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By: Staff Reporter
The number of residential mortgages more than 30 days in arrears surged in January, according to Standard & Poor’s.
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The ratings service found loans more than 30 days in arrears on residential mortgage backed securities jumped to 1.39 per cent in January, from 1.25 per cent in December 2009.
The company’s credit analyst Vera Chaplin attributed the surge in arrears to the five interest rate hikes since October last year.
According to Ms Chaplin, the effects of the last five rate hikes are finally starting to be felt by residential borrowers.
Sub-prime RMBS arrears also increased in January, rising 0.51 percentage points to 12.08 per cent.
