Abstract: Total delinquency rates for U.S. home equity line of credit (HELOC) residential mortgage-backed securities (RMBS) transactions originally rated in 2005 through 2007 generally showed signs of improvement as of the August 2008 distribution date. Delinquencies were 10.03%, 12.28%, and 8.47% of the current aggregate pool balances for the 2005, 2006, and 2007 vintages, respectively. When compared with the July 2008 distribution date, the figures decreased approximately 3.00% and 3.46% for the 2005 and 2006 vintages, respectively, but rose marginally, by 1.56%, for the 2007 vintage. Serious delinquencies (90-plus days, foreclosures, and real estate owned {REO}) exhibited similar trends for these vintages. As of the August 2008 reporting period, serious delinquencies for the 2005, 2006, and 2007 vintages were approximately 6.49%,

Brief Excerpt: RESEARCH Ratings Definitions U.S. HELOC RMBS Performance Update: August 2008 Distribution Date Publication date: 30-Sep-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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