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MBIA Inc. Message Board

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  • nilsdegraaf nilsdegraaf May 24, 2010 4:29 PM Flag

    Upgrades

    Note that 2006 and 2007 vintages are most relevant for MBIA:

    NEW YORK (Standard & Poor's) May 24, 2010--Overall performance of U.S. residential mortgage-backed securities (RMBS) transactions backed by closed-end second-lien collateral was mixed as of the April 2010 distribution
    date, according to Standard & Poor's Ratings Services' recent "U.S. Closed-End Second-Lien RMBS Performance Update" report.

    Total delinquencies were 9.84%, 13.15%, 17.99%, and 16.65% of the current aggregate pool balances in April for the 2004, 2005, 2006, and 2007 vintages, respectively. Compared with the March 2010 distribution date, these figures
    were up roughly 1.65% for the 2004 vintage and down roughly 2.23%, 5.71%, and 5.51% for the 2005, 2006, and 2007 vintages, respectively.

    As of the most recent reporting period, serious delinquencies were approximately 5.97%, 7.80%, 12.77%, and 11.54% of the current pool balances for the 2004, 2005, 2006, and 2007 vintages, respectively. Compared with the
    prior distribution date, serious delinquencies increased approximately 7.37% for the 2004 vintage and decreased roughly 0.64%, 4.70%, and 4.07% for the 2005, 2006, and 2007 vintages, respectively.

    Cumulative losses have steadily increased for the 2004-2007 vintages over the past six months, but the rate of increases slowed in April compared with the prior period. As of the April 2010 distribution date, cumulative losses totaled 4.95%, 21.16%, 35.49%, and 38.17% of the original aggregate pool balances for the 2004, 2005, 2006, and 2007 vintages, respectively. Compared with the previous distribution date, cumulative losses were up approximately 0.41% for 2004, 1.00% for 2005, 1.75% for 2006, and 2.11% for 2007.

 
MBI
9.96+0.02(+0.20%)Jul 29 4:00 PMEDT

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