Seriously Delinquent Mortgages

Third Quarter 2008

Seriously delinquent mortgages, defined as mortgages that are 60 or more days past due plus loans to bankrupt borrowers who are 30 or more days past due, increased to 3.54 percent of the total portfolio in the third quarter of 2008 from 2.94 percent in the second quarter.

Seriously delinquent mortgages increased across all risk categories during the third quarter, continuing the trend reported in the second quarter. At the end of the third quarter, serious delinquencies were highest for subprime loans at 13.51 percent and lowest for prime loans at 1.67 percent, reflecting the higher overall risk profile of subprime loans.

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