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Regulators Point to Improving Loan Performance Across-the-Board
Performance of home mortgages serviced by the largest national banks and federally regulated thrifts improved earlier this year, for the first time in more than 24 months.According to a report released Wednesday by the Office of the Comptroller of the Currency (OCC) and the Office of Thrift Supervision (OTS), home loan delinquency rates dropped during the first quarter of 2010, with improvements in all categories – prime, Alt-A, and subprime.Mortgages in all stages of pre-foreclosure delinquency improved during the three-month period. Serious delinquencies declined to 6.5 percent of the portfolio, down 7.7 percent from the previous quarter. Loans 30 to 59 days past due declined 17.7 percent to 2.8 percent of the loan pool.The regulators’ Mortgage Metrics Report shows that the ratio of mortgages that were current and performing increased to 87.3 percent of the studied loan portfolio – an increase of 1 percent from the previous quarter.Foreclosure statistics, though, increased “substantially,” the agencies said, which may account, at least partly, for the improvement in delinquency numbers as prevention options were exhausted and more loans were pushed through the pipeline and liquidated.Compared with the previous quarter, newly initiated foreclosures increased nearly 19 percent to almost 370,536 in Q1. Foreclosures in process ... more

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