S&P recently downgraded its view of home prices at the national level to overvalued from undervalued. How rating services view home prices plays a role in credit enhancement levels for non-agency MBS.
Early-stage delinquencies jumped in the third quarter, prompting a quarterly increase in the total past-due rate. Many borrowers that have been in forbearance for 18 months are also reaching the end of their payment holidays. (Includes data chart.)
Mortgage-related gripes to the CFPB declined by 14% in the third quarter. Loan mods showed the weakest improvement, with complaints down 5%. (Includes two data charts.)