Rising Delinquencies In U.S. Housing Finance Agency Loan Programs Shouldn't Hurt Bond Ratings Mar 12

Standard & Poors, March 2012

Abstract
Delinquencies in rated U.S. housing finance agencies' (HFA) whole loan mortgage portfolios continued to rise in the third quarter of 2011, but not to a level that will likely affect HFA bond ratings, in Standard & Poor's Ratings Services' view. Single-family loan delinquencies surpassed 7% of the aggregate loan balance for the first time since the fourth quarter of 2010. State loan delinquencies that are comparable by mortgage insurance type also rose to their highest level since the fourth quarter of 2010. Foreclosures remained low in both HFA and state portfolios, but as with delinquencies, they have increased significantly for each type of loan since 2006. Although we anticipate that weaker performance will continue, we believe that any additional deterioration...

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