Defaults and losses in the manufactured housing sector increased for most vintages, while delinquencies were mixed and repossession levels improved for most vintages, according to a report by Credit Suisse First Boston.
Losses improved for the 1999 and 2000 vintages of Bombardier and increased 6% to 15% on a relative basis for the 1998 and 2001 vintages. For Green Tree Servicing, defaults increased for most vintages, in the range of 9% to 22% on a relative basis with the exception of the 1996 and 2002 vintages. GreenPoint Finance saw mixed losses, with improvements of up to 4% on a relative basis for the 1996, 1998 and 2001 vintages and increasing as much as 28% on a relative basis for the remaining vintages.
Oakwood Homes saw declines in losses and defaults from September's highs in most vintages, while conditional default rates improved as much as 39% for the 1995 and 1998 through 2002 vintages. For Origen Financial, losses and conditional default rates were mixed for 2001 and 2002 vintages and increased for the 2004 vintage. Severities increased for the 2001 and 2002 vintages and decreased 37% on a relative basis for the 2004 vintage.
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