Impac Mortgage Holdings (IMH)

[JoeBlack]

S&P: Delinquencies among subprime mortgages from 2005 through 2007 continue to rise


NEW YORK (AP) -- Credit ratings agency Standard & Poor's said Thursday that subprime mortgages bundled into securities that were rated between 2005 and 2007 continue to increasingly default.
Subprime mortgages are loans given to customers with poor credit history.

At the end of April, delinquencies among 2005 vintage loans reached 36.8 percent, an increase of 2 percent from the previous month.

Delinquent loans from 2006 totaled 37.1 percent, a 4 percent jump from March.

About 25.9 percent of loans from 2007 were delinquent at the end of April, a 6 percent increase from a month earlier.

Loans from 2007 continue to be the worst-performing of the bunch, S&P said in a statement. After 12 months, cumulative losses in 2007 represent 0.49 percent of the original aggregate size of securities. After a similar period, 2006 vintage loans cumulative losses were 0.29 percent.