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Overall delinquencies on non-conforming loans stabilised in the March quarter but 90 plus day delinquencies increased to a record high.
According to Moody’s latest report, 90 days past due delinquencies on non-conforming RMBS reached 10.17 per cent in the first quarter. Moody’s believes this is unlikely to reverse any time soon as credit market difficulties continue.
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"Looking ahead, Moody's expects delinquency levels to remain at recent highs with significant upward pressure in the current economic environment," commented Moody’s analyst Ryan Lu yesterday.
To date however, Lu added, the performance of the non-conforming sector has still been within Moody's expected levels and has not warranted any rating action.
