tailieunhanh - QUARTERLY REPORT ON HOUSEHOLD DEBT AND CREDIT: FEDERAL RESERVE BANK OF NEW YORK

The economies of different countries have been affected with different degrees of intensity according to their exposure to some of the main drivers of the financial crisis. 1 Securitization, which has been largely blamed as one of the main contributors to the financial meltdown, is an important example in place. While in some countries, securitization played a very large role, in other nations the resort to activities in these markets was insignificant from a macroeconomic perspective. Similarly, some economies have experienced large increases in housing prices in the years prior to the crisis while in other countries. | QUARTERLY REPORT ON HOUSEHOLD DEBT AND CREDIT August 2012 FEDERAL RESERVE BANK OF NEW YORK RESEARCH AND STATISTICS GROUP MICROECONOMIC STUDIES Household Debt and Credit Developments in 2012 Q21 Aggregate consumer debt fell by 53 billion in the second quarter continuing the downward trend in outstanding household debt since its peak during the third quarter of As of June 30 2012 total consumer indebtedness was trillion lower than its level at the end of the first quarter of 2012. This reduction in consumer debt was driven by the continued decrease in loans secured by real estate. Mortgage balances shown on consumer credit reports continued to fall and now stand at trillion a decrease from the level in 2012Q1. Home equity lines of credit HELOC balances dropped by 23 billion . Household debt balances excluding mortgages and HELOCS increased by in the second quarter to trillion boosted by increases of 14 billion in auto loans and 10 billion in student loans. Overall delinquencies improved in 2012Q2. As of June 30 of outstanding debt was in some stage of delinquency compared with at the end of 2012Q1. About trillion of debt is delinquent with 765 billion seriously delinquent at least 90 days late or severely derogatory . Overall transition rates for current mortgages were unchanged with of current mortgage balances transitioning into delinquency. The rate of transition from early 30-60 days into serious 90 days or more delinquency fell again to . However this improvement was contrasted by a slight drop in the cure rate of mortgages in early delinquency became current. About 399 000 consumers had a bankruptcy notation added to their credit reports in 2012Q2 a drop from the same quarter last year and the sixth consecutive drop in bankruptcies on a year-over-year basis. Mortgages Originations which we measure as appearances of new mortgages on consumer credit reports rose to 463 billion. About 256 000 .