Brazil opts for heftier budget freeze to meet fiscal goal
BRASILIA, March 29 The Brazilian government on Wednesday announced a larger-than-expected spending freeze while opting for smaller tax breaks to meet its fiscal deficit goal.
July 22 (The following statement was released by the rating agency)
U.S. mortgage performance continues to improve as the rate of new delinquencies across all sectors trend down, according to Fitch Ratings in its latest mortgage market index.
Fitch's Delinquency (DQ) Roll Rate index declined again, to 2% for second-quarter 2013 (2Q'13). This rate is down from 2.4% in 1Q'13 and 2.2% in 2Q'12. In aggregate, non-agency roll rates from current to delinquent have improved to their lowest levels since early 2007.
'The improved roll rates are driven most notably by home price increases, steady job growth and positive selection among borrowers remaining in the mortgage pools,' said Sean Nelson, Director at Fitch. One area of concern remains prime mortgage loans originated before 2005, which continue to struggle due to concentrations of adversely selected borrowers.
Rates of new mortgage delinquencies are seasonal. Second quarter delinquency rates typically post the lowest levels as a result of borrowers receiving tax refunds. That said, Fitch still sees long-term improvement even when taking seasonality into account. 'Since 2010, second-quarter roll rates have improved year-over-year,' said Nelson.
Fitch's index is published quarterly and highlights performance trends in legacy and new issue RMBS, house price conditions and mortgage market developments. Fitch's DQ Roll Rate index measures the percentage of previously performing loans that become delinquent among U.S. private label, securitized mortgage loans.
The Mortgage Market Index -U.S.A. is part of Fitch's of quarterly structured finance index reports. It is available at 'www.fitchratings.com' or by clicking on the below link.
Link to Fitch Ratings' Report: Residential Mortgage Market Index - U.S.A.
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