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Erkan Erturk

Senior Director, Structured Finance
Standard & Poor’s Ratings Services
Biography

Erkan Erturk is a senior director in Global Structured Finance Research. His current responsibilities include writing and commenting on ABS, RMBS and housing related research topics and studying global structured finance default behavior and default recoveries. Prior to his current position, he was a director in the CDO Group, analyzing the market value CDOs, mutual fund-fee, private-equity and hedge-fund CFO transactions.

Erkan joined Standard & Poor’s Ratings Services in 1996 from Advanta Corp. Previously he was at American Express Company. He also taught corporate fi nance courses as an Instructor at Penn State Finance Department and as an Adjunct Professor at Montclair State University.

He holds a Ph.D. in Finance from Penn State University, an M.S. also from Penn State, and a B.S. from Ankara Hacettepe University. His research articles were published in the Journal of Fixed Income, the Journal of Structured Finance, Standard & Poor’s Creditweek as well as Global Credit Portal.

Author Archives: Erkan Erturk

First-Quarter 2012 Shadow Inventory Update: National Liquidation Rates Moderate, While Regional Differences Widen

Erkan Erturk
Senior Director, Structured Finance
Standard & Poor’s Ratings Services
May 9 - 9:47 am
Comments: 1

Standard & Poor’s Rating Services’ estimate for the time it will take to clear the supply of distressed homes, or the shadow inventory, on the U.S. market fell just one month to 46 months in the first quarter of 2012. While national residential mortgage liquidation rates appeared stable in the first quarter of 2012, these [...]

Posted in Economic Data, Foreclosures, Shadow Inventory | Tagged | 1 Comment

April U.S. Home Prices Will Likely Turn Positive

Erkan Erturk
Senior Director, Structured Finance
Standard & Poor’s Ratings Services
May 4 - 9:42 am
Comments: 1

Seasonally unadjusted home prices will likely increase during the spring and summer months, repeating the seasonal pattern of the past few years. Although March home price data will likely show declines, prices could turn positive in April when Standard & Poor’s reports April home price data (S&P/Case-Shiller) in late June. Overall, today’s home prices are [...]

Posted in Economic Data, Housing Data | Tagged | 1 Comment

Live Webcast and Q&A: Is the U.S. Housing Market Bottoming Out?

Erkan Erturk
Senior Director, Structured Finance
Standard & Poor’s Ratings Services
March 13 - 11:25 am
Comments: 0

We will be giving live updates to S&P’s Housing Webcast Q&A starting at 12:00PM EST today on HousingViews.com.  It is not too late to register for the event, just click here. Topics  include: U.S. not-for-profit housing, Corporate homebuilders and REITs, and Residential mortgage-backed securities. Stay tuned!    

Posted in Construction, Economic Data, Financial Markets, Homebuilders, Housing Data, Uncategorized | Leave a comment

Live Webcast and Q&A: Is the U.S. Housing Market Bottoming Out?

Erkan Erturk
Senior Director, Structured Finance
Standard & Poor’s Ratings Services
March 7 - 11:28 am
Comments: 0

Please join our analysts for a live video Webcast and Q&A on Tuesday, March 13, 2012, at 12:00 p.m. ET as they discuss the economic factors influencing the U.S. housing market, and what may lie ahead for: U.S. not-for-profit housing, Corporate homebuilders and REITs, and Residential mortgage-backed securities. Please click here to register for the [...]

Posted in Economic Data, Housing Finance & Policy | Tagged , , | Leave a comment

Fourth-Quarter 2011 Shadow Inventory Update: Overall Declines Mask Big Regional Differences

Erkan Erturk
Senior Director, Structured Finance
Standard & Poor’s Ratings Services
March 5 - 4:26 pm
Comments: 1

Over the past year, two divergent pictures have developed as foreclosure timelines continued to widen in some states, while other states have been able to steadily work on clearing the shadow inventory. The large difference in liquidation rates between states grew during the fourth quarter of 2011. The increasing timelines are primarily due to extreme [...]

Posted in Economic Data, Foreclosures, Shadow Inventory, Housing Data, Uncategorized | Tagged | 1 Comment

U.S. Home Mortgage Delinquencies Fell In Fourth-Quarter 2011

Erkan Erturk
Senior Director, Structured Finance
Standard & Poor’s Ratings Services
February 24 - 10:34 am
Comments: 0

U.S. residential mortgage delinquencies and new foreclosures started in fourth-quarter 2011 declined modestly from the previous quarter and from the levels of a year ago. The percent of mortgages in foreclosure remained elevated but nearly flat from the third quarter.  We expect a slight drop in delinquencies in first-quarter 2012. Click below to watch me [...]

Posted in Economic Data, Financial Markets, Mortgage Markets | Tagged | Leave a comment

U.S. home mortgage delinquencies fell, but foreclosures remained flat in fourth-quarter 2011

Erkan Erturk
Senior Director, Structured Finance
Standard & Poor’s Ratings Services
February 17 - 2:54 pm
Comments: 0

The percentage of U.S. residential mortgage delinquencies and new foreclosures started in the fourth quarter of 2011 declined modestly from the previous quarter, as well as from the levels a year ago. At the same time, the overall percent of mortgages in foreclosure remained elevated but nearly flat from the third quarter, according to the [...]

Posted in Economic Data, Financial Markets, Mortgage Markets, Uncategorized | Leave a comment

U.S. Private-Label RMBS Outlook

Erkan Erturk
Senior Director, Structured Finance
Standard & Poor’s Ratings Services
December 5 - 12:15 pm
Comments: 0

A U.S. private-label residential mortgage-backed securities market’s revival remains elusive since the overall economy, employment, and housing market are still struggling even though we aren’t officially in a recession.  Diminished political will to reform the mortgage market during the looming presidential election season further complicates matters. A recovery in private-label RMBS—transactions not issued by government-sponsored [...]

Posted in Economic Data, Uncategorized | Tagged | Leave a comment

U.S. Home Mortgage Delinquencies Declined, But New Foreclosures Increased In The Third Quarter

Erkan Erturk
Senior Director, Structured Finance
Standard & Poor’s Ratings Services
November 22 - 11:48 am
Comments: 1

U.S. residential mortgage delinquencies declined this quarter following two back-to-back quarterly increases, while foreclosures started this quarter increased after declining for three straight periods, according to the Mortgage Bankers Association (MBA). We believe declining delinquencies represent a slightly positive trend for the underlying collateral performance of U.S. RMBS and the housing market. While serious delinquencies [...]

Posted in Economic Data, Housing Data | Tagged | 1 Comment

RMBS: Conforming Mortgage Limits To Drop On Oct. 1st

Erkan Erturk
Senior Director, Structured Finance
Standard & Poor’s Ratings Services
September 16 - 11:15 am
Comments: 0

The projected reductions in agency mortgage limits are likely to lead to further weakness in home prices, but would only be a first step in reducing the role of government in housing finance and reviving private-label RMBS, in our view. If there is no Congressional action, the maximum limit will drop from $729,750 to $625,500 [...]

Posted in Uncategorized | Leave a comment

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