U.S. RMBS: Non-QM Performance Gradually Improves in H2 2020 as Issuance Begins to Rebound Amid Spiking Call Activity
The credit performance of U.S. residential mortgage-backed securities backed by non-Qualified loans rated by DBRS Morningstar gradually and steadily improved since June 2020 when the share of the borrowers who became delinquent on their mortgage payments peaked at nearly 22% amid the economic crisis caused by the Coronavirus Disease (COVID-19) pandemic. Since then, more than half of the seriously delinquent borrowers became current again or paid off their mortgages.
DBRS Morningstar is a global credit ratings business with 700 employees in eight offices globally. DBRS and Morningstar Credit Ratings are committed to empowering investor success, serving the market through leading-edge technology and raising the bar for the industry.
Together, we are the world’s fourth largest credit ratings agency and a market leader in Canada, the U.S. and Europe in multiple asset classes. We rate more than 2,600 issuers and 54,000 securities worldwide and are driven to bring more clarity, diversity and responsiveness to the ratings process. Our approach and size provide the agility to respond to customers’ needs, while being large enough to provide the necessary expertise and resources. For more details visit us at dbrs.com.
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