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PART I: Mortgage Performance

Fourth Quarter 2008

This part of the report describes, in various ways, the credit performance of mortgages in the portfolio, that is, on an overall portfolio basis, of government guaranteed mortgages, by risk category of loan, and by first payment default.

Overall Mortgage Portfolio 

The size of the combined national bank and thrift servicing portfolio increased slightly during the fourth quarter, ending the period with nearly 34.7 million loans totaling more than $6.1 trillion. The portfolio composition remained stable at about 67 percent prime, 10 percent Alt-A, 9 percent subprime, and 14 percent "other."

Overall Mortgage Portfolio
 First QuarterSecond QuarterThird QuarterFourth Quarter
Total servicing
(Dollars in Millions)  		$6,079,356$6,123,392$6,116,550$6,123,770
Total servicing
(Number of Loans)  		34,610,69434,749,00734,640,76534,696,618
Composition (Percent of All Mortgage Loans in the Portfolio)*
Prime  66%66%67%67%
Alt-A  10%10%10%10%
Subprime  9%9%9%9%
Other  15%14%14%14%
Composition (Number of Loans in Each Risk Category of the Portfolio)
Prime  22,706,88423,097,17523,061,52123,097,770
Alt-A  3,575,7853,598,3113,578,2843,577,000
Subprime  3,109,7203,097,9813,066,2083,036,727
Other  5,218,3054,955,5404,934,7524,985,121

*Percentages may not add to 100 due to rounding

   Portfolio Composition (Percent of All Mortgage Loans in the Portfolio) Fourth Quarter 2008 


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