OCC: Performance of GSE Mortgages

Performance of GSE Mortgages

First Quarter 2009

For the first time, this quarter's report provides data on the performance of mortgages serviced for Fannie Mae and Freddie Mac—government-sponsored enterprises or GSEs. Loans serviced for GSEs have a higher concentration of prime mortgages than mortgages serviced for private investors or held on the servicers' balance sheets and, as a result, have lower delinquencies and foreclosures in process. In the first quarter of 2009, 94.1 percent of these loans were current and performing. Seriously delinquent loans increased to 2.6 percent—rising by 8.5 percent from the previous quarter and by 119.7 percent from the first quarter of 2008 in volume. The percentage of these loans in the process of foreclosure increased to 1.4 percent—rising by 52.4 percent from the previous quarter and by 144.6 percent from the first quarter of 2008. Mortgages serviced for these agencies made up about 64 percent of all mortgages in the portfolio, or approximately 21.7 million loans. Of the total portfolio, 42.5 percent of the loans were serviced for Fannie Mae and 21.9 percent were serviced for Freddie Mac.

Performance of GSE Loans (Percent)
	3/31/2008	6/30/2008	9/30/2008	12/31/2008	3/31/2009	1Q %Change	1Y %Change
Current and Performing	96.8%	96.3%	95.7%	94.5%	94.1%	-0.4%	-2.8%
30-59 Days Delinquent	1.6%	1.8%	2.0%	2.3%	2.0%	-13.7%	21.7%
The Following Three Categories Are Classified as Seriously Delinquent.
60-89 Days Delinquent	0.5%	0.5%	0.7%	0.9%	0.8%	-6.7%	71.4%
90 or More Days Delinquent	0.5%	0.5%	0.7%	1.2%	1.5%	22.7%	217.4%
Bankruptcy 30 or More Days Delinquent	0.1%	0.2%	0.2%	0.3%	0.3%	11.5%	123.1%
*Subtotal for Seriously Delinquent*	1.1%	1.3%	1.7%	2.4%	2.6%	9.8%	137.6%
Foreclosures in Process	0.5%	0.6%	0.7%	0.9%	1.4%	55.1%	165.4%
Performance of GSE Loans (Number)
Current and Performing	22,860,640	23,181,987	22,356,503	20,887,595	20,492,424	-1.9%	-10.4%
30-59 Days Delinquent	379,849	431,454	474,472	501,523	426,111	-15.0%	12.2%
The Following Three Categories Are Classified as Seriously Delinquent.
60-89 Days Delinquent	116,148	130,493	162,317	199,477	184,019	-7.8%	58.4%
90 or More Days Delinquent	109,563	123,249	170,037	263,650	317,402	20.4%	189.7%
Bankruptcy 30 or More Days Delinquent	31,508	50,097	54,533	58,009	63,734	9.9%	102.3%
*Subtotal for Seriously Delinquent*	257,219	303,839	386,887	521,136	565,155	8.5%	119.7%
Foreclosures in Process	122,620	146,480	156,439	196,873	299,937	52.4%	144.6%

Performance of GSE Loans

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Performance of GSE Mortgages

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