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Bank Delinquency Highest Since 2002

2.11% Q4 delinquency

February 28, 2007

By MortgageDaily.com staff

Residential loan delinquency at banks rose to the highest level in four years.

The rate of past due loans secured by one- to four-family properties, including home equity lines-of-credit, was 2.11 percent in the fourth quarter 2006 on a non-seasonally-adjusted basis, according to Federal Reserve data. The rate is 39 basis points higher than in the third quarter and 33 BPS above the level in the year-ago comparable quarter.

Delinquency for all U.S.-chartered commercial banks has not been that high since the fourth quarter 2002, when it was 2.13 percent, the data showed.The latest upturn also represented the second consecutive quarterly increase.

On a seasonally-adjusted basis, residential mortgage delinquency of 1.91 percent -- the highest since the first quarter 2003 -- was up 14 BPS and 29 BPS from the linked quarter and the fourth quarter 2005, the Fed said.

According to the Mortgage Bankers Association, overall one- to four-family delinquency across banks, thrifts and others, jumped to 4.67 percent in last year's third quarter and is expected increase in the quarters ahead.

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