Mortgage Delinquencies Continue to Increase

The Office of the Comptroller of the Currency and the Office of Thrift Supervision report that mortgage delinquencies are still rising, and re-defaults of modified mortgages are high and rising quickly. The report covers two-thirds of all U.S. mortgages.

Over 40% of loan modifications are at least 2 months delinquent within 8 months. 32% the borrowers ended up with higher mortgage payments after modification because of late fees and missed payments. In cases where loan modification resulted in lower mortgage payments, the re-default rate improved.

The delinquency rate among prime borrowers grew the fastest of all mortgage types over the past year, more than doubling to to 2.4%. The number of prime mortgages in default now exceeds the number of subprime mortgages in default.

Related posts:

1. Mortgage Delinquencies Surge
2. California Housing Woes To Continue
3. Resetting Option ARM’s Increasing Mortgage Delinquencies
4. Report: HAMP Program Only Making A Dent In Foreclosure Crisis
5. Tax Credit Helps Homes Sales Increase

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