Ginnie Mae mortgages are now having defaulting problems

The 2007 vintage of Ginnie-backed mortgages holds more delinquent loans by percentage than any other, and across all coupon stacks, the 6% segment is the most troubled. According to Credit Suisse analysis, of the Ginnie mortgages that fall into those two categories, 17.6% are in 90-plus delinquency or worse...

...Earlier in the week, Ginnie said it would begin disclosing which loans in its pools had been through the loss mitigation process. These loans would qualify for that disclosure, but Credit Suisse analysts said modified loans reset their duration expectancy, or the expected amount of time it would either default or pre-pay.

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