Key data in new U.S. loans, mortgage resets

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Tight credit and a new wave of foreclosures are casting a long shadow over hopes for a vibrant recovery in the U.S. housing market.

Following are key data about adjustable-rate mortgages -- so-called subprime and Alt-A loans -- whose terms will be reset in coming years.

Of 50.4 million mortgages outstanding in the United States, some 812,00 ARMs have already been reset, according to data from Loan Performance, a California-based provider of mortgage data.

Another 6.79 million ARMs are still due to reset, the data show with about 2.8 subprime and Alt-A loans to reset within 24 months. Meanwhile, almost 4 million ARMs will rest after that two-year period, Loan Performance said.

The availability of credit is another key ingredient in the housing market.

Government-sponsored loans soared to account for more than 98 percent of U.S. residential mortgages in the first quarter, a dramatic surge from 2005-06, the peak of the U.S. housing boom, when agency debt totaled less than 50 percent, data show.

Loan originations have tumbled from a surge earlier this decade when estimated new loans averaged more than $3 trillion a year in the five years ending 2006, according to data published by Amherst Securities Group LP of Austin, Texas.

While total loan originations fell to $1.49 trillion in 2008 as the credit crisis deepened, new loans that were not government sponsored plunged more, the data show.

Since July 2008 through April 2009, issuance for subprime and Alt-A loans was nil, Amherst said, citing Loan Performance, Inside MBS & ABA and its own data.

Issuance in the jumbo loan space during that 10-month period was $3.8 billion, down from an annual $9.3 billion over the previous 10 years, data show.