OCC: Performance of Government-Guaranteed Mortgages

Performance of Government-Guaranteed Mortgages

First Quarter 2009

Overall delinquencies declined among loans guaranteed by the U.S. government. The percentage of current and performing FHA and VA mortgages increased to 86.0 percent in the first quarter of 2009 from 84.1 percent in the previous quarter. Serious delinquencies also dropped, falling to 7.0 percent from 7.7 percent in the previous quarter. The number of foreclosures in process grew to 1.9 percent from 1.6 percent. Government-guaranteed mortgages made up 12.8 percent of all mortgages in the portfolio, or approximately 4.4 million loans, an increase of 4.2 percent from the prior quarter and more than 21 percent from the first quarter of 2008. Of these loans, 78.9 percent were FHA loans and 21.1 percent were VA loans. More than 83 percent of FHA and VA loans are held in Ginnie Mae securities.

Performance of Government-Guaranteed Loans (Percent)¹²
	3/31/2008	6/30/2008	9/30/2008	12/31/2008	3/31/2009	1Q %Change	1Y %Change
Current and Performing	87.5%	87.0%	85.6%	84.1%	86.0%	2.3%	-1.6%
30-59 Days Delinquent	5.3%	5.8%	6.3%	6.5%	5.1%	-22.2%	-3.4%
The Following Three Categories Are Classified as Seriously Delinquent.
60-89 Days Delinquent	1.8%	2.1%	2.5%	2.8%	2.1%	-26.2	12.0%
90 or More Days Delinquent	2.9%	2.6%	2.9%	3.8%	3.8%	0.5%	29.7%
Bankruptcy 30 or More Days Delinquent	1.1%	1.3%	1.2%	1.2%	1.1%	-5.9%	5.7%
*Subtotal for Seriously Delinquent*	5.8%	5.9%	6.6%	7.7%	7.0%	-10.0%	20.2%
Foreclosures in Process	1.5%	1.4%	1.5%	1.6%	1.9%	17.2%	30.8%
Performance Government-Guaranteed Loans (Number)
Current and Performing	3,157,317	3,302,739	3,406,083	3,528,546	3,759,791	6.6%	19.1%
30-59 Days Delinquent	190,334	219,304	251,815	274,225	222,329	-18.9%	16.8%
The Following Three Categories Are Classified as Seriously Delinquent.
60-89 Days Delinquent	66,026	77,690	97,466	116,671	89,809	-23.0%	36.0%
90 or More Days Delinquent	105,640	97,098	115,941	158,554	166,266	4.9%	57.4%
Bankruptcy 30 or More Days Delinquent	37,872	47,325	48,344	49,376	48,490	-1.8%	28.0%
*Subtotal for Seriously Delinquent*	209,538	222,113	261,751	324,601	304,565	-6.2%	45.4%
Foreclosures in Process	52,750	53,062	59,974	68,341	83,617	22.4%	58.5%

Performance of Government-Guaranteed Loans

¹² Percentages may not add to 100 percent due to rounding.

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Performance of Government-Guaranteed Mortgages

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