Abstract: Total delinquency rates increased for U.S. home equity line of credit (HELOC) residential mortgage-backed securities (RMBS) transactions originally rated in 2005 through 2007 as of the April 2008 distribution date. Delinquencies were 9.33%, 11.87%, and 7.22% of the current aggregate pool balances for the 2005, 2006, and 2007 vintages, respectively. When compared with the March 2008 distribution date, the April figures increased approximately 1.52%, 3.67%, and 4.18% for the 2005, 2006, and 2007 vintages, respectively. Serious delinquencies (90-plus days, foreclosures, and real estate owned {REO}) also increased for the 2005 through 2007 vintages. As of the April 2008 reporting period, serious delinquencies for the 2005, 2006, and 2007 vintages were approximately 5.55%, 6.63%, and 3.48% of the current aggregate pool

Brief Excerpt: RESEARCH Ratings Definitions U.S. HELOC RMBS Performance Update: April 2008 Distribution Date Publication date: 20-May-2008 Primary Credit Analyst: John Rivera, New York (1) 212-438-2449; john_rivera@standardandpoors.com Secondary...

Report Type: Commentary
Sector: Asset-Backed Commercial Paper, Asset-Backed Securities, Collateralized Debt Obligations, Commercial MBS, Real Estate Companies, Residential MBS, Servicer Evaluations, Structured Finance
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