Tuesday, April 1, 2008

The mortgage meltdown is full speed ahead


I found an interesting post over on Mish's Global Economics

This picture is a screen shot of a WAMU Alt-A mortgage pool. This pool was originated in May 2007 and was 93% rated AAA. This is not a subprime pool. These are mortgages sold to people with on average a 705 FICO score.

Take a look at how poorly this pool of mortages is doing. As of this week 25.3% are 60 days or more delinquent. 13.35% are in foreclosure and 4.44% are REO.

Yea, it's contained!

2 comments:

snob from morgan hill said...

Well, with only 11.09% of full documentation, I would assume about 80% of these Alt-A loans are in trouble. Lets just wait and see the Govn't plan to help all the FB and pass the cost to taxpayer...

Anonymous said...

Thankfully, only 48% of those loans are located in CalIforn-I-A. WAAAAAAHHH!!!