I had the opportunity to listen on the earnings call this morning from JP Morgan Bank and of course the topic continually kept being brought up about the foreclosure halt and how that is affecting the bank. Jamie Diamond, the CEO gave some statistics on the foreclosure break down from his bank. I found them very interesting because I have read many people's blog entries about dealing with Chase and his perception seems to be a bit "rosey" compared to what I have personally seen and heard from my colleagues in Denver.
What are your thoughts on this and do you think these numbers are accurate?
Delinquent loan facts
_ Average delinquency at foreclosure is 448 days
_ Florida 678 days
_ NY 792 days
_ ~35-40% of homes are vacant at the time of foreclosure sale
_ ~20% of all loans in active foreclosure are non-owner occupied on the application
_ Around half of seriously delinquent loans have not gone to foreclosure of which:
_ ~20% cured
_ ~25% modified or short sale
_ Remainder in some form of Loss Mitigation
_ 51 Chase Home Ownership Centers established to help people face-to-face
_ Currently 6,000 employees serve as counselors to assist customers