The delinquency rate among loans from state housing finance agencies reached 7.5% at the end of 2010, up a full percentage point from the previous quarter and the highest rate on record, according to Standard & Poor’s.
While analysts do not expect the rising delinquencies to cause negative rating actions, they warned deteriorating loan performance could continue “for several years.” The delinquency rate on the 34 HFA whole-loan bond programs exceeded those of comparable state loans for the second quarter in a row. It’s also the third consecutive quarter more than 20 HFA programs had delinquencies increase.
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