First off, thanks to Morgan Brown at Blown Mortgage for giving me the heads up on this site.  The New York Fed performed massive research to determine where the largest issues are in the country.  The statistics are available for all 50 states, I’m going to concentrate with Iowa.  There is simply too much information to do more!

Here are the Subprime loan statistics:

18,771   Total Number of Owner Occupied Loans.
9.5%     Average Interest Rate
91,197   Average Balance on their loan.
2.5        Years old is the average age.
2,088     Loans Were Originated in 2007.
6,255     Loans Were Originated in 2006.
5,006     Loans Were Originated in 2005.
5,422     Loans Were Originated in 2004.
604        The Average FICO Score
88.48%  The Average Combined Loan to Value (at time of origination)
8,829     Number of Loans Not Missing a Payment in the Last Year
11,544   Number of Loans With a Current Payment
2,188     Number of Loans 30-59 Days Late
1,019     Number of Loans 60-89 Days Late
1,263     Number of Loans 90+ Days Late
2,017     Loans Currently in Foreclosure

Here are the Alt-A Statistics:

4,561      Total Number of Owner Occupied Loans.
1,430      Total Number of Non-Owner Occupied Loans.
6.875%   Average Interest Rate
116,174  Average Balance on their loan.
2.5         Years old is the average age.
490         Loans Were Originated in 2007.
1,110      Loans Were Originated in 2006.
1,554      Loans Were Originated in 2005.
1,407      Loans Were Originated in 2004.
701         The Average FICO Score
89.56%   The Average Combined Loan to Value (at time of origination)
3,694      Number of Loans Not Missing a Payment in the Last Year
4,021      Number of Loans With a Current Payment
179         Number of Loans 30-59 Days Late
93           Number of Loans 60-89 Days Late
97           Number of Loans 90+ Days Late
129         Loans Currently in Foreclosure

I have to say – the number of Alt-A loans in foreclosure surprises me.  I guess with an average FICO score of 701, these are much lower risk loans as opposed to the 604 FICO average on subprime loans.  I believe it’s statistics like this that show FICO based underwriting is a great way to asses risk.

Do you want to see how your state measures up?  You can see statistics on both Alt-A and Subprime loans.