OCC: Mortgage Performance Improved Year-on-Year

The share of current and performing first-lien mortgages rose to 95.4 percent for the second quarter, up from 94.7 percent a year earlier, according to the Mortgage Metrics Report released today by the OCC. The report is generated from data from seven large national banks representing 35 percent of all outstanding residential mortgages.

Foreclosure activity declined from the first quarter, with 35,974 new foreclosures initiated during the second quarter. Foreclosures were down 24.3 percent year-on-year. Mortgages that were considered seriously delinquent remained at 1.9 percent in the second quarter (the same as the quarter prior), while loans that were 30-59 days delinquent rose to 2 percent from 1.8 percent.