Seriously Delinquent Mortgages, by Risk Category

Fourth Quarter 2008

Seriously delinquent mortgages, defined as mortgages that are 60 or more days delinquent plus loans to bankrupt borrowers who are 30 or more days delinquent, increased to 4.60 percent of the total portfolio in the fourth quarter from 3.54 percent in the third quarter.

Seriously delinquent mortgages increased across all loan categories during the fourth quarter, continuing the trend reported in prior quarters. Serious delinquencies were highest for subprime loans at 16.40 percent and lowest for prime loans at 2.40 percent, reflecting the higher overall risk profile of subprime loans. Prime loans experienced a significant increase in serious delinquencies, increasing from 1.67 percent in the third quarter to 2.40 percent in the fourth quarter—an increase of nearly 44 percent.

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