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Strategies & Market Trends : WCI Communities, Inc. (WCI)

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To: Dan3 who wrote (31)	11/29/2006 7:07:37 AM
From: Dan3	Read Replies (1) of 56

Housing market update (mentions WCI) Here's an excerpt from a very long article: Tom Zimmerman, head of ABS research for UBS, and David Liu, head of mortgage credit, discussed how much higher loan delinquencies and foreclosures are for 2006 subprime loans compared with similar subprime loans from earlier years _ the result of deteriorating underwriting quality from lenders combined with a slower housing market. Still, despite the adverse conditions, "I guess we are a bit surprised at how fast this has unraveled," said Zimmerman. While it's "not a secret that subprime collateral has performed pretty disastrously so far," he said, "I must say we were a bit surprised by the magnitude with which" the loans "deteriorated this year." The rate of subprime loan delinquencies of 60 days or more _ meaning borrowers are that far behind in their payments _ has climbed to about 8 percent, up from about 4.5 percent a year ago. These 60-day plus delinquencies jumped up fairly sharply in the past few months, to 3.63 percent for the 2006 loans in October, up from 2.95 percent in September and 1.62 percent in July, according to UBS research. globaleconomicanalysis.blogspot.com

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