Non-Agency MBS Default Rates by State and Type of Loan; Gold, Silver, and Bronze Medal Underperformance "Winners" Announced

Inquiring minds are investigating the American Securtitization Forum Non-Agency Market Review for December 2010.

Throughout this report, "% 60+ DQ, BK, FC, or REO" refers to the percent of loans, by outstanding balance, for which either the borrower is at least 60 days delinquent according to the Mortgage Bankers' Association (MBA) delinquency methodology, the property is in the process of foreclosure, the property is currently Real Estate Owned by the owner of the loan due to borrower default, or the borrower is currently in bankruptcy.

Here are a few of the charts from the report. Click on any chart to see a sharper image.

All Products



Subprime



Alt-A



Jumbo Mortgages



California Alt-A By County



Florida Alt-A By County



Option ARMS



Gold, Silver, and Bronze Medal Winners Announced

• Florida was the gold medal "winner" in the subprime and Alt-A categories and the silver medal winner in Jumbos. Florida also won the gold medal for best overall performance.
  
• Nevada won the silver medal in the subprime and Alt-A competitions and the gold medal in Jumbos, where it trounced Florida. Nevada easily outdistanced the rest of the pack in overall scoring and won the silver medal for overall performance.
• Illinois and New Jersey were neck-and-neck in the remaining states. It went down to the wire but Illinois and New Jersey (both dark-horse candidates) finished in a statistical dead-heat and share the bronze medal for overall performance.
  
• In individual competition, New Jersey won the bronze medal in the subprime and Alt-A competitions. This has New Jersey residents screaming foul about the shared bronze medal for overall performance. Many claim Illinois bribed the judges to win its lone medal.
  
• New York finished in 5th place and did not win any individual medals. However, New York did beat Illinois in the Alt-A competition with a 4th place finish to 5th place for Illinois. New Jersey residents suggest this is further proof that Illinois bought the judges to win its bronze medal in the overall competition.
  
• Shockingly, California was not in contention for any medals in any category. The best California could do was 5th place in the Jumbos competition.
• Illinois, New Jersey, and New York all beat California in every category except Jumbo Loans.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
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