A mortgage snapshot
The International Monetary Fund, which released a report about the lending environment (you can go directly to the PDF, or you can go to the website and scroll down to "Chapter 1"), included these sobering charts:
The IMF says:
Subprime delinquencies on the 2006 vintage have exceeded delinquencies on loans originated in 2000 at comparable seasoning (loan age)—the worst performing vintage in the recent past—and are expected to rise further if the historical pattern holds. Loans originated in 2007 do not have sufficient seasoning to gauge overall performance, but the loan attributes are similar to those issued on loans in 2006. Thus, some of the same risk layering characteristics endemic to the 2006 vintage appear to have persisted at least through the first half of 2007, despite reportedly tighter underwriting standards.
Calculated Risk pulled another chart from the report that shows scheduled resets for adjustable-rate mortgages. Click here to see it.
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