At the end of June, a whopping 14.07% of FHA loans in Ginnie pools were delinquent, up from 7.57% in March, according to anInside FHA/VA Lending analysis of MBS disclosures.
There was a huge spike in early-payment delinquencies in April that migrated to more serious categories of default in May and June. Last month saw a huge increase in servicer buyout of delinquent loans. (Includes four data charts.)
The vehicle-finance sector hit a pothole as new issuance skidded 26.0% from the first quarter to $21.61 billion. But that represented 62.9% of new ABS production for the second quarter.
Although ABS issuance backed by auto finance fell 26% from the first to the second quarter, the sector still accounted for nearly 57% of non-mortgage securitization in the first half of 2020. (Includes two data charts.)
Residential lenders originated $865 billion of mortgages in the second quarter, the highest level since 2003. While most shops reported robust increases, a number of top-tier banks and nonbanks failed to keep pace. (Includes two data charts.)
The call-report figures generally track buyback trends documented by Fannie and Freddie, though the bank figures may include repurchases and indemnifications linked to other buyers.