Residential mortgage default levels still on rise

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Residential mortgage default levels still on rise -> irishtimes.com/newspaper/fin … 70767.html

The 90-plus day delinquency rate increased to 5.38 per cent in October from 5.14 per cent in September, Moody’s said.
The 360-plus day delinquent loans, which are used as a proxy for defaults, accounted for 1.47 per cent of the outstanding portfolios in October.
This was up from 1.38 per cent in September. This percentage rate has more than doubled in the past 12 months, the figures show.
Moody’s tracks €40.9 billion in Irish residential mortgages from AIB, Bank of Scotland (Ireland), Bank of Ireland/ICS, EBS, Irish Life Permanent, KBC and Ulster Bank/First Active.
Its latest figures show that 9.89 per cent of First Active’s €3.49 billion in residential mortgages are 90 or more days in arrears.
Bank of Scotland (Ireland) was next worst, with an arrears rate of 6.08 per cent.
AIB’s arrears rate was 1.28 per cent while Bank of Ireland/ICS had a rate of 2.72 per cent.
These figures, however, only relate to residential mortgages that were sold to investors as part of bond issues.

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