Are these numbers “improving”, because the FRAUDULENT FORECLOSURES WERE COMPLETED? What are the percentages “of” total numbers? For example, 93.1% of “mortgages”. Has the “mortgages” number DECREASED SUBSTANTIALLY DUE TO FORECLOSED ZOMBIE PROPERTIES WITH NO NEW MORTGAGES TO REPLACE THE ONES THAT WERE FORECLOSED UPON? Has the “mortgages” number DECREASED SUBSTANTIALLY DUE TO INABILITY TO GET ANOTHER MORTGAGE AS HOMEOWNER DUE TO: 1. Poor credit rating/score, as a result of a foreclosure and/or bankruptcy 2. Loss of job/income?
WASHINGTON — The performance of first-lien mortgages serviced by large national and federal savings banks improved in the first quarter of 2014, according to a report released today by the Office of the Comptroller of the Currency (OCC).
The OCC Mortgage Metrics Report, First Quarter 2014 showed 93.1 percent of mortgages were current and performing at the end of the quarter, compared with 91.8 percent at the end of the previous quarter and 90.2 percent a year earlier. The percentage of mortgages that were 30 to 59 days past due decreased 19.8 percent from a year earlier to 2.1 percent of the portfolio, the lowest level since the OCC began reporting mortgage performance in 2008. Seriously delinquent mortgages—60 or more days past due or held by bankrupt borrowers whose payments are 30 days or more past due—decreased to 3.1 percent compared with 4.0 percent a year earlier. The percentage of mortgages that were seriously delinquent decreased 22.4 percent from a year earlier and is the lowest level since June 2008.
At the end of the first quarter of 2014, the number of mortgages in the process of foreclosure fell to 432,832, a decrease of 52.3 percent from a year earlier. The percentage of mortgages that were in the process of foreclosure at the end of the first quarter of 2014 was 1.8 percent, the lowest level since September 2008. Servicers initiated 90,852 new foreclosures during the quarter, a decrease of 49.1 percent from a year earlier. The number of completed foreclosures also decreased 33.9 percent to 56,185, compared to a year ago. Factors contributing to the decline in foreclosure activity include improved economic conditions, foreclosure prevention assistance, and transfer of loans to servicers not included in this report.
Servicers implemented 237,133 home retention actions (modifications, trial-period plans, and shorter-term payment plans) in the quarter compared with 71,678 home forfeiture actions (completed foreclosures, short sales, and deed-in-lieu-of-foreclosure actions). The number of home retention actions implemented by servicers decreased 32.1 percent from a year earlier. Almost 91 percent of modifications in the first quarter of 2014 reduced monthly principal and interest payments, and 58.6 percent of modifications reduced payments by 20 percent or more. Modifications reduced payments by $292 per month on average, while modifications made under the Home Affordable Modification Program reduced monthly payments by an average of $312.
Servicers implemented 3,460,476 modifications from January 1, 2008, through December 31, 2013. Of these modifications, 60 percent were active at the end of the first quarter of 2014 and 40 percent had exited the portfolios of the reporting institutions, through payment in full, involuntary liquidation—completed foreclosure, short sale or deed-in-lieu of foreclosures—or transfer to a non-reporting servicer. Of the 2,071,078 modifications that were active at the end of the first quarter of 2014, 69.9 percent were current and performing at quarter end, 23.9 percent were delinquent, and 6.1 percent were in the process of foreclosure.
The mortgages in this portfolio comprise about 48 percent of all mortgages outstanding in the United States—24.5 million loans totaling $4.1 trillion in principal balances. This report provides information on their performance through March 31, 2014, and can be downloaded from the OCC’s Web site, www.occ.gov.
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The Office of the Comptroller of the Currency (OCC) charters and oversees a nationwide system of national banks and federal savings associations and assures that these banking institutions are safe and sound, competitive, and capable of serving the banking needs of their customers in the best possible manner. OCC press releases and other information are available at http://www.occ.gov. To receive OCC press releases and issuances by e-mail, subscribe at http://www.occ.gov/tools-forms/subscribe/occ-email-list-service.html. ]
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The OCC is part of the RICO operation of the Federal Reserve Bank and has not released the names of victims of all these settlements and complaints!