S&P: HFA Delinquencies Increased Significantly In 2009

Posted by Orb Staff on June 14, 2010 No Comments
Categories : Mortgage Servicing

uencies among Standard & Poor's (S&P) Ratings Services-rated housing finance agency (HFA) single-family programs have increased significantly through the end of 2009, according to a report published by S&P. The rating agency's analysis for the fourth quarter of 2009 indicates that the overall percentage of HFA loans at least 60 days delinquent or in foreclosure rose to 6.73% from 6.06% in the third quarter of 2009, compared with respective state rates of 7.93% and 7.41%. ‘The year-over-year increase in delinquency among HFA bond programs was 55 percent in fourth-quarter 2009, compared with 30 percent and 13 percent for the same quarter in 2008 and 2007,’ says Standard & Poor's credit analyst, Lawrence Witte. ‘The growth in HFA delinquency exceeded that of states, which saw a 44 percent increase in fourth-quarter 2009 over fourth-quarter 2008.’ This is the first time since 2006 that HFAs' delinquency rates worsened more quickly than states', S&P says. SOURCE: [link=http://www.standardandpoors.com]Standard & Poor's

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