Early reviews of the 2007 vintage of Subprime, Alt-A and Prime Jumbo residential mortage-backed securities indicate it will be the worst ever in terms of delinquencies, judging from Standard & Poor's latest assessment.
As of the April 2008 distribution date, total delinquencies for subprime RMBS transactions were 36.79%, 37.11%, and 25.87% of the current aggregate pool balances for the 2005, 2006, and 2007 vintages, respectively. This is an increase of approximately 2% for the 2005 vintage, 4% for 2006, and 6% for 2007 when compared with March 2008 according to S&P.
2007 Worst-Ever Vintage for US Subprime, Alt-A RMBS [Reseach Recap]
Posted by guest, May 23, 2008 1:33PM
Hey, since everybody else stopped paying their mortgages, maybe I can join in the party!
Later on when I apply for work and they try to turn me down for my BK I'll remind them A) you can't take an adverse action on a prior BK and B) I was hopped up on cocaine when I signed that 5/10 ARM and I'm all better now, and living in a studio-efficiency.