average delinquency rate for mortgage bond
quarters, with the average delinquency rate ranging between 6% and 8%. We believe that if HFAs were able to add new whole loans to their bond programs, their delinquency rates would be similar to or even below those of similar loan pools in the states. State subprime delinquencies, at 11.53% in second-quarter 2014, were nearly twice as high as