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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: Ramsey Su who wrote (49535)1/12/2006 10:53:22 AM
From: russwinter  Read Replies (2) of 110194
 
So if we exclude the so called hurricane related deliquencies which are 6% of the total we still see overall bulk deliquencies up to 6.19% from 5.95% in the 3rd quarter. More importantly here's what the new resets looked like going into year end, a whole new set of cohorts put into the grip:

1 year Libor
October: 4.68 vs. 2.53 last year
Nov: 4.74 vs. 2.96
Dec. 4.83 vs. 3.10
Jan: now 4.85 vs. 3.27
Feb; now 4.85% vs. 3.51%

Starting in March though, unless rates move higher, the resets will get a little more toned down:

March; Libor now 4.85 vs 3.84
April: 4.85 vs 3.71

However, the offset is the first and second quarter were huge originations dates, next quarter's persistency (over year old mortgages) will spike even higher:
idorfman.com
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