At the start of 2009, 1.46% of Home Equity Lines Of Credit (HELOC) were 30 days or more days past due and 3.0% of closed-end second liens were 30 days or more past due.
The seasonally adjusted 30-day delinquency rate on home equity lines of credit jumped 20 basis points in the third quarter of 2009 from the previous quarter to a new record of 2.12%, according to an American Bankers Association survey.
On closed-end second mortgages, the seasonally adjusted delinquency rate shot up 29 BP to 4.3% in the third quarter of 2009, also a new record.
Banks and thrifts held $667.5 billion in HELOCs as of Sept. 30, according to Federal Deposit Insurance Corp. Call Report data. Of that, $9 billion or 1.3% was 30-to-89 days past due.
Banks charged off $5.1 billion in HELOCs in the third quarter. FDIC-insured institutions held $187.7 billion in closed-end second liens and 2.6% or $4. 9 billion were 30-89 days past due. Charge-offs on second liens totaled $2.8 billion.
_______________________
Mortgage Loan Compliance® | Get The Facts on Your Loan and Protect Your Rights!
For A Limited Time Order A $59 Rapid Report Forensic Audits Or A $295 Certified Forensic Compliance Audits
Call Today 1-866-966-6615 or Visit www.ml-compliance.com
No comments:
Post a Comment