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NEW YORK (MarketWatch) -- The other shoe just dropped in the U.S. mortgage market.
In the last month, pressure has intensified around mortgage securities made up of so-called Alt-A loans, fueling concerns that a fresh round of losses are awaiting Wall Street firms and other lenders at a time when these companies are struggling to get back on their feet amid the ongoing credit crunch.
Although rising delinquencies have mostly been concentrated among subprime borrowers, recent data show more creditworthy borrowers are increasingly falling behind their payments, underscoring the point that the mortgage meltdown isn't confined to only those with weak credit.
"You can't be sure of the performance of these products when it isn't known how they will perform during stressful times," said Mark Adelson, a principal at Adelson & Jacob Consulting LLC, which consults on securitization and real-estate issues. "There is potential for a fresh wave of losses."
Alt-A loans are made to borrowers with generally strong credit but are loans that lack adequate verification, for instance, of income or assets. The lax paperwork paved the way for aggressive lending to the less creditworthy and emboldened borrowers to exaggerate their financial prowess.
In 2006, $612 billion of Alt-A mortgages were underwritten, according to National Mortgage News, a trade publication, while in 2007, there were an estimated $400 billion.
MarketWatch

Появились проблемы с т.н. Alt-A loans, т.е., теми, которые сделаны надежными заемщиками с хорошей кредитной историей, но которые, для получения большего займа, преувеличили свои финансовые возможности.
Под эти займы были выпущены бонды, которые сейчас торгуются по 70 центов за доллар номинала.