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IndyMac’s (IMB) credit data for July came out last week—and provided more evidence that deterioration there is stabilizing. In particular, 30-plus-day delinquencies on the company’s entire managed portfolio rose by just 11 basis points from June, to 5.46%. That’s a marked slowdown from the 98 bps rise in delinquencies the portfolio saw in the second quarter versus the first. (As far as that goes, delinquencies on the company’s subprime portfolio actually fell by 8 bps in July, to 22.44%.) More concerning was a 66 bps rise in delinquencies in the second-lien portfolio. Then again, second liens make up just 4% of the company’s servicing portfolio.

In all, it’s hardly the picture of a company where credit quality is about to spiral out of control. On the available evidence, it appears the worst of the deterioration is over.

In any event, here is the data.

Source: Calming of the Storm at Indymac