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First Payment Default, by Risk Category

Fourth Quarter 2008

New in this report are data on first payment defaults, in which borrowers fail to make the very first payment on new loans—an important early indicator of loan performance and potential fraud. The percentage of first payment defaults increased significantly over the year in all risk categories of loans other than prime loans.

First Payment Default (Percent of All Mortgage Loans in Each Category)
 First QuarterSecond QuarterThird QuarterFourth Quarter
Prime0.79%0.68%0.73%0.74%
Alt-A1.84%1.62%2.02%2.30%
Subprime3.80%3.24%3.39%4.37%
Other2.06%2.43%3.09%3.49%
Overall1.23%1.05%1.24%1.44%

 First Payment Default (Percent of All Mortgage Loans in Each Category) 


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