An official website of the United States government
News Release 2010-112
September 24, 2010
Share This Page:
Office of the Comptroller of the Currency,
Office of Thrift Supervision
WASHINGTON—The credit quality of first-lien mortgages serviced by the largest national banks and thrifts remained steady during the second quarter of 2010, according to a report released today.
The report by Office of the Comptroller of the Currency and the Office of Thrift Supervision presented no clear trend in mortgage performance during the quarter, as some data showed improvement, while other data showed declines or remained flat.
According to the Mortgage Metrics Report, mortgage delinquency levels remained steady but elevated after rising for several quarters. Completed foreclosures were up, while newly initiated foreclosures were down. Mortgage modifications were also up and an increasing number of more recent modifications, which decreased borrowers' monthly principal and interest payments, performed better than earlier modifications.
Other key findings included:
The report covers 34 million mortgages, representing 65 percent of all first-lien mortgages in the country, worth nearly $6 trillion in outstanding balances. The complete report can be downloaded from the OCC and OTS websites, www.occ.gov and www.ots.treas.gov.