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Overall Mortgage Performance

Third Quarter 2008

Credit quality declined during the third quarter across all risk categories, continuing the trend reported from the first to the second quarters of 2008. More than nine out of 10 mortgages remain current. However, the percentage of current and performing mortgages in the portfolio declined to 91.47 percent at the end of the third quarter from 93.33 percent at the end of the first quarter.

Seriously delinquent loans, defined as mortgages 60 or more days past due and all mortgages held by bankrupt borrowers that are 30 or more days past due, increased to 3.54 percent from 2.94 percent at the end of the second quarter. Foreclosures in process also increased to 1.78 percent of the total portfolio at the end of the third quarter, continuing the trend reported in the second quarter.

Total Mortgage Portfolio (% of all mortgage loans in the portfolio)*
 First QuarterSecond QuarterThird Quarter
Current and performing  93.33%92.61%91.47%
30-59 days delinquent  2.59%2.85%3.20%
The following three categories are classified as seriously delinquent.
60-89 days delinquent  0.97%1.06%1.29%
90+ days delinquent  1.34%1.37%1.70%
Bankruptcy 30+ days delinquent  0.35%0.51%0.56%
Subtotal for seriously delinquent2.66%2.94%3.54%
Foreclosures in process  1.41%1.59%1.78%
Total Mortgage Portfolio (Number of mortgage loans in the portfolio)
Current and performing  32,299,86532,182,54831,689,516
30-59 days delinquent  896,633990,3471,108,701
The following three categories are classified as seriously delinquent.
60-89 days delinquent  335,413368,527446,339
90+ days delinquent  463,271477,256588,399
Bankruptcy 30+ days delinquent  122,026176,849192,929
Subtotal for seriously delinquent920,7101,022,6321,227,667
Foreclosures in process  489,411553,729617,642

*Totals may not add to 100 percent due to rounding.

 Performance Overview (% of all mortgage loans in the portfolio) 


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