Primed for Trouble: Pace of Mortgage Distress Shifts to Prime Borrowers

While foreclosure activity hit an all-time record in the first quarter, according to statistics released Thursday morning by the Mortgage Bankers Association, a shift of the mortgage mess towards prime borrowers appears to be taking place as well — signaling that the credit crunch that began among those with less-than-perfect credit may now be marching onward towards borrowers usually deemed better credit risks.

Expect more foreclosure records on Friday, but the details will be interesting too.