Skip to main content

National Default Rates Continue to Slide in June
Jul 16, 2013

Data through June 2013, released by S&P Dow Jones Indices and Experian for the S&P/Experian Consumer Credit Default Indices, showed decreases in national default rates during the month. Both national composite and the first mortgage default rates hit new post-recession lows. The national composite was 1.34 percent in June, down from 1.42 percent in May. The first mortgage was 1.23 percent in June, down from 1.31 percent posted last month. The second mortgage posted 0.54 percent in June, the lowest rate in the history of the index. It was down from 0.60 percent posted in May. The bank card rate was 3.41 percent in June vs. 3.63 percent in May. The auto loan default rate hit a new low in June posting 1.00 percent; it was marginally down from its 1.04 percent May level. “Consumers’ financial condition continues to improve," said David M. Blitzer, managing director and chairman of the Index Committee for S&P Dow Jones Indices. “Across all categories default rates are falling. The first mortgage hit a new post-recession low of 1.23 percent in June. Bank card default rate was 3.41 percent, 22 basis points down from last month. The second mortgage and auto loan default rates hit new lows of 0.54 percent and 1.00 percent since the indices began in 2004. All loan types remain below their respective levels a year ago. “Two of the five cities, New York and Miami, saw decreased default rates in June. New York dropped 61 basis points and Miami was down 13 basis points this month. Miami was at a post-recession low of 1.75 percent. Chicago, Dallas and Los Angeles were slightly up by four, seven and eight basis points respectively. All five cities have default rates at or less than 1.75 percent and remain below default rates they posted a year ago, in June 2012.”
Jul 16, 2013
CFPB Issues Guidance On AI In Credit Underwriting

Creditors must provide specific and accurate reasons for credit denials, even with complex AI models.

Sep 19, 2023
Intercontinental Exchange Completes Black Knight Acquisition; Births Dark Matter Technologies Under Constellation Software

Rich Gagliano takes the helm at Dark Matter Technologies, poised to lead the future of Empower LOS with a 1,300-strong team, blending startup agility with decades of industry experience.

Sep 18, 2023
FHFA Invites Public Engagement On Modernized Credit Score Transition

Stakeholder forums and listening sessions planned to ensure seamless rollout; extended timeline for bi-merge credit report requirement in play.

Sep 11, 2023
Desperation Drives Difficulty in Closing Mortgages in California

Analysis reveals California among top 20 toughest states for mortgage closures.

Sep 11, 2023
If You Build It, They Will Come

Ratings will go a long way toward growing the market for home equity-backed securities

Sep 07, 2023
Investors May Be Losing Interest In The Single-Family Rental Market

Rise in interest rates, drop in values have them pulling back in certain regions

Sep 07, 2023