Third Quarter 2009 "Mortgage Metrics"

The Office of the Comptroller of the Currency and Office of Thrift Supervision just released its "Mortgage Metrics Report for Third Quarter 2009" which provides "performance data on first-lien residential mortgages serviced by national banks and federally regulated thrifts." It reports that

• the percentage of current and performing mortgages dropped for the sixth consecutive quarter to 87% of the servicing portfolio
• only 67.7% of "option ARM" mortgages were current and performing
• serious delinquencies (more than 60 days past due) rose to 6.2%
• 3.2% of the servicing portfolios were in the process of foreclosure
• deterioration among prime mortgages of which 3.6% were in serious delinquency
• only 781 or less than 1% of HAMP trial period plans have been converted to permanent HAMP modifications