by Calculated Risk on 6/14/2007 10:35:00 AM

From AP: Foreclosures Up on Subprime Mortgages (hat tip Dirk)

Late payments and new foreclosures on adjustable-rate home mortgages made to people with spotty credit histories spiked to all-time highs in the first three months of this year.

The Mortgage Bankers Association, in its quarterly snapshot of the mortgage market released Thursday, reported that the percentage of payments that were 30 or more days past due for "subprime" adjustable-rate home mortgages jumped to 15.75 percent in the January-to-March quarter.

That was a sizable increase from the prior quarter's delinquency rate of 14.44 percent and was the highest on record ...

Remember, the delinquency rate doesn't include homes in foreclosure. Last quarter, the total for adjustable subprime loans was 14.4% delinquent plus 4.5% in foreclosure, for a total of 18.9% either delinquent or in foreclosure.