The author has been described by News Ltd as an "iconoclast", "Svengali", a pollie's "economist muse", and "pungently accurate". Fairfax says he is a "Renaissance man" and "one of Australia’s most respected analysts." Stephen Koukoulas concludes that he is "85% right", and "would make a great Opposition leader." Terry McCrann claims the author thinks "‘nuance’ is a trendy village in the south of France", but can be "scintillating" when he thinks "clearly". The ACTU reckons he’s "an enigma wrapped in a Bloomberg terminal, wrapped in some apparently well-honed abs."

Monday, January 30, 2012

Mortgage arrears fall

Unlikely you will read this good-news story from the SMH's Chris Vedelago. According to Banking Day:

Arrears of 30 days or more on home loans in securitised mortgage pools declined to 1.52 per cent at the end of September 2011, from 1.69 per cent at the end of June 2011, data released by Standard & Poor's on Friday shows. Arrears on prime low-doc arrears improved slightly to 5.67 per cent, from 5.71 per cent. Arrears on non-conforming loans fell to 10.38 per cent, from 11.65 per cent, over the same period.

The Debt Capital Market Review adds:

S&P attributed the improved arrears performance generally to a recovery from flood related disruptions to mortgage repayments earlier in 2011. Critically, S&P notes that its pre-payment index for prime RMBS increased to 23.24% at the end of September, from just 17.83% at the end of June.
at 7:58 AM