One trade association says that mortgage loan delinquencies are at the highest level in 32 years, while another one reports a May delinquency decline to the lowest level this year.
They both can't be right, or can they? They can and they are. Late last month the Mortgage Bankers Assn. said that 6.19% of a sample of 9.2 million home loans surveyed were at least 30 days past due, representing the highest delinquency level since the association began keeping records in 1953.
Now comes the United States League of Savings Institutions with the report that 1.68% of residential loans held by 900 savings institutions were 60 days or more past due. This represents a significant decline from a delinquency ratio of 1.99% in April and 2.22% in January.
"This is an indication of the economic turnaround and the strong underwriting practices of savings institutions," according to William B. O'Connell, the league's president.