OCC and OTS Mortgage Metrics Report
Third Quarter 2008
Newly Initiated Home Retention Actions Relative to Seriously Delinquent Mortgages
The following data compare newly initiated home retention actions during the quarter to the number of seriously delinquent loans. Newly initiated home retention actions during the quarter are expressed as a percentage of the monthly weighted average6 of seriously delinquent mortgages.
Seriously delinquent subprime loans received more home retention actions than other loan categories, continuing the trend reported in both the first and second quarters. Seriously delinquent prime loans consistently had the lowest relative percentage of new home retention actions.
Newly initiated home retention actions relative to seriously delinquent loans declined for all risk categories in the third quarter compared to the second quarter. While the number of newly initiated home retention actions increased for each category, the number of seriously delinquent borrowers increased at a faster pace.
Newly Initiated Home Retention Actions
(% of seriously delinquent) |
| |
First Quarter |
Second Quarter |
Third Quarter |
| Prime |
16.37% |
18.50% |
18.29% |
| Alt-A |
23.45% |
27.50% |
27.39% |
| Subprime |
26.65% |
31.50% |
30.76% |
| Other |
22.02% |
23.15% |
22.73% |
| Overall |
22.54% |
25.68% |
25.09% |
6 The weighted average refers to the average monthly outstanding number of seriously delinquent mortgages over the three months of a quarter.
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