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ISCOVER
Staff Reporter
Mortgage arrears are on the rise again, with new data showing slight growth in January.
According to Standard & Poor’s latest Mortgage Performance Index, arrears on loans underlying Australian prime residential mortgage-backed securities (RMBSs) increased by 7 basis points to 1.34 per cent in January 2013.
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Subprime RMBS arrears also climbed in January, rising 61 basis points to 8.11 per cent in January, with $1.8 billion in subprime RMBSs outstanding as of Jan. 31, 2013.
The low-documentation loan SPIN increased 49 basis points to 6.74 per cent in January, and full-documentation loan SPIN rose 6 basis points to 1.13 per cent.
The low-doc SPIN is now at the highest level recorded to date.
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