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Overall Mortgage Performance

Fourth Quarter 2008

Credit quality declined for the third consecutive quarter across all risk categories. Current and performing mortgages declined to 89.95 percent from 93.33 percent at the end of the first quarter. Seriously delinquent loans, defined as mortgages 60 or more days delinquent and all mortgages owed by bankrupt borrowers that are 30 or more days delinquent, increased to 4.60 percent from 3.54 percent at the end of the third quarter. Loans 90 or more days delinquent increased by 44.5 percent, from 1.70 percent to 2.45 at the end of the fourth quarter due in part to a slowdown in newly initiated foreclosure actions. Foreclosures in process increased for the third consecutive quarter to 2.00 percent.

Total Mortgage Portfolio (Percent of All Mortgage Loans in the Portfolio)
 First QuarterSecond QuarterThird QuarterFourth Quarter
Current and Performing  93.33%92.61%91.48%89.95%
30-59 Days Delinquent  2.59%2.85%3.20%3.44%
The Following Three Categories Are Classified as Seriously Delinquent.
60-89 Days Delinquent  0.97%1.06%1.29%1.56%
90 or More Days Delinquent  1.34%1.37%1.70%2.45%
Bankruptcy 30 or More Days Delinquent  0.35%0.51%0.56%0.60%
Subtotal for Seriously Delinquent  2.66%2.94%3.54%4.60%
Foreclosures in Process  1.41%1.59%1.78%2.00%
Total Mortgage Portfolio (Number of Mortgage Loans in the Portfolio)
Current and Performing  32,303,80232,182,54831,689,51631,210,743
30-59 Days Delinquent  896,636990,3471,108,7011,194,136
The Following Three Categories Are Classified as Seriously Delinquent.
60-89 Days Delinquent  335,517368,527446,339540,263
90 or More Days  463,369477,256588,399850,343
Bankruptcy 30 or More Days Delinquent  122,053176,849192,929207,077
Subtotal for Seriously Delinquent   920,9391,022,6321,227,6671,597,683
Foreclosures in Process  489,317553,480614,881694,056

 Performance Overview (Percent of All Mortgage Loans in the Portfolio) 


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