U.S. Housing Finance Agency Single-Family Loan Programs Continue To Compare Well With Prime Pools Jul 12
Standard & Poors, July 2012
Abstract
Delinquencies in rated U.S. housing finance agencies' (HFA) single-family whole loan mortgage portfolios dropped significantly in the first quarter of 2012 to 6.66% of the aggregate balance, the lowest figure since the first quarter of 2010. This follows a delinquency average of 7.62% in the fourth quarter of 2011, the highest on record since Standard & Poor's Ratings Services began tracking indenture delinquencies on a quarterly basis in 2006. Delinquency rates are stable, although high on a historical basis, so we do not believe the drop will benefit ratings on HFA bonds unless combined with other factors. The improved performance mirrors the general improvement that the Office of the Comptroller of the Currency (OCC) reported on June 27.(1) The OCC...
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