US DATA: FHFA “Data on the Risk Characteristics and Performance of
Single-Family Mortgages Originated from 2001-2008 and Financed in the
Secondary Market” finds: “84% of single-family mortgages acquired by the
Enterprises during 2001 to 2008 were made to borrowers with FICO credit
scores above 660, while 5 percent were made to borrowers with FICO
scores below 620. In contrast, 47 percent of mortgages financed with
private-label MBS originated during this period were made to borrowers
with FICO scores above 660, while 32 percent were made to borrowers with
FICO scores lower than 620. LTV: Over 82% of GSE-acquired loans had LTV
ratios at origination of 80 percent or less, while two-thirds of
mortgages financed with private-label MBS had LTV ratios at or below 80
percent, with that share increasing from 54 percent of 2001 originations
to 81 percent of 2008 originations. The pattern of decreasing LTV ratios
over time, most pronounced for loans financed with private-label MBS, is
consistent with the greater use of second liens.” See www.fhfa.gov