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Industry Report Card: Mortgage Credit Losses And Capital Concerns Weigh Heavily On The U.S. Thrift Sector Jul 08
Standard & Poors, July 2008
Abstract
For U.S. thrifts, fallout from the subprime mortgage credit crisis and weak housing markets continued unabated in first-quarter 2008. This weakness in the residential mortgage markets is proving to be one of the most severe downcycles ever to occur in the U.S.; the frequency and severity of losses in subprime mortgages and second-lien home equity lines of credit have reached new peaks. At this point in the cycle, the rise of nonperforming assets and net losses in prime and Alt-A mortgages show indications that these loans may also reach peak losses, surpassing those recorded in the mortgage credit crisis of the early 1990s. West Coast thrifts in particular saw a continued increase in residential mortgage losses and nonperforming assets (NPAs),...
Companies mentioned in this report are: Bank of America Corp.,Chittenden Trust Co.,Countrywide Financial Corp.,American Savings Bank, FSB, Honolulu HI,Santander Holdings USA Inc.,Washington Mutual, Inc.,Downey Financial Corp.,Astoria Financial Corp.,People's United Financial Inc,IndyMac Bank, FSB,E-TRADE Bank,Indymac Bancorp,New York Community Bancorp, Inc
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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