Nonprime Mortgages:

Data on Loan Performance by Cohort Year, Product Type, and Location (GAO-10-806SP, August 24, 2010), an E-supplement to GAO-10-805

GAO-10-806SP: Published: Aug 24, 2010. Publicly Released: Sep 23, 2010.

Additional Materials:

Contact:

William B. Shear
(202) 512-4325
contact@gao.gov

 

Office of Public Affairs
(202) 512-4800
youngc1@gao.gov

This is an e-supplement to GAO-10-805. It provides information on the performance of nonprime loans (including subprime and Alt-A loans) originated from 2000 through 2007. After increasing dramatically from 2000 through 2006, the nonprime market contracted sharply in mid-2007, partly in response to increasing default and foreclosure rates for these mortgages. The subprime segment of the nonprime market generally serves borrowers with blemished or limited credit histories, while the Alt-A market segment serves borrowers whose credit histories are close to prime, but the loans have one or more high-risk features. This e-supplement provides information on (1) the number and percentage of nonprime, subprime, and Alt-A loans in different performance categories by cohort year at the end of each quarter from December 31, 2008, through December 31, 2009; (2) the number and percentage of nonprime loans in different performance categories by product type and cohort year as of December 31, 2009; (3) the number and percentage of nonprime loans in different performance categories by Census division and state as of December 31, 2009; (4) the estimated number and percentage of seriously delinquent nonprime loans by congressional district as of September 30, 2009, and December 31, 2009; and (5) the number and percentage of nonprime loans in the 2004 through 2007 cohorts in different performance categories at the applicable year-ends from 2004 through 2009.