The agency has banned so-called spot loans and will insure mortgages only on units in condo projects that have passed a certification process that examines budgets, reserves, insurance coverage, percentage of renters in the development, and delinquencies on payment of condo fees.
Our study provided interesting empirical results in three main areas: First, we addressed the effect of payment shocks on subsequent mortgage delinquency.
Under the rule proposed by the S.E.C., issuers would be required to disclose any such developments, including changes in the issuer's credit rating, delinquencies in payment of principal or interest, and unscheduled draws on debt service reserves.
One way to get there first: Subscribe to a data service that tracks public notices of delinquency (mortgage payments unpaid 90 days), which signal possible foreclosure.
The effect of payment shocks on subprime hybrid ARM mortgage prepayment and delinquency is examined.
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