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Politics : Stockman Scott's Political Debate Porch
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To: Jim Willie CB who wrote (6220)9/12/2002 9:23:24 PM
From: stockman_scott  Read Replies (1) of 89467
 
Loan Delinquency Rate Climbs to 8-Year High

From Reuters

Loan and lease delinquency rates at U.S. banks rose to their highest levels in eight years in the second quarter on climbing late commercial and industrial loan payments, according to recent Federal Reserve data.

The delinquency rate at all banks climbed to 2.76% in the three months ended in June, the Fed said in a report on charge-off and delinquency rates on loans and leases at commercial banks. The last time the rate of delinquencies was higher was in the second quarter of 1994, at 2.84%.

Late commercial and industrial loan payments rose to a rate of 3.99% in the quarter, the highest rate since 4.2% in the first quarter of 1993.

Delinquent loans are 30 days past due.

Delinquency rates for commercial bank loans crested above 6% at the end of 1990 and the beginning of 1991, when the U.S. economy was in recession. The level of late loans at commercial banks has been below 3% since early 1994.

The delinquency data come as mortgage bankers report that the rate of mortgage foreclosures surged to its highest level in at least 30 years.

The Mortgage Bankers Assn. of America reported Monday that 1.23% of mortgages were in foreclosure in the second quarter, the highest level in the 30 years the trade group has tracked the number. In addition, 4.77% of mortgage borrowers were delinquent, in the second quarter, the group said.

Analysts attributed the rise in foreclosure rates to climbing unemployment and other factors.

latimes.com
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