As we all know, the "sand states" (Arizona, California, Florida and Nevada) have residential delinquency rates in the nosebleed territory, but guess which state is the subprime late payment king? That distinction belongs to Mississippi, which according to the Mortgage Bankers Association, has a subprime (FRMs, that is) total past due rate of 32.61%. Throw in foreclosure inventory and starts, and Mississippi mortgagors are in arrears on 40% of their subprime fixed-rate loans. Which state has the lowest subprime FRM delinquency rate? Answer: Alaska with just 6.97%. MBA released its 4Q late payment report this morning. See the National Mortgage News website for the full story.
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