Seriously Delinquent Mortgages, by Risk Category

First Quarter 2009

Prime loans, which represented two-thirds of all mortgages in the portfolio, experienced the highest percentage increase in serious delinquencies, climbing by more than 20 percent from the prior quarter to 2.9 percent of prime mortgages.  Subprime serious delinquencies increased by 1.5 percent from the previous quarter, to 16.7 percent of subprime mortgages.  A number of factors contributed to the increase in seriously delinquent prime loans, including rising levels of unemployment, a continuing decline in property values, and high debt levels.

The actual number of seriously delinquent subprime loans decreased by 3.7 percent from the previous quarter but increased by 43.6 percent from the first quarter of 2008.  However, as noted, the percentage of seriously delinquent subprime mortgages increased slightly during the quarter to 16.7 percent of those loans.

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