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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (18683)	12/17/2004 8:20:28 AM
From: russwinter	Respond to of 116555

<Already "subprime" HELOC homeowners with below-average credit scores are registering a 5.43 percent delinquency rate on their outstanding lines, and "rising interest rates may push this (number) higher," said the FDIC.> Sometimes I wonder if these sub prime lenders just lie about their bad loans. Something just doesn't register. Of course so many are recent vintage that it skews it. Take NEW for example, only 2.67% over 60 day delinquency, average FICO scores of only 627. NEW portfolio performance: biz.yahoo.com The following table provides performance data on our mortgage loan portfolio as of September 30, 2004: (in thousands) 2003 Vintage 2004 Vintage Initial collateral pool $4,946,781 $7,622,892 Current collateral pool $3,515,382 $7,388,279 Delinquency (60+ days) 2.67% 0.34% Cumulative losses-to-date 0.09% -- Projected cumulative losses over life 2.59% 2.90% Weighted avg. life in years 2.95 2.86