Seriously Delinquent Mortgage Loans Decrease at Maine Financial Institutions

Seriously Delinquent Mortgage Loans Decrease at Maine Financial Institutions

GARDINER, ME – October 19, 2011 – (RealEstateRama) — Bureau of Financial Institutions’ Superintendent Lloyd P. LaFountain, III has released results from a quarterly survey covering residential mortgage loans held by Maine’s 32 state-chartered banks and credit unions. The survey shows a favorable trend in seriously delinquent mortgages, which dropped to their lowest level since June 2010. The survey also found the number of loans dropping out of the foreclosure process due to a reason other than foreclosure to be the highest since tracking began. Additionally, new mortgage loan originations increased 9% over the prior quarter.

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