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Non-Tech : Banks--- Betting on the recovery -- Ignore unavailable to you. Want to Upgrade?

To: Asymmetric who wrote (1137)	9/24/2010 4:41:58 PM
From: tejek	Respond to of 1428

Mortgage Delinquencies Mark First Decline in More Than a Year September 24, 2010 3:52 PM EDT A report from the government showed that the number of seriously delinquent mortgages fell for the first time in more than a year during the second quarter, as more foreclosures were completed and homeowners negotiated loan modifications. The Office of the Comptroller of the Currency said Friday that the number of completed foreclosures, where borrowers lost their homes, increased 7 percent from the previous quarter to 163,000. The reading marked a 54 percent rise from a year ago. The number of foreclosure proceedings initiated by lenders fell to the fewest in any of the previous five quarters to more than 292,000. The OCC said that the decrease in serious delinquencies is due to the number of modifications being pushed through the system. Lenders initiated 504,292 home retention actions, like new loan modifications or payment plans, pushing delinquency rates down in the three month period ended June 30. However, the number of mortgages 30 to 59 days past due increased during the period, keeping the overall mortgage delinquency rate flat, according to the report. The OCC report analyzes the credit quality first-lien mortgages initiated by the largest national banks, which comprises roughly 65 percent of the country’s mortgages. streetinsider.com