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OTS Sees More Prime Defaults.
Washington -- New data released by the Office of Thrift Supervision show that the rise in new foreclosures during the first quarter was driven mainly by prime and alt-A loans, not subprime loans.
Yet mortgage servicers are more likely to help subprime borrowers avoid foreclosure than prime borrowers, according to the first OTS Mortgage Metrics Report.
The new OTS report uses loan-level data to examine the loss mitigation activities of the five largest OTS-regulated thrifts and their affiliates: Washington Mutual, Countrywide, IndyMac, Wachovia FSB and Merrill Lynch.
The five companies service 11.4 million single-family mortgages totaling $2.3 trillion, but only 9% of the loans are subprime.
Subprime loans in the portfolio accounted for 25% of new foreclosures in March while prime and alt-A loans comprised 42% and 23% of new foreclosures, respectively.
"Prime mortgages experienced the greatest new foreclosures in each month of the first quarter. This is not surprising given that 70% of all mortgages in the ...
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- Press release article from: PR Newswire July 7, 2004 700+ words
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- Newspaper article from: Daily Press (Victorville, CA) June 15, 2007 700+ words
...The seasonally adjusted rate of new foreclosures in the United States registered 0...nation in the rate of increase of new foreclosures. "While foreclosure starts (nationwide...quarter of last year, the rate of new foreclosures nationwide was up 17 basis points...
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- Magazine article from: National Mortgage News August 29, 2005 700+ words
...The company said Florida reported the highest number of new foreclosures of any state in July, with 12,471, an increase of 27...because of greater percentage increases in other states. New foreclosures in Arkansas shot up 150% in July, giving it the nation...
Source: HighBeam Research, OTS Sees More Prime Defaults.