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Overall Mortgage Performance

January — June 2008

More than nine out of 10 mortgages remain current. However, credit quality declined during the second quarter across all risk categories. The overall percentage of current and performing mortgages in the combined portfolio declined from 93.35 percent at the end of the first quarter to 92.61 percent at the end of the second quarter.

Loans 60-89 days delinquent increased during the second quarter from a low of 0.96 percent at the end of March to 1.06 percent at the end of June. Delinquencies of 90 days or more increased from 1.23 percent in March to 1.38 percent in June. Loans delinquent 60-89 days and 90 days or more increased in each month during the second quarter of 2008.

Foreclosures in process increased in each month of the second quarter from 483,375, or 1.40 percent of the total portfolio, in March to 555,680, or 1.60 percent, in June.

Total Mortgage Portfolio
(% of all mortgage loans in the portfolio)
 Jan-08Feb-08Mar-08Apr-08May-08Jun-08
Current and performing93.15%93.36%93.35%92.99%92.97%92.61%
30-59 days delinquent2.85%2.65%2.57%2.76%2.67%2.85%
The following three categories are classified as seriously delinquent.
60-89 days delinquent1.07%0.97%0.96%1.00%1.02%1.06%
90+ days delinquent1.23%1.23%1.23%1.28%1.31%1.38%
Bankruptcy 30+ days delinquent0.47%0.47%0.48%0.49%0.50%0.51%
Subtotal for seriously delinquent2.77%2.66%2.67%2.77%2.83%2.95%
Foreclosures in process1.24%1.33%1.40%1.48%1.53%1.60%
Total Mortgage Portfolio
(Number of mortgage loans in the portfolio)
Current and performing

32,107,266

32,235,79032,179,57232,199,99032,314,06932,187,260
30-59 days delinquent

980,836

914,123886,194955,558928,730990,488
The following three categories are classified as seriously delinquent.
60-89 days delinquent

368,646

334,151330,384347,502354,447368,560
90+ days delinquent

425,033

423,204425,076443,117455,427478,459
Bankruptcy 30+ days delinquent

160,417

162,385165,647169,790172,737176,867
Subtotal for seriously delinquent

954,096

919,740921,107960,409982,6111,023,886
Foreclosures in process

426,757

457,899483,375510,513532,253555,680

  Performance Overview chart  


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