This is the accessible text file for GAO report number GAO-09-848R entitled 'Characteristics and Performance of Nonprime Mortgages' which was released on July 28, 2009. This text file was formatted by the U.S. Government Accountability Office (GAO) to be accessible to users with visual impairments, as part of a longer term project to improve GAO products' accessibility. Every attempt has been made to maintain the structural and data integrity of the original printed product. Accessibility features, such as text descriptions of tables, consecutively numbered footnotes placed at the end of the file, and the text of agency comment letters, are provided but may not exactly duplicate the presentation or format of the printed version. The portable document format (PDF) file is an exact electronic replica of the printed version. We welcome your feedback. Please E-mail your comments regarding the contents or accessibility features of this document to Webmaster@gao.gov. This is a work of the U.S. government and is not subject to copyright protection in the United States. It may be reproduced and distributed in its entirety without further permission from GAO. Because this work may contain copyrighted images or other material, permission from the copyright holder may be necessary if you wish to reproduce this material separately. GAO-09-848R: United States Government Accountability Office: Washington, DC 20548: July 28, 2009: The Honorable Carolyn B. Maloney: Chair: Joint Economic Committee: House of Representatives: The Honorable Charles E. Schumer: Vice Chairman: Joint Economic Committee: United States Senate: Subject: Characteristics and Performance of Nonprime Mortgages: During the first part of this decade, the number of mortgage originations grew rapidly, particularly in the nonprime segment of the mortgage market, which includes subprime and Alt-A loans.[Footnote 1] In dollar terms, nonprime loans accounted for an increasing share of the overall mortgage market, rising from 12 percent in 2000 to 34 percent in 2006. Over this period, the dollar volume of nonprime mortgages originated annually climbed from $100 billion to $600 billion in the subprime market and from $25 billion to $400 billion in the Alt- A market.[Footnote 2] However, these market segments contracted sharply in the summer of 2007, partly in response to a dramatic increase in default and foreclosure rates for these mortgages. As we reported in 2007, a loosening of underwriting standards for subprime and Alt-A loans contributed to this increase.[Footnote 3] As of the first quarter of 2009, approximately 1 in 8 nonprime mortgages were in the foreclosure process. The negative repercussions from nonprime lending practices has prompted greater scrutiny of this market segment, a number of government efforts to modify troubled loans, and proposals to strengthen federal regulation of the mortgage industry. To inform congressional oversight and decision making about efforts to address current problems in the mortgage market, you requested that we examine the evolution and condition of the nonprime market segment. Accordingly, this report discusses (1) trends in the loan and borrower characteristics of nonprime mortgages originated from 2000 through 2007 and (2) the performance of these mortgages as of March 31, 2009. Additionally, this report provides supplemental information, including detailed statistics by annual loan cohort, state, and congressional district. We provide this additional information in enclosures I through VI. As agreed with your offices, in two subsequent reports we will provide information on the extent of negative home equity in metropolitan areas, the influence of nonprime loan and borrower characteristics and economic conditions on the likelihood of default, and sources of data on nonprime loans. Also, the information provided in this report will be updated in these subsequent reports to reflect the most recent available data and additional analyses. To conduct our work, we analyzed data from LoanPerformance's (LP) Asset- backed Securities database for nonprime loans originated from 2000 through 2007.[Footnote 4] The database contains loan-level data on nonagency securitized mortgages in subprime and Alt-A pools.[Footnote 5] About three-quarters of nonprime mortgages have been securitized in recent years, and the LP database covers the vast majority of them. For example, for the period 2001 through July 2007 the LP database contains information covering (in dollar terms) an estimated 87 percent of securitized subprime loans and 98 percent of securitized Alt-A loans. Research has found that nonprime mortgages that were not securitized (i.e., mortgages that lenders held in their portfolios) may have different characteristics and performance histories than those that were securitized. For purposes of our analysis, we defined a subprime loan as a loan in a subprime pool and an Alt-A loan as a loan in an Alt- A pool.[Footnote 6] We focused our analysis on first-lien purchase and refinance mortgages for 1-4 family residential units. To determine trends in nonprime loan and borrower characteristics, we calculated the numbers and percentages of subprime and Alt-A mortgage originations. We then disaggregated them by loan purpose (e.g., purchase, refinance), loan type (e.g., adjustable-rate mortgages [ARM], fixed-rate mortgages), and other characteristics, including interest rates at origination, borrowers' credit scores, and loan features such as low or no documentation of borrower income or assets and prepayment penalites. To determine the performance of nonprime mortgages, we calculated the number and percentage of mortgages that were in different performance categories--for example, current (up to date on payments), delinquent (30-89 days behind), in default (90 or more days behind), in the foreclosure process, or had completed the foreclosure process as of March 31, 2009.[Footnote 7] We also examined the performance of specific loan cohorts and loans for homes in different geographic areas, including Census divisions, states, and congressional districts.[Footnote 8] To estimate loan performance by congressional district, we linked ZIP code-level information in the LP database to congressional districts.[Footnote 9] Specifically, we (1) calculated for each ZIP code area the total number of loans and the number of loans either in default or in the foreclosure process (seriously delinquent), (2) used mapping software to determine the proportion of each ZIP code area that fell within a given congressional district, and (3) used information from the first two steps to estimate for each congressional district the total number of loans and the number and percentage of loans that were seriously delinquent. Our analysis assumed that the loans in each ZIP code area were evenly distributed across the area. For example, if 80 percent of a ZIP code area fell within a given congressional district, we assumed that 80 percent of the loans in that ZIP code area were in the congressional district. We reviewed documentation on the process LP uses to collect and ensure the reliability and integrity of its data. We discussed this process and the interpretation of different data fields with LP representatives. In addition, we conducted reasonableness checks on data elements to identify any missing, erroneous, or outlying data. We concluded that the data we used were sufficiently reliable for our purposes. We conducted our work in Washington, D.C., from September 2008 through June 2009 in accordance with all sections of GAO's Quality Assurance Framework that are relevant to our objectives. The framework requires that we plan and perform the engagement to obtain sufficient and appropriate evidence to meet our stated objectives and to discuss any limitations in our work. We believe that the evidence obtained provides a reasonable basis for our findings based on our audit objectives. Results in Brief: Nonprime mortgage originations grew rapidly from 2000 through 2005 before sharply contracting in mid-2007. Subprime mortgages accounted for approximately two-thirds of the increase in nonprime originations over that period--rising from 457,000 in 2000 to 2.3 million in 2005-- before declining somewhat in 2006. Alt-A originations, although a smaller share of the nonprime market, increased at an even faster rate than subprime originations, increasing 18-fold from 2000 through 2005. From 2000 through 2007, an increasing proportion of subprime and Alt-A mortgages had loan and borrower characteristics that have been associated with a higher likelihood of default and foreclosure. These characteristics include adjustable interest rates, less than full documentation of borrower income and assets, and higher debt service- to-income (DTI) ratios.[Footnote 10] Approximately 1.6 million of the 14.4 million nonprime loans originated from 2000 through 2007 had completed the foreclosure process as of March 31, 2009. Of the 5.2 million loans that were still active (i.e., not foreclosed or prepaid), almost one-quarter were either in default or in the foreclosure process (seriously delinquent), indicating that hundreds of thousands of additional nonprime borrowers are at risk of losing their homes in the near future.[Footnote 11] Within the subprime market segment, about 28 percent of active loans were seriously delinquent, and within the active: Alt-A segment, the serious delinquency rate was about 17 percent. Within both segments, serious delinquency rates were even higher for certain loan products with adjustable interest rates. Most of the serious delinquencies involved mortgages originated from 2004 through 2007. The rates varied widely across states and Census divisions, with the highest rate occurring in Florida (38 percent) and the lowest rate occurring in Wyoming (9 percent). Background: The mortgage market has four major segments that are defined, in part, by the credit quality of the borrowers and the types of mortgage institutions that serve them. * Prime: Serves borrowers with strong credit histories and provides the most attractive interest rates and mortgage terms. * Nonprime: Encompasses two categories of loans: - Alt-A: Generally serves borrowers whose credit histories are close to prime, but loans have one or more high-risk features such as limited documentation of income or assets or the option of making monthly payments that are lower than required for a fully amortizing loan. - Subprime: Generally serves borrowers with blemished credit and features higher interest rates and fees than the prime market. * Government-insured or government-guaranteed--Primarily serves borrowers who may have difficulty qualifying for prime mortgages but features interest rates competitive with prime loans in return for payment of insurance premiums or guarantee fees. The Federal Housing Administration and Department of Veterans Affairs operate the two main federal programs that insure or guarantee mortgages. Across all of these market segments, two types of loans are common: fixed-rate mortgages, which have interest rates that do not change over the life of the loan; and adjustable-rate mortgages (ARM), which have interest rates that can change periodically based on changes in a specified index. Additionally, loans are used for two general purposes: to finance the purchase of a home or refinance an existing loan. The following categories are commonly used to describe the performance status of mortgages: * Current: The borrower is meeting scheduled payments. * Delinquent: The borrower has missed one or more scheduled monthly payments. * Default: The borrower is 90 or more days delinquent.[Footnote 12] At this point, foreclosure proceedings against the borrower become a strong possibility. * Foreclosure: A legal, and often lengthy, process with several possible outcomes, including that the borrower sells the property or the lender repossesses the home. * Prepaid: The borrower has paid off the entire loan balance before it is due. Prepayment often occurs as a result of the borrower selling the home or refinancing into a new mortgage. The nonprime market segment featured a number of nontraditional products and characteristics:[Footnote 13] * Hybrid ARM: Interest rate is fixed during an initial period then "resets" to an adjustable rate for the remaining term of the loan. * Payment-option ARM: Borrower has multiple payment options each month, which may include minimum payments lower than what would be needed to cover any of the principal or all of the accrued interest. This feature is known as "negative amortization" because the outstanding loan balance may increase over time. * Interest-only: Allows the borrower to pay just the interest on the loan for a specified period, usually the first 3 to 10 years, thereby deferring principal payments. * Low and no documentation loans: Requires little or no verification of a borrower's income or assets. * High loan-to-value (LTV) ratios: Borrower makes a small down payment, causing the ratio of the loan amount to the home value to be relatively high. * Prepayment penalties: Borrower incurs a fee if he or she pays off the loan balance before it is due. The nation's economy has been in recession since December 2007. The rising rate of unemployment and declining home prices has worsened the financial circumstances for many families and, with it, their ability to make their mortgage payments. According to the Bureau of Labor Statistics, as of June 2009, the nationwide unemployment rate was 9.5 percent, the highest rate since 1983. Additionally, over the past 2 years, house prices have declined in many areas of the country. For example, according to the Federal Housing Finance Agency's (FHFA) house price index, from the first quarter of 2008 through the first quarter of 2009, home prices in California and Florida both fell 22 percent. [Footnote 14] Nonprime Mortgage Lending Increased from 2000 through 2006 and Included Many Loans with Features Associated with Poor Loan Performance: Nonprime Mortgage Originations Increased Rapidly from 2000 to 2005: As shown in figure 1, nonprime lending increased rapidly earlier in the decade before abruptly declining in 2007 as the nation entered a financial crisis. In the data we analyzed, about two-thirds of the nonprime mortgages originated from 2000 through 2007 were subprime loans.[Footnote 15] The number of subprime originations increased more than five-fold from 2000 through 2005--rising from approximately 457,000 to about 2.3 million--before declining somewhat in 2006 and falling off sharply in 2007. Despite this generally rising trend, subprime loans accounted for a declining share of the nonprime market over this period because the volume of Alt-A originations increased at an even faster rate. Specifically, Alt-A originations grew 18-fold from 2000 through 2005--rising from approximately 78,000 to about 1.4 million--before declining in 2006 and declining further in 2007. As a result, the Alt-A share of the nonprime market increased from about 15 percent in 2000 to 43 percent in 2006, and continued to increase to 57 percent in 2007. Figure 1: Number of Subprime and Alt-A Originations by Cohort Year, 2000-2007: [Refer to PDF for image: multiple vertical bar graph] Cohort year: 2000; Alt-A: 78,183; Subprime: 456,631. Cohort year: 2001; Alt-A: 138,645; Subprime: 537,734. Cohort year: 2002; Alt-A: 231,404; Subprime: 784,963. Cohort year: 2003; Alt-A: 435,703; Subprime: 1,281,730. Cohort year: 2004; Alt-A: 936,667; Subprime: 1,947,430. Cohort year: 2005; Alt-A: 1,447,780; Subprime: 2,284,420. Cohort year: 2006; Alt-A: 1,329,630; Subprime: 1,782,680. Cohort year: 2007; Alt-A: 436,078; Subprime: 330,514. Source: GAO analysis of LP data. [End of figure] The majority of nonprime loans originated from 2000 through 2007 were used to refinance an existing loan rather than to purchase a home. The combination of rising home values and historically low interest rates provided homeowners with opportunities to reduce their mortgage payments and access the equity in their homes through refinancing. A substantial proportion of nonprime borrowers refinanced their mortgages at a higher amount than the loan balance to convert their home equity into money for personal use (known as "cash-out refinancing"). Of the subprime mortgages originated from 2000 through 2007, 55 percent were for cash-out refinancing, 9 percent were for no-cash-out refinancing, and 36 percent were for a home purchase. In 2003, for example, the number of subprime mortgages for cash-out refinancing totaled more than 740,000, the number of no-cash-out refinance loans was about 152,000, and the number of home purchase loans was just over 380,000 (see figure 2). In contrast, about one-third of Alt-A loans originated from 2000 through 2007 were for cash-out refinancing, 16 percent were for no- cash-out refinancing, and 50 percent were for home purchases. Figure 2: Number of Nonprime Purchase and Refinance Loans by Cohort Year, 2000-2007: [Refer to PDF for image: multiple line graph] Subprime: Cohort year: 2000; Purchase: 152,312 originations; Refinance, cash out: 246,366 originations; Refinance, no cash out: 53,348 originations. Cohort year: 2001; Purchase: 164,460 originations; Refinance, cash out: 303,143 originations; Refinance, no cash out: 60,752 originations. Cohort year: 2002; Purchase: 228,531 originations; Refinance, cash out: 448,038 originations; Refinance, no cash out: 101,679 originations. Cohort year: 2003; Purchase: 383,789 originations; Refinance, cash out: 740,493 originations; Refinance, no cash out: 152,131 originations. Cohort year: 2004; Purchase: 698,278 originations; Refinance, cash out: 1,098,670 originations; Refinance, no cash out: 149,906 originations. Cohort year: 2005; Purchase: 943,877 originations; Refinance, cash out: 1,196,490 originations; Refinance, no cash out: 143,723 originations. Cohort year: 2006; Purchase: 754,552 originations; Refinance, cash out: 917,552 originations; Refinance, no cash out: 109,995 originations. Cohort year: 2007; Purchase: 98,913 originations; Refinance, cash out: 194,871 originations; Refinance, no cash out: 36,705 originations. Alt-A: Cohort year: 2000; Purchase: 53,708 originations; Refinance, cash out: 116,484 originations; Refinance, no cash out: 7,611 originations. Cohort year: 2001; Purchase: 75,696 originations; Refinance, cash out: 139,958 originations; Refinance, no cash out: 22,969 originations. Cohort year: 2002; Purchase: 116,807 originations; Refinance, cash out: 167,923 originations; Refinance, no cash out: 46,524 originations. Cohort year: 2003; Purchase: 184,110 originations; Refinance, cash out: 1140,426 originations; Refinance, no cash out: 110,523 originations. Cohort year: 2004; Purchase: 512,071 originations; Refinance, cash out: 1276,758 originations; Refinance, no cash out: 144,656 originations. Cohort year: 2005; Purchase: 775,254 originations; Refinance, cash out: 1487,753 originations; Refinance, no cash out: 183,841 originations. Cohort year: 2006; Purchase: 642,015 originations; Refinance, cash out: 1482,900 originations; Refinance, no cash out: 202,696 originations. Cohort year: 2007; Purchase: 165,105 originations; Refinance, cash out: 1165,237 originations; Refinance, no cash out: 105,728 originations. Source: GAO analysis of LP data. [End of figure] Loan and Borrower Features Associated with a Higher Likelihood of Default and Foreclosure Became Common in 2000-2007: As we reported in 2007, more aggressive lending practices--that is, an easing of underwriting standards and wider use of certain loan features associated with poorer loan performance--contributed to recent increases in default and foreclosure rates.[Footnote 16] Many loans were originated with a number of these features, a practice known as risk layering. These practices reduced the likelihood that some borrowers would be able to meet their mortgage obligations, particularly in times of economic stress or declining house prices. Because nonprime loans were often considered more profitable than prime loans, mortgage market participants had incentives to originate and securitize these loans despite their higher risks. Additionally, research suggests that some borrowers did not understand the true costs and risks of these loans, while others were willing to take on these risks to tap accumulated home equity or to obtain larger homes. Loan-to-Value Ratios: A substantial amount of research indicates that loan-to-value (LTV) ratio is one of the most important factors in assessing the default risk of the borrower.[Footnote 17] The higher the LTV ratio when a loan is originated, the less equity borrowers will have in their homes and the more likely they are to default on mortgage obligations, especially during times of financial stress. In recent years many borrowers used second liens, or "piggyback loans," to finance all or part of their down payment. Piggyback loans can result in higher combined loan-to- value (CLTV) ratios--that is, the LTV ratio taking both the first mortgage and piggyback loan into account.[Footnote 18] As shown in figure 3, the average CLTV ratio for subprime loans rose from 78.0 percent in 2000 to 85.8 percent in 2006, before dropping slightly to 82.9 percent in 2007. In 2000 and 2001, average CLTV ratios for Alt-A loans were higher than those for subprime loans, but in 2002 and thereafter the reverse was true. Average CLTV ratios for Alt-A loans trended downward from 2000 through 2003 (from 81.3 percent to 76.3 percent) but rose to 82.4 percent by 2006, before declining to 80.3 percent in 2007. Furthermore, the percentage of loans with a CLTV ratio of at least 100 percent increased over the time period we examined in both the subprime and Alt-A markets. In 2000, 2.4 percent of subprime loans had a CLTV ratio of at least 100 percent. By 2006, this percentage had increased to 29.3 percent before falling to 17.5 percent in 2007. Likewise, 8.6 percent of Alt-A loans had a CLTV ratio of at least 100 percent in 2000. This percentage reached 19.5 percent by 2006 before falling to 14.5 percent in 2007. Figure 3: Average CLTV Ratios for Nonprime Loans by Cohort Year, 2000- 2007: [Refer to PDF for image: multiple vertical bar graph] Cohort year: 2000; CLTV ratio, Alt-A: 81.3; CLTV ratio, Subprime: 78. Cohort year: 2001; CLTV ratio, Alt-A: 80.8; CLTV ratio, Subprime: 79.5. Cohort year: 2002; CLTV ratio, Alt-A: 79; CLTV ratio, Subprime: 80.1. Cohort year: 2003; CLTV ratio, Alt-A: 76.3; CLTV ratio, Subprime: 81.9. Cohort year: 2004; CLTV ratio, Alt-A: 80.4; CLTV ratio, Subprime: 83.6. Cohort year: 2005; CLTV ratio, Alt-A: 81.1; CLTV ratio, Subprime: 84.9. Cohort year: 2006; CLTV ratio, Alt-A: 82.4; CLTV ratio, Subprime: 85.8. Cohort year: 2007; CLTV ratio, Alt-A: 80.3; CLTV ratio, Subprime: 82.9. Note: The LP data do not capture all second liens. As a result, the average CLTV ratios presented are likely lower than the actual averages. Source: GAO analysis of LP data. [End of figure] Debt Service-to-Income Ratios: The debt service-to-income (DTI) ratio represents the percentage of a borrower's income that goes toward all recurring debt payments, including the mortgage payment. The higher the ratio, the greater the risk that the borrower will have cash flow problems and will miss mortgage payments. In the subprime market, average DTI ratios rose from 38.8 percent to 41.5 percent from 2000 through 2007. In the: Alt-A market, average DTI ratios increased somewhat from 2000 through 2002, then decreased in 2003 before increasing to 37.3 percent in 2007 (see figure 4). Additionally, the percentage of subprime and Alt-A loans with DTI ratios over 41 percent--the value used as a guideline in underwriting mortgages insured by the Federal Housing Administration-- rose over the period we examined. Specifically, in the subprime market this percentage increased from 47.1 percent in 2000 to 59.3 percent in 2007. In the Alt-A market this percentage rose from 22.9 percent to 36.8 percent over the same time frame.[Footnote 19] Figure 4: Average DTI Ratio for Nonprime Loans by Cohort Year, 2000- 2007: [Refer to PDF for image: multiple vertical bar graph] Cohort year: 2000; DTI ratio, Alt-A: 34.8; DTI ratio, Subprime: 38.8. Cohort year: 2001; DTI ratio, Alt-A: 35.2; DTI ratio, Subprime: 38.5. Cohort year: 2002; DTI ratio, Alt-A: 35.3; DTI ratio, Subprime: 38.9. Cohort year: 2003; DTI ratio, Alt-A: 33.9; DTI ratio, Subprime: 38.9. Cohort year: 2004; DTI ratio, Alt-A: 35.1; DTI ratio, Subprime: 39.4. Cohort year: 2005; DTI ratio, Alt-A: 36.1; DTI ratio, Subprime: 40.2. Cohort year: 2006; DTI ratio, Alt-A: 37; DTI ratio, Subprime: 41.1. Cohort year: 2007; DTI ratio, Alt-A: 37.3; DTI ratio, Subprime: 41.5. Note: The figures presented are for the 61 percent of nonprime loans for which the data contained DTI information. Source: GAO analysis of LP data. [End of figure] Adjustable Interest Rates: Mortgages with adjustable interest rates are generally considered to carry a higher default risk than comparable fixed-rate mortgages, in part because monthly payments increase when interest rates rise. In 2000, the number of subprime ARMs originated was about 262,000.[Footnote 20] This number grew seven-fold to about 1.8 million originations in 2005, which represented the peak of the market for subprime ARMs. Likewise, originations of Alt-A ARMs increased substantially, growing from about 10,000 loans in 2000 to more than 893,000 in 2005. The largest increase occurred from 2003 to 2004, when the number of Alt-A ARMs grew almost five-fold, rising from about 117,000 to approximately 584,000 (see figure 5). Figure 5: Number of Subprime and Alt-A Loans with Adjustable Interest Rates by Cohort Year, 2000-2007: [Refer to PDF for image: two vertical bar graphs] Subprime: Cohort year: 2000; Number of loans: 261,975. Cohort year: 2001; Number of loans: 325,047. Cohort year: 2002; Number of loans: 537,833. Cohort year: 2003; Number of loans: 841,067. Cohort year: 2004; Number of loans: 1,482,569. Cohort year: 2005; Number of loans: 1,844,167. Cohort year: 2006; Number of loans: 1,339,129. Cohort year: 2007; Number of loans: 213,672. Alt-A: Cohort year: 2000; Number of loans: 10,073. Cohort year: 2001; Number of loans: 24,863. Cohort year: 2002; Number of loans: 52,725. Cohort year: 2003; Number of loans: 117,363. Cohort year: 2004; Number of loans: 583,904. Cohort year: 2005; Number of loans: 893,243. Cohort year: 2006; Number of loans: 807,627. Cohort year: 2007; Number of loans: 248,500. Source: GAO analysis of LP data. [End of figure] Some of these ARMs were "short-term hybrid" loans that can lead to payment shock--that is, large increases in monthly payments as a result of higher interest rates. In this type of mortgage, the interest rate is fixed and relatively low during an initial period and then "resets" to an adjustable rate for the remaining term of the loan. In the subprime market, 2/28 and 3/27 mortgages--that is, fixed rate for 2 or 3 years and adjustable rate for the next 28 or 27 years--were common types of short-term hybrids. As the number of subprime loans nearly doubled from 2003 through 2005, the share of short-term hybrids grew as well, reaching nearly 80 percent of all subprime originations in 2005, or more than 1.7 million mortgages (see figure 6). Over the entire 2000 through 2007 period, 70 percent of subprime mortgage originations were short-term hybrids. In contrast, short-term hybrids were not a common product in the Alt-A market segment. Although short-term hybrid ARMs have the potential to produce payment shock, research suggests that most of the defaults for these loans have occurred well before the interest rate reset.[Footnote 21] Nonetheless, interest rate resets may cause difficulties going forward, especially for borrowers whose loans were originated in more recent years. These borrowers may not be able to refinance to avoid payment shock because falling house prices and tightened underwriting standards may make it difficult for them to qualify for a new loan. Figure 6: Short-Term Hybrid ARMs as a Share of Subprime Mortgages by Cohort Year, 2000-2007: [Refer to PDF for image: vertical bar graph] Cohort year: 2000; Share of Subprime Mortgages: 55%. Cohort year: 2001; Share of Subprime Mortgages: 59%. Cohort year: 2002; Share of Subprime Mortgages: 66%. Cohort year: 2003; Share of Subprime Mortgages: 62%. Cohort year: 2004; Share of Subprime Mortgages: 73%. Cohort year: 2005; Share of Subprime Mortgages: 78%. Cohort year: 2006; Share of Subprime Mortgages: 72%. Cohort year: 2007; Share of Subprime Mortgages: 60%. Source: GAO analysis of LP data. [End of figure] Approximately 17 percent of Alt-A loans originated from 2000 through 2007 were another type of ARM known as payment-option ARMs. For an initial period of typically 5 years or when the loan balance reaches a specified cap, this product provides the borrower with multiple payment options each month, including minimum payments that are lower than what would be needed to cover any of the principal or all of the accrued interest. After the initial period, payments are "recast" to include an amount that will fully amortize the outstanding balance over the remaining loan term. Consequently, payment-option ARMs can result in payment shock, especially if the loan balance increased because the borrower was making only the minimum payment. As we reported in 2006, payment-option ARMs were once specialized products for financially sophisticated borrowers but ultimately became more widespread. According to federal banking regulators and a range of industry participants, as home prices increased rapidly in some areas of the country, lenders began marketing payment-option ARMs as affordability products and made them available to less-creditworthy and lower-income borrowers.[Footnote 22] As shown in figure 7, the percentage of Alt-A loans that were payment-option ARMs was 5 percent or less from 2000 to 2003, before rising sharply in 2004. From 2004 to 2006, that percentage increased from 13 percent to 25 percent, before dropping to 14 percent in 2007. Figure 7: Payment-Option ARMs as a Share of Alt-A Loans by Cohort Year, 2000-2007: [Refer to PDF for image: vertical bar graph] Cohort year: 2000; Share of Alt-A Loans: 5%. Cohort year: 2001; Share of Alt-A Loans: 0%. Cohort year: 2002; Share of Alt-A Loans: 2%. Cohort year: 2003; Share of Alt-A Loans: 2%. Cohort year: 2004; Share of Alt-A Loans: 13%. Cohort year: 2005; Share of Alt-A Loans: 21%. Cohort year: 2006; Share of Alt-A Loans: 25%. Cohort year: 2007; Share of Alt-A Loans: 14%. Source: GAO analysis of LP data. [End of figure] Prepayment Penalties: Prepayment penalties are another mortgage feature that some research has associated with a higher likelihood of default.[Footnote 23] Prepayment penalties can be an obstacle to refinancing into a more affordable loan because borrowers must pay the penalty if they pay off the original loan before the prepayment period expires. Further, research indicates that many borrowers may not have realized that their mortgages include a prepayment penalty. For the entire 8-year period we examined, the percentage of subprime loans with prepayment penalties exceeded 60 percent each year. In contrast, only 21 percent of Alt-A mortgages had prepayment penalties in 2000, but this percentage increased to 46 percent by 2006 (see figure 8). Figure 8: Percentage of Nonprime Loans with Prepayment Penalties by Cohort Year, 2000-2007: [Refer to PDF for image: multiple vertical bar graph] Cohort year: 2000; Alt-A: 21%; Subprime: 65%. Cohort year: 2001; Alt-A: 24%; Subprime: 74%. Cohort year: 2002; Alt-A: 25%; Subprime: 75%. Cohort year: 2003; Alt-A: 23%; Subprime: 74%. Cohort year: 2004; Alt-A: 31%; Subprime: 73%. Cohort year: 2005; Alt-A: 39%; Subprime: 72%. Cohort year: 2006; Alt-A: 46%; Subprime: 71%. Cohort year: 2007; Alt-A: 42%; Subprime: 70%. Source: GAO analysis of LP data. [End of figure] Low or No Documentation: Low or no documentation of income or assets allows borrowers to provide less detailed financial information than is traditionally required. This feature was originally intended for borrowers who may have difficulty documenting income, such as the self-employed, but eventually became more widespread.[Footnote 24] Such loans can be problematic if borrowers or loan originators overstate income or assets to qualify borrowers for mortgages they cannot afford. From 2000 through 2007, the percentage of Alt-A mortgages that did not have full documentation of borrower income, assets, or both rose from 60 percent to 80 percent.[Footnote 25] For subprime loans, the proportion of low and no documentation mortgages grew from 20 percent to 38 percent, then decreased to 33 percent over the same period (see figure 9). Figure 9: Percentage of Nonprime Loans with Low or No Documentation: [Refer to PDF for image: multiple vertical bar graph] Cohort year: 2000; Alt-A: 60%; Subprime: 20%. Cohort year: 2001; Alt-A: 62%; Subprime: 23%. Cohort year: 2002; Alt-A: 59%; Subprime: 28%. Cohort year: 2003; Alt-A: 64%; Subprime: 32%. Cohort year: 2004; Alt-A: 61%; Subprime: 34%. Cohort year: 2005; Alt-A: 68%; Subprime: 37%. Cohort year: 2006; Alt-A: 80%; Subprime: 38%. Cohort year: 2007; Alt-A: 80%; Subprime: 33%. Source: GAO analysis of LP data. [End of figure] Enclosures I and II provide more detailed information about the characteristics of nonprime loans originated from 2000 through 2007. Serious Delinquency Rates Were Highest for Subprime Loans, Certain Adjustable-Rate Mortgages, and Recent Loan Cohorts and Varied Widely across States and Regions: As of March 31, 2009, approximately 1.6 million of the 14.4 million nonprime loans (11 percent) originated from 2000 through 2007 had completed the foreclosure process. Subprime mortgages accounted for about 80 percent of these loans and: Alt-A mortgages accounted for the remaining 20 percent. Additionally, about 7.6 million of the 14.4 million loans (53 percent) originated had prepaid as of March 31, 2009 (see figure 10). Because many of these prepaid loans were due to borrowers refinancing into new nonprime mortgages, the total number of originations over the period we examined far exceeds the number of individual borrowers. For the majority of the 5.2 million nonprime loans that were still active as of March 31, 2009, the borrowers were current on their payments. However, about 1.2 million, or 23 percent, of these active loans were seriously delinquent (either in default or in the foreclosure process), indicating that hundreds of thousands of additional nonprime borrowers are at risk of losing their homes in the near future.[Footnote 26] Specifically, about 594,000 (11 percent) of active nonprime loans were in default and about 613,000 (12 percent) were in the foreclosure process, as shown in figure 10. Within the subprime market segment, about 775,000 loans (28 percent) were seriously delinquent. Among active Alt-A mortgages, approximately 433,000 (17 percent) were seriously delinquent. Figure 10: Percentage of All Nonprime Loans and All Active Nonprime Loans Originated from 2000 through 2007, by Performance Status as of March 31, 2009: [Refer to PDF for image: two pie-charts] All nonprime loans: Prepaid: 53%; Active: 36%; Completed foreclosure process: 11%. Active nonprime loans: Current: 65%; Delinquent: 12%; In foreclosure process: 12%; In default: 11%. Source: GAO analysis of LP data. Note: We considered a loan to be delinquent if the borrower was 30 to 89 days late on his or her mortgage payments. We considered a loan to be in default if the borrower was 90 or more days late. [End of figure] Serious delinquency rates were higher for certain adjustable-rate products common in the subprime and Alt-A market segments than they were for the market segments as a whole. As previously discussed, short- term hybrid ARMs accounted for the majority of subprime mortgage originations in recent years (e.g., 72 percent in 2006). As of March 31, 2009, 38 percent (about 584,000) of active short-term hybrid ARMs were seriously delinquent, a rate 10 percentage points higher than that for the entire subprime market (see figure 11). In the Alt-A market segment, payment-option ARMs became a prominent product, accounting for about 25 percent of Alt-A loans originated in 2006. As of March 31, 2009, approximately 30 percent (about 122,000) of active payment-option ARMs were seriously delinquent, a rate about 13 percentage points higher than for the Alt-A market segment as a whole. Figure 11: Percentage of Short-Term Hybrid ARMs and Payment-Option ARMs That Were Seriously Delinquent as of March 31, 2009: [Refer to PDF for image: vertical bar graph] Subprime, Total market segment: 28.5%; Subprime, Short-term hybrid ARMs: 38.7%; Alt-A, Total market segment: 17.3%; Alt-A, Payment option ARMs: 29.6%. Source: GAO analysis of LP data. [End of figure] Performance of Nonprime Loans by Cohort: Mortgages originated from 2004 through 2007 accounted for the majority of troubled loans. Of the active subprime loans originated from 2000 through 2007, 92 percent of those that were seriously delinquent as of March 31, 2009, were from those four cohorts. Furthermore, loans from those cohorts made up 71 percent of the subprime mortgages that had completed the foreclosure process. This pattern was even more pronounced in the Alt-A market. Among active Alt-A loans, almost all (98 percent) of the loans that were seriously delinquent as of March 31, 2009, were from the 2004 through 2007 cohorts. Likewise, 93 percent of the loans that had completed the foreclosure process as of that date were from those cohorts. Cumulative foreclosure rates show that the percentage of mortgages completing the foreclosure process increased for each successive loan cohort (see figure 12). Within 2 years of loan origination, 2 percent of the subprime loans originated in 2004 had completed the foreclosure process, compared with 3 percent of the 2005 cohort, 6 percent of the 2006 cohort, and 8 percent of the 2007 cohort. Within 3 years of loan origination, 5 percent of the 2004 cohort had completed the foreclosure process, compared with 8 percent and 16 percent of the 2005 and 2006 cohorts, respectively. The trend was similar for Alt-A loans, although Alt-A loans foreclosed at a slower rate than subprime loans. For example, within 3 years of origination, 1 percent of Alt-A loans originated in 2004 had completed the foreclosure process, compared with 2 percent of the loans originated in 2005, and 8 percent of the loans originated in 2006.[Footnote 27] Figure 12: Cumulative Percentage of Subprime and Alt-A Loans That Completed the Foreclosure Process by Cohort Year, 2004-2007: [See PDF for image: two multiple line graphs] Subprime: Loan duration in years: 1; Cohort year 2004: 0%; Cohort year 2005: 0%; Cohort year 2006: 0%; Cohort year 2007: 1%. Loan duration in years: 2; Cohort year 2004: 2%; Cohort year 2005: 3%; Cohort year 2006: 6%; Cohort year 2007: 8%. Loan duration in years: 3; Cohort year 2004: 5%; Cohort year 2005: 8%; Cohort year 2006: 16%. Loan duration in years: 4; Cohort year 2004: 8%; Cohort year 2005: 15%. Loan duration in years: 5; Cohort year 2004: 10%. Alt-A: Loan duration in years: 1; Cohort year 2004: 0%; Cohort year 2005: 0%; Cohort year 2006: 0%; Cohort year 2007: 0%. Loan duration in years: 2; Cohort year 2004: 0%; Cohort year 2005: 0%; Cohort year 2006: 2%; Cohort year 2007: 5%. Loan duration in years: 3; Cohort year 2004: 1%; Cohort year 2005: 2%; Cohort year 2006: 8%. Loan duration in years: 4; Cohort year 2004: 2%; Cohort year 2005: 6%. Loan duration in years: 5; Cohort year 2004: 3%. Source: GAO analysis of LP data. [End of figure] This trend is partly attributable to a stagnation or decline in home prices in much of the country beginning in 2005 and worsening in subsequent years. This situation made it more difficult for some borrowers to sell or refinance their homes to avoid default or foreclosure. In addition, borrowers who purchased homes (particularly for investment purposes) but now owed more than the properties were worth, had incentives to stop making mortgage payments in order to minimize their financial losses. The deterioration in credit quality for the successive cohorts may also reflect an increase in riskier loan and borrower characteristics, such as less than full documentation of borrower income and higher DTI ratios. Enclosures III and IV provide more detailed information about the performance of nonprime loans by cohort year and product type. Performance of Nonprime Loans by Census Division, State, and Congressional District: The proportion of active nonprime mortgages that were seriously delinquent as of March 31, 2009, varied across Census divisions and states (see figure 13). Among the nine Census divisions, the South Atlantic had the highest rate of seriously delinquent loans (28 percent) and the West South Central had the lowest rate (13 percent).[Footnote 28] Only three regions--West South Central, West North Central, and East South Central--had serious delinquency rates of less than 20 percent. Figure 13: Serious Delinquency Rates by Census Division as of March 31, 2009: [Refer to PDF for image: U.S. map] Census region: New England; Delinquency rate: 20 percent to less than 25 percent. Census region: Mid-Atlantic; Delinquency rate: 20 percent to less than 25 percent. Census region: South Atlantic; Delinquency rate: 25 percent or higher. Census region: East South Central; Delinquency rate: 15 percent to less than 20 percent. Census region: East North Central; Delinquency rate: 20 percent to less than 25 percent. Census region: West South Central; Delinquency rate: Less than 15 percent. Census region: West North Central; Delinquency rate: 15 percent to less than 20 percent. Census region: Mountain; Delinquency rate: 20 percent to less than 25 percent. Census region: Pacific; Delinquency rate: 20 percent to less than 25 percent. Source: GAO analysis of LP data, map (MapInfo). [End of figure] At the state level, six states--California, Florida, Illinois, Massachusetts, Nevada, and New Jersey--had the highest serious delinquency rates as of March 31, 2009 (see figure 14). Each state had rates above 25 percent, and Florida's rate of 38 percent was the highest in the country. Twelve states had serious delinquency rates between 20 and 25 percent, and 21 states and the District of Columbia had serious delinquency rates between 15 and 20 percent. The remaining 12 states had serious delinquency rates of less than 15 percent, including Wyoming's rate of 9 percent, which was the lowest in the country. Of the 6 states with the highest serious delinquency rates, the "Sunbelt" states--California, Florida, and Nevada--have been more dramatically affected by the changes in the nonprime mortgage market than other regions of the country. These states experienced particularly large drop-offs in house price appreciation after a period of strong growth. In addition to high rates of seriously delinquent loans, these states accounted for a substantial proportion of active nonprime loans nationwide. More specifically, as of March 31, 2009, these three states combined represented 34 percent of all active nonprime loans and 45 percent of all seriously delinquent nonprime loans. In contrast, Illinois, Massachusetts, and New Jersey together accounted for about 7 percent of active nonprime loans and 9 percent of seriously delinquent nonprime loans as of March 31, 2009. Figure 14: Serious Delinquency Rates by State as of March 31, 2009: [Refer to PDF for image: U.S map] Serious Delinquency Rates by State: Less than 15%: Alaska; Arkansas; Colorado; Kansas; Montana; Nebraska; New Mexico; North Dakota; Oklahoma; South Dakota; Texas; Wyoming. 15% to less than 20%: Alabama; Georgia; Hawaii; Idaho; Iowa; Kentucky; Louisiana; Minnesota; Missouri; New Hampshire; North Carolina; Oregon; South Carolina; Tennessee; Utah; Vermont; Virginia; Washington; West Virginia. 20% to less than 25%: Arizona; Connecticut; Delaware; District of Columbia; Indiana; Maine; Maryland; Michigan; Mississippi; New York; Ohio; Pennsylvania; Rhode Island; Wisconsin. 25% or higher: California; Florida; Illinois; Massachusetts; Nevada; New Jersey; Source: GAO analysis of LP data, map (MapInfo). [End of figure] Serious delinquency rates also varied by congressional district within each state, as shown in figure 15 below.[Footnote 29] For more detailed data on the performance of nonprime loans by Census division, state, and congressional district, see enclosures V and VI. Figure 15: Estimated Serious Delinquency Rates by Congressional District as of March 31, 2009: [Refer to PDF for image: U.S map] Estimated Serious Delinquency Rates by Congressional District are depicted on the map in the following categories: Less than 15%; 15% to less than 20%; 20% to less than 25%; 25% to less than 30%; 30% or higher. Source: GAO analysis of LP data, map (MapInfo). [End of figure] We are sending copies of this report to interested congressional parties and other interested parties. In addition, the report will be available at no charge on GAO's Web site at http://www.gao.gov. If you or your staff have any questions about this report, please contact me at (202) 512-8678, or shearw@gao.gov. Contact points for our Offices of Congressional Relations and Public Affairs may be found on the last page of this report. Key contributors to this report are listed in enclosure VII. Signed by: William B. Shear: Director, Financial Markets and Community Investment: Enclosures: [End of section] Enclosure I: Characteristics of Nonprime Loans by Cohort Year, 2000- 2007: This enclosure contains the results of our analysis of LoanPerformance (LP) data on loan and borrower characteristics for nonprime mortgages originated from 2000 through 2007. Tables 1 and 2 show the percentage and number, respectively, of nonprime mortgages that were subprime and Alt-A loans.[Footnote 30] Tables 3 and 4 provide the percentage and number, respectively, of nonprime mortgages by loan purpose (purchase or refinance) and loan type (adjustable-rate mortgage [ARM] or fixed- rate mortgage). Table 5 shows the proportion of subprime loans that were short-term hybrid ARMs and the proportion of Alt-A loans that were payment-options ARMs. Tables 6 and 7 provide the percentage and number, respectively, of nonprime mortgages with selected loan and borrower characteristics, as well as mean values for a number of variables such as loan amount at origination and borrower FICO score at origination. Table 1: Percentage of Nonprime Loans by Market Segment, 2000-2007: Market segment: Subprime; 2000: 85%; 2001: 80%; 2002: 77%; 2003: 75%; 2004: 68%; 2005: 61%; 2006: 57%; 2007: 43%; Total: 65%. Market segment: Alt-A; 2000: 15%; 2001: 20%; 2002: 23%; 2003: 25%; 2004: 32%; 2005: 39%; 2006: 43%; 2007: 57%; Total: 35%. Market segment: Total; 2000: 100%; 2001: 100%; 2002: 100%; 2003: 100%; 2004: 100%; 2005: 100%; 2006: 100%; 2007: 100%; Total: 100%. Source: GAO analysis of LP data. [End of table] Table 2: Number of Nonprime Loans by Market Segment, 2000-2007: Market segment: Subprime; 2000: 456,631; 2001: 537,734; 2002: 784,963; 2003: 1,281,732; 2004: 1,947,427; 2005: 2,284,420; 2006: 1,782,677; 2007: 330,514; Total: 9,406,098. Market segment: Alt-A; 2000: 78,183; 2001: 138,645; 2002: 231,404; 2003: 435,703; 2004: 936,667; 2005: 1,447,782; 2006: 1,329,629; 2007: 436,078; Total: 5,034,091. Market segment: Total; 2000: 534,814; 2001: 676,379; 2002: 1,016,367; 2003: 1,717,435; 2004: 2,884,094; 2005: 3,732,202; 2006: 3,112,306; 2007: 766,592; Total: 14,440,189. Source: GAO analysis of LP data. [End of table] Table 3: Percentage of Nonprime Loans by Purpose and Type, 2000-2007: Loan purpose: Purchase; 2000: 39%; 2001: 36%; 2002: 34%; 2003: 33%; 2004: 42%; 2005: 46%; 2006: 45%; 2007: 34%; Total: 41%. Loan purpose: Purchase; Subprime share of purchase; 2000: 74%; 2001: 68%; 2002: 66%; 2003: 68%; 2004: 58%; 2005: 55%; 2006: 54%; 2007: 37%; Total: 58%. Loan purpose: Purchase; Alt-A share of purchase; 2000: 26%; 2001: 32%; 2002: 34%; 2003: 32%; 2004: 42%; 2005: 45%; 2006: 46%; 2007: 63%; Total: 42%. Loan purpose: Refinance; 2000: 61%; 2001: 64%; 2002: 66%; 2003: 67%; 2004: 58%; 2005: 54%; 2006: 55%; 2007: 66%; Total: 59%. Loan purpose: Refinance: Subprime share of refinance; 2000: 93%; 2001: 86%; 2002: 83%; 2003: 78%; 2004: 75%; 2005: 67%; 2006: 60%; 2007: 46%; Total: 70%. Loan purpose: Refinance: Subprime share of refinance; Cash out; 2000: 81%; 2001: 81%; 2002: 81%; 2003: 82%; 2004: 88%; 2005: 89%; 2006: 89%; 2007: 84%; Total: 86%. Loan purpose: Refinance: Subprime share of refinance; No cash out; 2000: 18%; 2001: 16%; 2002: 18%; 2003: 17%; 2004: 12%; 2005: 11%; 2006: 11%; 2007: 16%; Total: 14%. Loan purpose: Refinance: Subprime share of refinance; Unknown; 2000: 2%; 2001: 3%; 2002: 1%; 2003: 1%; 2004: 0%; 2005: 0%; 2006: 0%; 2007: 0%; Total: 0%. Loan purpose: Refinance: Alt-A share of refinance; 2000: 7%; 2001: 14%; 2002: 17%; 2003: 22%; 2004: 25%; 2005: 33%; 2006: 40%; 2007: 54%; Total: 30%. Loan purpose: Refinance: Alt-A share of refinance; Cash out; 2000: 67%; 2001: 63%; 2002: 59%; 2003: 56%; 2004: 65%; 2005: 73%; 2006: 70%; 2007: 61%; Total: 67%. Loan purpose: Refinance: Alt-A share of refinance; No cash out; 2000: 31%; 2001: 36%; 2002: 41%; 2003: 44%; 2004: 34%; 2005: 27%; 2006: 29%; 2007: 39%; Total: 33%. Loan purpose: Refinance: Alt-A share of refinance; Unknown; 2000: 2%; 2001: 0%; 2002: 0%; 2003: 0%; 2004: 1%; 2005: 0%; 2006: 0%; 2007: 0%; Total: 0%. Loan type: ARM; 2000: 51%; 2001: 52%; 2002: 58%; 2003: 56%; 2004: 72%; 2005: 73%; 2006: 69%; 2007: 60%; Total: 66%. Loan type: ARM; Subprime share of ARM; 2000: 96%; 2001: 93%; 2002: 91%; 2003: 88%; 2004: 72%; 2005: 67%; 2006: 62%; 2007: 46%; Total: 71%. Loan type: ARM; Alt-A share of ARM; 2000: 4%; 2001: 7%; 2002: 9%; 2003: 12%; 2004: 28%; 2005: 33%; 2006: 38%; 2007: 54%; Total: 29%. Loan type: Fixed-rate mortgage; 2000: 42%; 2001: 43%; 2002: 40%; 2003: 43%; 2004: 28%; 2005: 26%; 2006: 27%; 2007: 35%; Total: 32%. Loan type: Fixed-rate mortgage; Subprime share of fixed rate; 2000: 70%; 2001: 62%; 2002: 57%; 2003: 58%; 2004: 57%; 2005: 43%; 2006: 42%; 2007: 33%; Total: 51%. Loan type: Fixed-rate mortgage; Alt-A share of fixed rate; 2000: 30%; 2001: 38%; 2002: 43%; 2003: 42%; 2004: 43%; 2005: 57%; 2006: 58%; 2007: 67%; Total: 49%. Loan type: Other; 2000: 8%; 2001: 5%; 2002: 2%; 2003: 1%; 2004: 0%; 2005: 0%; 2006: 4%; 2007: 4%; Total: 2%. Loan type: Other; Subprime share of other; 2000: 96%; 2001: 90%; 2002: 83%; 2003: 51%; 2004: 36%; 2005: 92%; 2006: 77%; 2007: 79%; Total: 80%. Loan type: Other; Alt-A share of other; 2000: 4%; 2001: 10%; 2002: 17%; 2003: 49%; 2004: 64%; 2005: 8%; 2006: 23%; 2007: 21%; Total: 20%. Source: GAO analysis of LP data. Note: Percentages for ARMs and fixed-rate mortgages do not include balloon mortgages, which account for most of the "other" category. Balloon mortgages can have fixed or adjustable interest rates. [End of table] Table 4: Number of Nonprime Loans by Purpose and Type, 2000-2007: Loan purpose: Purchase; 2000: 206,020; 2001: 240,156; 2002: 345,338; 2003: 567,899; 2004: 1,210,349; 2005: 1,719,131; 2006: 1,396,567; 2007: 264,018; Total: 5,949,478. Loan purpose: Purchase; Subprime share of purchase; 2000: 152,312; 2001: 164,460; 2002: 228,531; 2003: 383,789; 2004: 698,278; 2005: 943,877; 2006: 754,552; 2007: 98,913; Total: 3,424,712. Loan purpose: Purchase; Alt-A share of purchase; 2000: 53,708; 2001: 75,696; 2002: 116,807; 2003: 184,110; 2004: 512,071; 2005: 775,254; 2006: 642,015; 2007: 165,105; Total: 2,524,766. Loan purpose: Refinance; 2000: 328,794; 2001: 436,223; 2002: 671,029; 2003: 1,149,536; 2004: 1,673,745; 2005: 2,013,071; 2006: 1,715,739; 2007: 502,574; Total: 8,490,711. Loan purpose: Refinance; Subprime share of refinance; 2000: 304,319; 2001: 373,274; 2002: 556,432; 2003: 897,943; 2004: 1,249,149; 2005: 1,340,543; 2006: 1,028,125; 2007: 231,601; Total: 5,981,386. Loan purpose: Refinance; Subprime share of refinance; Cash out; 2000: 246,366; 2001: 303,143; 2002: 448,038; 2003: 740,493; 2004: 1,098,668; 2005: 1,196,493; 2006: 917,552; 2007: 194,871; Total: 5,145,624. Loan purpose: Refinance; Subprime share of refinance; No cash out; 2000: 53,348; 2001: 60,752; 2002: 101,679; 2003: 152,131; 2004: 149,906; 2005: 143,723; 2006: 109,995; 2007: 36,705; Total: 808,239. Loan purpose: Refinance; Subprime share of refinance; Unknown; 2000: 4,605; 2001: 9,379; 2002: 6,715; 2003: 5,319; 2004: 575; 2005: 327; 2006: 578; 2007: 25; Total: 27,523. Loan purpose: Refinance; Alt-A share of refinance; 2000: 24,475; 2001: 62,949; 2002: 114,597; 2003: 251,593; 2004: 424,596; 2005: 672,528; 2006: 687,614; 2007: 270,973; Total: 2,509,325. Loan purpose: Refinance; Alt-A share of refinance; Cash out; 2000: 16,484; 2001: 39,958; 2002: 67,923; 2003: 140,426; 2004: 276,758; 2005: 487,753; 2006: 482,900; 2007: 165,237; Total: 1,677,439. Loan purpose: Refinance; Alt-A share of refinance; No cash out; 2000: 7,611; 2001: 22,969; 2002: 46,524; 2003: 110,523; 2004: 144,656; 2005: 183,841; 2006: 202,696; 2007: 105,728; Total: 824,548. Loan purpose: Refinance; Alt-A share of refinance; Unknown; 2000: 380; 2001: 22; 2002: 150; 2003: 644; 2004: 3,182; 2005: 934; 2006: 2,018; 2007: 8; Total: 7,338. Loan type: ARM; 2000: 272,048; 2001: 349,910; 2002: 590,558; 2003: 958,430; 2004: 2,066,473; 2005: 2,737,410; 2006: 2,146,756; 2007: 462,172; Total: 9,583,757. Loan type: ARM; Subprime share of ARM; 2000: 261,975; 2001: 325,047; 2002: 537,833; 2003: 841,067; 2004: 1,482,569; 2005: 1,844,167; 2006: 1,339,129; 2007: 213,672; Total: 6,845,459. Loan type: ARM; Alt-A share of ARM; 2000: 10,073; 2001: 24,863; 2002: 52,725; 2003: 117,363; 2004: 583,904; 2005: 893,243; 2006: 807,627; 2007: 248,500; Total: 2,738,298. Loan type: Fixed-rate mortgage; 2000: 222,649; 2001: 291,084; 2002: 403,665; 2003: 738,662; 2004: 807,994; 2005: 977,629; 2006: 851,171; 2007: 271,284; Total: 4,564,138. Loan type: Fixed-rate mortgage; Subprime share of fixed rate; 2000: 155,992; 2001: 180,742; 2002: 228,828; 2003: 430,208; 2004: 461,372; 2005: 424,407; 2006: 355,315; 2007: 90,698; Total: 2,327,562. Loan type: Fixed-rate mortgage; Alt-A share of fixed rate; 2000: 66,657; 2001: 110,342; 2002: 174,837; 2003: 308,454; 2004: 346,622; 2005: 553,222; 2006: 495,856; 2007: 180,586; Total: 2,236,576. Loan type: Other; 2000: 40,117; 2001: 35,385; 2002: 22,144; 2003: 20,343; 2004: 9,627; 2005: 17,163; 2006: 114,379; 2007: 33,136; Total: 292,294. Loan type: Other; Subprime share of other; 2000: 38,664; 2001: 31,945; 2002: 18,302; 2003: 10,457; 2004: 3,486; 2005: 15,846; 2006: 88,233; 2007: 26,144; Total: 233,077. Loan type: Other; Alt-A share of other; 2000: 1,453; 2001: 3,440; 2002: 3,842; 2003: 9,886; 2004: 6,141; 2005: 1,317; 2006: 26,146; 2007: 6,992; Total: 59,217. Source: GAO analysis of LP data. Note: Numbers for ARMs and fixed-rate mortgages do not include balloon mortgages, which account for most of the "other" category. Balloon mortgages can have fixed or adjustable interest rates. [End of table] Table 5: Short-term Hybrid ARMs as a Percentage of Subprime Market and Payment-option ARMs as a Percentage of Alt-A Market, 2000-2007: Number of subprime short-term hybrid ARMs; 2000: 248,964; 2001: 316,119; 2002: 516,804; 2003: 798,136; 2004: 1,429,475; 2005: 1,787,984; 2006: 1,290,983; 2007: 198,240; Total: 6,586,705. Short-term hybrid ARMs as a percentage of subprime market; 2000: 55%; 2001: 59%; 2002: 66%; 2003: 62%; 2004: 73%; 2005: 78%; 2006: 72%; 2007: 60%; Total: 70%. Number of Alt-A payment-option ARMs; 2000: 4,217; 2001: 682; 2002: 4,570; 2003: 7,572; 2004: 123,202; 2005: 310,140; 2006: 326,298; 2007: 60,523; Total: 837,204. Payment-option ARMs as a percentage of Alt-A market; 2000: 5%; 2001: 0%; 2002: 2%; 2003: 2%; 2004: 13%; 2005: 21%; 2006: 25%; 2007: 14%; Total: 17%. Source: GAO analysis of LP data. [End of table] Table 6: Percentage of Subprime and Alt-A Loans with Selected Loan and Borrower Characteristics and Mean Values for Key Variables, 2000-2007: Low or no documentation of borrower assets or income: Subprime; 2000: 20%; 2001: 23%; 2002: 28%; 2003: 32%; 2004: 34%; 2005: 37%; 2006: 38%; 2007: 33%; Total: 33%. Low or no documentation of borrower assets or income: Alt-A; 2000: 60%; 2001: 62%; 2002: 59%; 2003: 64%; 2004: 61%; 2005: 68%; 2006: 80%; 2007: 80%; Total: 70%. Prepayment penalty: Subprime; 2000: 65%; 2001: 74%; 2002: 75%; 2003: 74%; 2004: 73%; 2005: 72%; 2006: 71%; 2007: 70%; Total: 72%. Prepayment penalty: Alt-A; 2000: 21%; 2001: 24%; 2002: 25%; 2003: 23%; 2004: 31%; 2005: 39%; 2006: 46%; 2007: 42%; Total: 37%. Negative amortization feature: Subprime; 2000: 0%; 2001: 0%; 2002: 0%; 2003: 0%; 2004: 0%; 2005: 0%; 2006: 0%; 2007: 0%; Total: 0%. Negative amortization feature: Alt-A; 2000: 7%; 2001: 3%; 2002: 2%; 2003: 2%; 2004: 15%; 2005: 25%; 2006: 30%; 2007: 31%; Total: 21%. Owner-occupant: Subprime; 2000: 91%; 2001: 92%; 2002: 92%; 2003: 92%; 2004: 92%; 2005: 92%; 2006: 92%; 2007: 92%; Total: 92%. Owner-occupant: Alt-A; 2000: 78%; 2001: 85%; 2002: 77%; 2003: 69%; 2004: 73%; 2005: 74%; 2006: 76%; 2007: 76%; Total: 75%. Mean loan amount at origination: Subprime; 2000: $103,607; 2001: $125,545; 2002: $145,213; 2003: $164,204; 2004: $179,520; 2005: $199,488; 2006: $211,773; 2007: $218,462; Total: $180,130. Mean loan amount at origination: Alt-A; 2000: $219,543; 2001: $263,053; 2002: $250,274; 2003: $228,621; 2004: $259,784; 2005: $290,963; 2006: $324,220; 2007: $378,106; Total: $292,350. Mean unpaid balance as of March 31, 2009: Subprime; 2000: $68,745; 2001: $80,927; 2002: $95,081; 2003: $126,088; 2004: $146,205; 2005: $183,110; 2006: $204,672; 2007: $217,694; Total: $183,026. Mean unpaid balance as of March 31, 2009: Subprime number; 2000: $62,050; 2001: $59,788; 2002: $79,755; 2003: $180,689; 2004: $362,823; 2005: $740,157; 2006: $986,353; 2007: $246,744; Total: $2,718,359. Mean unpaid balance as of March 31, 2009: Alt-A; 2000: $129,663; 2001: $186,629; 2002: $186,854; 2003: $180,395; 2004: $225,842; 2005: $279,133; 2006: $322,093; 2007: $379,044; Total: $295,237. Mean unpaid balance as of March 31, 2009: Alt A number; 2000: $9,982; 2001: $16,720; 2002: $37,621; 2003: $144,142; 2004: $313,548; 2005: $747,545; 2006: $882,924; 2007: $354,027; Total: $2,506,509. Mean borrower FICO score at origination: Subprime; 2000: 592; 2001: 600; 2002: 608; 2003: 618; 2004: 618; 2005: 621; 2006: 618; 2007: 614; Total: 616. Mean borrower FICO score at origination: Alt-A; 2000: 700; 2001: 701; 2002: 705; 2003: 711; 2004: 708; 2005: 711; 2006: 706; 2007: 712; Total: 709. Mean combined loan-to-value ratio at origination: Subprime; 2000: 78.0; 2001: 79.5; 2002: 80.1; 2003: 81.9; 2004: 83.6; 2005: 84.9; 2006: 85.8; 2007: 82.9; Total: 83.3. Mean combined loan-to-value ratio at origination: Alt-A; 2000: 81.3; 2001: 80.8; 2002: 79.0; 2003: 76.3; 2004: 80.4; 2005: 81.1; 2006: 82.4; 2007: 80.3; Total: 80.7. Mean debt service-to-income ratio at origination: Subprime; 2000: 38.8; 2001: 38.5; 2002: 38.9; 2003: 38.9; 2004: 39.4; 2005: 40.2; 2006: 41.1; 2007: 41.5; Total: 39.9. Mean debt service-to-income ratio at origination: Alt-A; 2000: 34.8; 2001: 35.2; 2002: 35.3; 2003: 33.9; 2004: 35.1; 2005: 36.1; 2006: 37.0; 2007: 37.3; Total: 36.1. Source: GAO analysis of LP data. Note: The LP data do not capture all second liens. As a result, the average combined loan-to-value ratios presented are likely lower than the actual averages. Also, 29 percent of the subprime loans and 56 percent of the Alt-A loans in the LP database did not contain information on the debt service-to-income ratio. [End of table] Table 7: Number of Subprime and Alt-A Loans with Selected Loan and Borrower Characteristics and Mean Values for Key Variables, 2000-2007: Low or no documentation of borrower assets or income: Subprime; 2000: 91,351; 2001: 122,431; 2002: 220,782; 2003: 405,280; 2004: 652,803; 2005: 836,791; 2006: 672,090; 2007: 109,920; Total: 3,111,448. Low or no documentation of borrower assets or income: Alt-A; 2000: 46,836; 2001: 85,732; 2002: 136,499; 2003: 276,760; 2004: 571,862; 2005: 991,704; 2006: 1,061,630; 2007: 348,937; Total: 3,519,960. Prepayment penalty: Subprime; 2000: 298,079; 2001: 399,587; 2002: 587,047; 2003: 944,735; 2004: 1,416,438; 2005: 1,655,200; 2006: 1,266,061; 2007: 231,417; Total: 6,798,564. Prepayment penalty: Alt-A; 2000: 16,041; 2001: 32,955; 2002: 57,956; 2003: 102,275; 2004: 293,737; 2005: 565,703; 2006: 612,818; 2007: 182,073; Total: 1,863,558. Negative amortization feature: Subprime; 2000: 168; 2001: 92; 2002: 124; 2003: 94; 2004: 140; 2005: 588; 2006: 269; 2007: 22; Total: 1,497. Negative amortization feature: Alt-A; 2000: 5,761; 2001: 4,402; 2002: 5,276; 2003: 10,131; 2004: 136,390; 2005: 355,230; 2006: 397,196; 2007: 136,954; Total: 1,051,340. Owner-occupant: Subprime; 2000: 415,913; 2001: 492,220; 2002: 721,559; 2003: 1,177,982; 2004: 1,785,929; 2005: 2,094,208; 2006: 1,635,348; 2007: 303,421; Total: 8,626,580. Owner-occupant: Alt-A; 2000: 60,715; 2001: 117,252; 2002: 178,180; 2003: 299,683; 2004: 686,744; 2005: 1,074,917; 2006: 1,014,307; 2007: 331,494; Total: 3,763,292. Source: GAO analysis of LP data. [End of table] [End of Enclosure I] Enclosure II: Distribution of Initial Interest Rates for Nonprime Loans by Cohort Year, 2000-2007: This enclosure contains the results of our analysis of LoanPerformance (LP) data on the distribution of initial interest rates at loan origination for nonprime mortgages originated from 2000 through 2007. Tables 8 and 9 provide information in percentages and total numbers, respectively. Table 8: Percentage of Nonprime Loans in Different Initial Interest Rate Ranges by Cohort Year, 2000-2007: Subprime fixed rate: 2000: 34%; 2001: 34%; 2002: 29%; 2003: 34%; 2004: 24%; 2005: 19%; 2006: 20%; 2007: 27%; Total: 25%. Subprime fixed rate: Interest rate range: 0.1% - 5.0%; 2000: 0%; 2001: 1%; 2002: 0%; 2003: 2%; 2004: 2%; 2005: 1%; 2006: 0%; 2007: 0%; Total: 1%. Subprime fixed rate: Interest rate range: 5.1% - 6.0%; 2000: 0%; 2001: 1%; 2002: 3%; 2003: 16%; 2004: 24%; 2005: 20%; 2006: 4%; 2007: 4%; Total: 13%. Subprime fixed rate: Interest rate range: 6.1% - 7.0%; 2000: 1%; 2001: 9%; 2002: 20%; 2003: 34%; 2004: 35%; 2004: 34%; 2005: 22%; 2006: 18%; Total: 26%. Subprime fixed rate: Interest rate range: 7.1% - 8.0%; 2000: 5%; 2001: 18%; 2002: 30%; 2003: 27%; 2004: 23%; 2005: 26%; 2006: 30%; 2007: 25%; Total: 25%. Subprime fixed rate: Interest rate range: 8.1% - 9.0%; 2000: 14%; 2001: 21%; 2002: 23%; 2003: 13%; 2004: 10%; 2005: 12%; 2006: 24%; 2007: 23%; Total: 16%. Subprime fixed rate: Interest rate range: 9.1% - 10.0%; 2000: 21%; 2001: 21%; 2002: 13%; 2003: 5%; 2004: 3%; 2005: 4%; 2006: 13%; 2007: 17%; Total: 9%. Subprime fixed rate: Interest rate range: Greater than 10%; 2000: 59%; 2001: 29%; 2002: 11%; 2003: 2%; 2004: 1%; 2005: 2%; 2006: 7%; 2007: 13%; Total: 10%. Subprime short-term hybrid ARM: 2000: 55%; 2001: 59%; 2002: 66%; 2003: 62%; 2004: 73%; 2005: 78%; 2006: 72%; 2007: 60%; Total: 70%. Subprime short-term hybrid ARM: Interest rate range: 0.1% - 5.0%; 2000: 3%; 2001: 1%; 2002: 2%; 2003: 1%; 2004: 3%; 2005: 1%; 2006: 0%; 2007: 1%; Total: 1%. Subprime short-term hybrid ARM: Interest rate range: 5.1% - 6.0%; 2000: 0%; 2001: 0%; 2002: 2%; 2003: 12%; 2004: 21%; 2005: 16%; 2006: 2%; 2007: 3%; Total: 11%. Subprime short-term hybrid ARM: Interest rate range: 6.1% - 7.0%; 2000: 0%; 2001: 3%; 2002: 13%; 2003: 30%; 2004: 34%; 2005: 34%; 2006: 16%; 2007: 15%; Total: 25%. Subprime short-term hybrid ARM: Interest rate range: 7.1% - 8.0%; 2000: 2%; 2001: 14%; 2002: 27%; 2003: 31%; 2004: 26%; 2005: 28%; 2006: 33%; 2007: 28%; Total: 27%. Subprime short-term hybrid ARM: Interest rate range: 8.1% - 9.0%; 2000: 12%; 2001: 26%; 2002: 29%; 2003: 17%; 2004: 11%; 2005: 14%; 2006: 28%; 2007: 28%; Total: 19%. Subprime short-term hybrid ARM: Interest rate range: 9.1% - 10.0%; 2000: 29%; 2001: 28%; 2002: 17%; 2003: 6%; 2004: 3%; 2005: 5%; 2006: 14%; 2007: 17%; Total: 10%. Subprime short-term hybrid ARM: Interest rate range: Greater than 10%; 2000: 54%; 2001: 29%; 2002: 10%; 2003: 3%; 2004: 1%; 2005: 2%; 2006: 6%; 2007: 8%; Total: 7%. Subprime other ARM: 2000: 3%; 2001: 2%; 2002: 3%; 2003: 3%; 2004: 3%; 2005: 2%; 2006: 3%; 2007: 5%; Total: 3%. Subprime other ARM: Interest rate range: 0.1% - 5.0%; 2000: 4%; 2001: 5%; 2002: 11%; 2003: 18%; 2004: 15%; 2005: 7%; 2006: 1%; 2007: 1%; Total: 9%. Subprime other ARM: Interest rate range: 5.1% - 6.0%; 2000: 2%; 2001: 6%; 2002: 9%; 2003: 17%; 2004: 32%; 2005: 33%; 2006: 10%; 2007: 10%; Total: 20%. Subprime other ARM: Interest rate range: 6.1% - 7.0%; 2000: 4%; 2001: 11%; 2002: 14%; 2003: 27%; 2004: 31%; 2005: 34%; 2006: 30%; 2007: 20%; Total: 27%. Subprime other ARM: Interest rate range: 7.1% - 8.0%; 2000: 8%; 2001: 15%; 2002: 22%; 2003: 22%; 2004: 16%; 2005: 17%; 2006: 30%; 2007: 22%; Total: 20%. Subprime other ARM: Interest rate range: 8.1% - 9.0%; 2000: 13%; 2001: 21%; 2002: 23%; 2003: 11%; 2004: 5%; 2005: 6%; 2006: 17%; 2007: 20%; Total: 12%. Subprime other ARM: Interest rate range: 9.1% - 10.0%; 2000: 23%; 2001: 19%; 2002: 13%; 2003: 3%; 2004: 1%; 2005: 2%; 2006: 8%; 2007: 14%; Total: 7%. Subprime other ARM: Interest rate range: Greater than 10%; 2000: 45%; 2001: 23%; 2002: 8%; 2003: 1%; 2004: 0%; 2005: 1%; 2006: 4%; 2007: 13%; Total: 6%. Subprime other: 2000: 8%; 2001: 6%; 2002: 2%; 2003: 1%; 2004: 0%; 2005: 1%; 2006: 5%; 2007: 8%; Total: 2%. Subprime other: Interest rate range: 0.1% - 5.0%; 2000: 0%; 2001: 0%; 2002: 0%; 2003: 1%; 2004: 10%; 2005: 1%; 2006: 0%; 2007: 0%; Total: 0%. Subprime other: Interest rate range: 5.1% - 6.0%; 2000: 0%; 2001: 0%; 2002: 2%; 2003: 10%; 2004: 30%; 2005: 19%; 2006: 4%; 2007: 4%; Total: 4%. Subprime other: Interest rate range: 6.1% - 7.0%; 2000: 0%; 2001: 2%; 2002: 10%; 2003: 28%; 2004: 33%; 2005: 41%; 2006: 30%; 2007: 20%; Total: 19%. Subprime other: Interest rate range: 7.1% - 8.0%; 2000: 1%; 2001: 10%; 2002: 27%; 2003: 33%; 2004: 16%; 2005: 26%; 2006: 36%; 2007: 29%; Total: 24%. Subprime other: Interest rate range: 8.1% - 9.0%; 2000: 7%; 2001: 21%; 2002: 28%; 2003: 17%; 2004: 6%; 2005: 9%; 2006: 20%; 2007: 24%; Total: 18%. Subprime other: Interest rate range: 9.1% - 10.0%; 2000: 21%; 2001: 26%; 2002: 19%; 2003: 8%; 2004: 3%; 2005: 3%; 2006: 7%; 2007: 14%; Total: 3%. Subprime other: Interest rate range: Greater than 10%; 2000: 70%; 2001: 40%; 2002: 14%; 2003: 3%; 2004: 1%; 2005: 1%; 2006: 3%; 2007: 8%; Total: 20%. Alt-A fixed rate: 2000: 85%; 2001: 80%; 2002: 76%; 2003: 71%; 2004: 37%; 2005: 38%; 2006: 37%; 2007: 41%; Total: 44%. Alt-A fixed rate: Interest rate range: 0.1% - 5.0%; 2000: 0%; 2001: 0%; 2002: 0%; 2003: 11%; 2004: 5%; 2005: 1%; 2006: 0%; 2007: 0%; Total: 3%. Alt-A fixed rate: Interest rate range: 5.1% - 6.0%; 2000: 0%; 2001: 2%; 2002: 15%; 2003: 53%; 2004: 57%; 2005: 61%; 2006: 12%; 2007: 26%; Total: 37%. Alt-A fixed rate: Interest rate range: 6.1% - 7.0%; 2000: 0%; 2001: 22%; 2002: 40%; 2003: 27%; 2004: 31%; 2005: 29%; 2006: 57%; 2007: 53%; Total: 37%. Alt-A fixed rate: Interest rate range: 7.1% - 8.0%; 2000: 10%; 2001: 42%; 2002: 30%; 2003: 8%; 2004: 6%; 2005: 7%; 2006: 23%; 2007: 15%; 15%. Alt-A fixed rate: Interest rate range: 8.1% - 9.0%; 2000: 47%; 2001: 25%; 2002: 11%; 2003: 2%; 2004: 1%; 2005: 1%; 2006: 6%; 2007: 4%; Total: 6%. Alt-A fixed rate: Interest rate range: 9.1% - 10.0%; 2000: 35%; 2001: 7%; 2002: 3%; 2003: 0%; 2004: 0%; 2005: 0%; 2006: 1%; 2007: 2%; Total: 2%. Alt-A fixed rate: Interest rate range: Greater than 10%; 2000: 8%; 2001: 2%; 2002: 1%; 2003: 0%; 2004: 0%; 2005: 0%; 2006: 0%; 2007: 1%; Total: 0%. Alt-A payment-option ARM: 2000: 5%; 2001: 0%; 2002: 2%; 2003: 2%; 2004: 13%; 2005: 21%; 2006: 25%; 2007: 14%; Total: 17%. Alt-A payment-option ARM: Interest rate range: 0.1% - 5.0%; 2000: 100%; 2001: 100%; 2002: 100%; 2003: 97%; 2004: 99%; 2005: 100%; 2006: 94%; 2007: 91%; Total: 97%. Alt-A payment-option ARM: Interest rate range: 5.1% - 6.0%; 2000: 0%; 2001: 0%; 2002: 0%; 2003: 2%; 2004: 0%; 2005: 0%; 2006: 0%; 2007: 0%; Total: 0%. Alt-A payment-option ARM: Interest rate range: 6.1% - 7.0%; 2000: 0%; 2001: 0%; 2002: 0%; 2003: 1%; 2004: 1%; 2005: 0%; 2006: 2%; 2007: 0%; Total: 1%. Alt-A payment-option ARM: Interest rate range: 7.1% - 8.0%; 2000: 0%; 2001: 0%; 2002: 0%; 2003: 0%; 2004: 0%; 2005: 0%; 2006: 4%; 2007: 5%; Total: 2%. Alt-A payment-option ARM: Interest rate range: 8.1% - 9.0%; 2000: 0%; 2001: 0%; 2002: 0%; 2003: 0%; 2004: 0%; 2005: 0%; 2006: 1%; 2007: 4%; Total: 1%. Alt-A payment-option ARM: Interest rate range: 9.1% - 10.0%; 2000: 0%; 2001: 0%; 2002: 0%; 2003: 0%; 2004: 0%; 2005: 0%; 2006: 0%; 2007: 0%; Total: 0%. Alt-A payment-option ARM: Interest rate range: Greater than 10%; 2000: 0%; 2001: 0%; 2002: 0%; 2003: 0%; 2004: 0%; 2005: 0%; 2006: 0%; 2007: 0%; Total: 0%. Alt-A other ARM: 2000: 7%; 2001: 17%; 2002: 21%; 2003: 25%; 2004: 49%; 2005: 40%; 2006: 36%; 2007: 43%; Total: 38%. Alt-A other ARM: Interest rate range: 0.1% - 5.0%; 2000: 28%; 2001: 19%; 2002: 22%; 2003: 44%; 2004: 44%; 2005: 19%; 2006: 12%; 2007: 26%; Total: 26%. Alt-A other ARM: Interest rate range: 5.1% - 6.0%; 2000: 2%; 2001: 13%; 2002: 34%; 2003: 36%; 2004: 41%; 2005: 47%; 2006: 18%; 2007: 17%; Total: 34%. Alt-A other ARM: Interest rate range: 6.1% - 7.0%; 2000: 5%; 2001: 34%; 2002: 27%; 2003: 14%; 2004: 12%; 2005: 25%; 2006: 45%; 2007: 34%; Total: 28%. Alt-A other ARM: Interest rate range: 7.1% - 8.0%; 2000: 13%; 2001: 22%; 2002: 13%; 2003: 5%; 2004: 2%; 2005: 7%; 2006: 20%; 2007: 17%; Total: 10%. Alt-A other ARM: Interest rate range: 8.1% - 9.0%; 2000: 33%; 2001: 9%; 2002: 4%; 2003: 1%; 2004: 0%; 2005: 1%; 2006: 3%; 2007: 5%; Total: 2%. Alt-A other ARM: Interest rate range: 9.1% - 10.0%; 2000: 13%; 2001: 3%; 2002: 1%; 2003: 0%; 2004: 0%; 2005: 0%; 2006: 0%; 2007: 1%; Total: 0%. Alt-A other ARM: Interest rate range: Greater than 10%; 2000: 6%; 2001: 1%; 2002: 0%; 2003: 0%; 2004: 0%; 2005: 0%; 2006: 0%; 2007: 1%; Total: 0%. Alt-A other: 2000: 2%; 2001: 2%; 2002: 2%; 2003: 2%; 2004: 1%; 2005: 0%; 2006: 2%; 2007: 2%; Total: 1%. Alt-A other: Interest rate range: 0.1% - 5.0%; 2000: 0%; 2001: 0%; 2002: 1%; 2003: 37%; 2004: 64%; 2005: 13%; 2006: 33%; 2007: 18%; Total: 30%. Alt-A other: Interest rate range: 5.1% - 6.0%; 2000: 0%; 2001: 0%; 2002: 1%; 2003: 32%; 2004: 25%; 2005: 16%; 2006: 4%; 2007: 11%; Total: 1%. Alt-A other: Interest rate range: 6.1% - 7.0%; 2000: 0%; 2001: 2%; 2002: 15%; 2003: 17%; 2004: 8%; 2005: 38%; 2006: 31%; 2007: 41%; Total: 24%. Alt-A other: Interest rate range: 7.1% - 8.0%; 2000: 1%; 2001: 30%; 2002: 43%; 2003: 11%; 2004: 2%; 2005: 23%; 2006: 23%; 2007: 22%; Total: 20%. Alt-A other: Interest rate range: 8.1% - 9.0%; 2000: 21%; 2001: 42%; 2002: 29%; 2003: 2%; 2004: 1%; 2005: 7%; 2006: 8%; 2007: 6%; Total: 10%. Alt-A other: Interest rate range: 9.1% - 10.0%; 2000: 53%; 2001: 18%; 2002: 9%; 2003: 0%; 2004: 0%; 2005: 2%; 2006: 2%; 2007: 2%; Total: 4%. Alt-A other: Interest rate range: Greater than 10%; 2000: 25%; 2001: 8%; 2002: 2%; 2003: 0%; 2004: 1%; 2005: 1%; 2006: 0%; 2007: 0%; Total: 1%. Source: GAO analysis of LP data. [End of table] Table 9: Number of Nonprime Loans in Different Initial Interest Rate Ranges by Cohort Year, 2000-2007: Subprime fixed rate: 2000: 155,992; 2001: 180,742; 2002: 228,828; 2003: 430,208; 2004: 461,372; 2005: 424,407; 2006: 355,315; 2007: 90,698; Total: 2,327,562. Subprime fixed rate: Interest rate range: 0.1% - 5.0%; 2000: 100; 2001: 1,908; 2002: 910; 2003: 8,216; 2004: 8,087; 2005: 3,734; 2006: 1,326; 2007: 58; Total: 24,339. Subprime fixed rate: Interest rate range: 5.1% - 6.0%; 2000: 213; 2001: 1,484; 2002: 7,980; 2003: 69,875; 2004: 112,784; 2005: 84,258; 2006: 14,951; 2007: 3,456; Total: 295,001. Subprime fixed rate: Interest rate range: 6.1% - 7.0%; 2000: 1,229; 2001: 16,956; 2002: 45,172; 2003: 146,914; 2004: 163,308; 2005: 145,963; 2006: 76,904; 2007: 15,967; Total: 612,413. Subprime fixed rate: Interest rate range: 7.1% - 8.0%; 2000: 7,813; 2001: 32,520; 2002: 67,808; 2003: 117,937; 2004: 108,385; 2005: 110,702; 2006: 107,444; 2007: 22,492; Total: 575,101. Subprime fixed rate: Interest rate range: 8.1% - 9.0%; 2000: 21,407; 2001: 37,394; 2002: 52,410; 2003: 55,851; 2004: 47,449; 2005: 52,721; 2006: 83,535; 2007: 21,165; Total: 371,932. Subprime fixed rate: Interest rate range: 9.1% - 10.0%; 2000: 32,768; 2001: 38,007; 2002: 29,877; 2003: 21,511; 2004: 15,423; 2005: 19,069; 2006: 45,188; 2007: 15,598; Total: 217,441. Subprime fixed rate: Interest rate range: Greater than 10%; 2000: 92,462; 2001: 52,473; 2002: 24,671; 2003: 9,904; 2004: 5,936; 2005: 7,960; 2006: 25,967; 2007: 11,962; Total: 231,335. Subprime short-term hybrid ARM: 2000: 248,964; 2001: 316,119; 2002: 516,804; 2003: 798,136; 2004: 1,429,475; 2005: 1,787,984; 2006: 1,290,983; 2007: 198,240; Total: 6,586,705. Subprime short-term hybrid ARM: Interest rate range: 0.1% - 5.0%; 2000: 6,655; 2001: 1,966; 2002: 8,915; 2003: 9,382; 2004: 43,131; 2005: 21,154; 2006: 525; 2007: 2,370; Total: 94,098. Subprime short-term hybrid ARM: Interest rate range: 5.1% - 6.0%; 2000: 813; 2001: 400; 2002: 11,702; 2003: 94,297; 2004: 296,382; 2005: 283,511; 2006: 26,126; 2007: 5,536; Total: 718,767. Subprime short-term hybrid ARM: Interest rate range: 6.1% - 7.0%; 2000: 911; 2001: 10,225; 2002: 68,333; 2003: 240,971; 2004: 491,613; 2005: 612,667; 2006: 209,368; 2007: 29,640; Total: 1,663,728. Subprime short-term hybrid ARM: Interest rate range: 7.1% - 8.0%; 2000: 4,973; 2001: 43,088; 2002: 139,553; 2003: 244,252; 2004: 371,576; 2005: 501,701; 2006: 427,209; 2007: 56,040; Total: 1,788,392. Subprime short-term hybrid ARM: Interest rate range: 8.1% - 9.0%; 2000: 30,236; 2001: 81,772; 2002: 148,706; 2003: 138,028; 2004: 162,516; 2005: 254,383; 2006: 366,393; 2007: 54,950; Total: 1,236,984. Subprime short-term hybrid ARM: Interest rate range: 9.1% - 10.0%; 2000: 71,264; 2001: 88,211; 2002: 87,993; 2003: 50,074; 2004: 47,272; 2005: 86,912; 2006: 186,433; 2007: 33,723; Total: 651,882. Subprime short-term hybrid ARM: Interest rate range: Greater than 10%; 2000: 134,112; 2001: 90,457; 2002: 51,602; 2003: 21,132; 2004: 16,985; 2005: 27,656; 2006: 74,929; 2007: 15,981; Total: 432,854. Subprime other ARM: 2000: 13,011; 2001: 8,928; 2002: 21,029; 2003: 42,931; 2004: 53,094; 2005: 56,183; 2006: 48,146; 2007: 15,432; Total: 258,754. Subprime other ARM: Interest rate range: 0.1% - 5.0%; 2000: 468; 2001: 444; 2002: 2,237; 2003: 7,623; 2004: 7,726; 2005: 3,791; 2006: 464; 2007: 148; Total: 22,901. Subprime other ARM: Interest rate range: 5.1% - 6.0%; 2000: 309; 2001: 506; 2002: 1,890; 2003: 7,485; 2004: 16,952; 2005: 18,635; 2006: 4,662; 2007: 1,526; Total: 51,965. Subprime other ARM: Interest rate range: 6.1% - 7.0%; 2000: 540; 2001: 941; 2002: 3,014; 2003: 11,667; 2004: 16,235; 2005: 19,146; 2006: 14,338; 2007: 3,048; Total: 68,929. Subprime other ARM: Interest rate range: 7.1% - 8.0%; 2000: 1,058; 2001: 1,381; 2002: 4,606; 2003: 9,386; 2004: 8,472; 2005: 9,422; 2006: 14,328; 2007: 3,393; Total: 52,046. Subprime other ARM: Interest rate range: 8.1% - 9.0%; 2000: 1,751; 2001: 1,876; 2002: 4,901; 2003: 4,712; 2004: 2,743; 2005: 3,430; 2006: 8,388; 2007: 3,132; Total: 30,933. Subprime other ARM: Interest rate range: 9.1% - 10.0%; 2000: 2,982; 2001: 1,713; 2002: 2,791; 2003: 1,490; 2004: 758; 2005: 1,279; 2006: 3,978; 2007: 2,235; Total: 17,226. Subprime other ARM: Interest rate range: Greater than 10%; 2000: 5,903; 2001: 2,067; 2002: 1,590; 2003: 568; 2004: 208; 2005: 480; 2006: 1,988; 2007: 1,950; Total: 14,754. Subprime other: 2000: 38,664; 2001: 31,945; 2002: 18,302; 2003: 10,457; 2004: 3,486; 2005: 15,846; 2006: 88,233; 2007: 26,144; Total: 233,077. Subprime other: Interest rate range: 0.1% - 5.0%; 2000: 40; 2001: 16; 2002: 30; 2003: 113; 2004: 356; 2005: 130; 2006: 28; 2007: 12; Total: 725. Subprime other: Interest rate range: 5.1% - 6.0%; 2000: 13; 2001: 119; 2002: 277; 2003: 1,056; 2004: 1,033; 2005: 2,975; 2006: 3,748; 2007: 1,023; Total: 10,244. Subprime other: Interest rate range: 6.1% - 7.0%; 2000: 74; 2001: 746; 2002: 1,870; 2003: 2,910; 2004: 1,150; 2005: 6,568; 2006: 26,615; 2007: 5,293; Total: 45,226. Subprime other: Interest rate range: 7.1% - 8.0%; 2000: 485; 2001: 3,299; 2002: 5,031; 2003: 3,441; 2004: 571; 2005: 4,111; 2006: 31,923; 2007: 7,592; Total: 56,453. Subprime other: Interest rate range: 8.1% - 9.0%; 2000: 2,751; 2001: 6,606; 2002: 5,197; 2003: 1,816; 2004: 223; 2005: 1,504; 2006: 17,300; 2007: 6,338; Total: 41,735. Subprime other: Interest rate range: 9.1% - 10.0%; 2000: 8,112; 2001: 8,299; 2002: 3,406; 2003: 808; 2004: 107; 2005: 432; 2006: 6,229; 2007: 3,679; Total: 31,072. Subprime other: Interest rate range: Greater than 10%; 2000: 27,189; 2001: 12,860; 2002: 2,491; 2003: 313; 2004: 46; 2005: 126; 2006: 2,390; 2007: 2,207; Total: 47,622. Alt-A fixed rate: 2000: 66,657; 2001: 110,342; 2002: 174,837; 2003: 308,454; 2004: 346,622; 2005: 553,222; 2006: 495,856; 2007: 180,586; Total: 2,236,576. Alt-A fixed rate: Interest rate range: 0.1% - 5.0%; 2000: 105; 2001: 111; 2002: 708; 2003: 32,749; 2004: 17,411; 2005: 8,239; 2006: 637; 2007: 648; Total: 60,608. Alt-A fixed rate: Interest rate range: 5.1% - 6.0%; 2000: 62; 2001: 1,863; 2002: 26,000; 2003: 162,263; 2004: 197,470; 2005: 338,058; 2006: 61,088; 2007: 46,551; Total: 833,355. Alt-A fixed rate: Interest rate range: 6.1% - 7.0%; 2000: 328; 2001: 24,335; 2002: 69,550; 2003: 81,877; 2004: 107,620; 2005: 160,787; 2006: 283,500; 2007: 94,851; Total: 822,848. Alt-A fixed rate: Interest rate range: 7.1% - 8.0%; 2000: 6,706; 2001: 46,239; 2002: 52,651; 2003: 25,634; 2004: 19,674; 2005: 38,611; 2006: 113,852; 2007: 26,795; Total: 330,162. Alt-A fixed rate: Interest rate range: 8.1% - 9.0%; 2000: 31,279; 2001: 27,830; 2002: 19,523; 2003: 5,359; 2004: 3,771; 2005: 6,792; 2006: 29,767; 2007: 7,862; Total: 132,183. Alt-A fixed rate: Interest rate range: 9.1% - 10.0%; 2000: 23,128; 2001: 8,086; 2002: 5,438; 2003: 523; 2004: 528; 2005: 664; 2006: 5,647; 2007: 2,949; Total: 46,963. Alt-A fixed rate: Interest rate range: Greater than 10%; 2000: 5,049; 2001: 1,878; 2002: 967; 2003: 49; 2004: 148; 2005: 71; 2006: 1,365; 2007: 930; Total: 10,457. Payment-option ARM: 2000: 4,217; 2001: 682; 2002: 4,570; 2003: 7,572; 2004: 123,202; 2005: 310,140; 2006: 326,298; 2007: 60,523; Total: 837,204. Payment-option ARM: Interest rate range: 0.1% - 5.0%; 2000: 4,207; 2001: 679; 2002: 4,549; 2003: 7,368; 2004: 121,817; 2005: 309,147; 2006: 305,422; 2007: 55,039; Total: 808,228. Payment-option ARM: Interest rate range: 5.1% - 6.0%; 2000: 7; 2001: 3; 2002: 8; 2003: 157; 2004: 614; 2005: 658; 2006: 662; 2007: 21; Total: 2,130. Payment-option ARM: Interest rate range: 6.1% - 7.0%; 2000: 2; 2001: [Empty]; 2002: 13; 2003: 46; 2004: 769; 2005: 283; 2006: 5,005; 2007: 209; Total: 6,327. Payment-option ARM: Interest rate range: 7.1% - 8.0%; 2000: 1; 2001: [Empty]; 2002: [Empty]; 2003: [Empty]; 2004: 2; 2005: 43; 2006: 12,266; 2007: 2,911; Total: 15,223. Payment-option ARM: Interest rate range: 8.1% - 9.0%; 2000: [Empty]; 2001: [Empty]; 2002: [Empty]; 2003: [Empty]; 2004: [Empty]; 2005: 9; 2006: 2,891; 2007: 2,283; Total: 5,183. Payment-option ARM: Interest rate range: 9.1% - 10.0%; 2000: [Empty]; 2001: [Empty]; 2002: [Empty]; 2003: [Empty]; 2004: [Empty]; 2005: [Empty]; 2006: 52; 2007: 60; Total: 112. Payment-option ARM: Interest rate range: Greater than 10%; 2000: [Empty]; 2001: [Empty]; 2002: [Empty]; 2003: 1; 2004: [Empty]; 2005: [Empty]; 2006: [Empty]; 2007: [Empty]; Total: 1. Alt-A other ARM: 2000: 5,856; 2001: 24,181; 2002: 48,155; 2003: 109,791; 2004: 460,702; 2005: 583,103; 2006: 481,329; 2007: 187,977; Total: 1,901,094. Alt-A other ARM: Interest rate range: 0.1% - 5.0%; 2000: 1,648; 2001: 4,541; 2002: 10,374; 2003: 48,411; 2004: 202,178; 2005: 113,296; 2006: 60,083; 2007: 48,640; Total: 489,171. Alt-A other ARM: Interest rate range: 5.1% - 6.0%; 2000: 131; 2001: 3,076; 2002: 16,246; 2003: 39,905; 2004: 190,345; 2005: 276,396; 2006: 88,778; 2007: 32,369; Total: 647,246. Alt-A other ARM: Interest rate range: 6.1% - 7.0%; 2000: 274; 2001: 8,297; 2002: 13,095; 2003: 15,617; 2004: 56,519; 2005: 148,557; 2006: 218,100; 2007: 63,486; Total: 523,945. Alt-A other ARM: Interest rate range: 7.1% - 8.0%; 2000: 778; 2001: 5,231; 2002: 6,032; 2003: 5,042; 2004: 9,966; 2005: 39,470; 2006: 96,715; 2007: 31,227; Total: 194,461. Alt-A other ARM: Interest rate range: 8.1% - 9.0%; 2000: 1,913; 2001: 2,102; 2002: 1,876; 2003: 714; 2004: 1,458; 2005: 4,828; 2006: 15,390; 2007: 8,672; Total: 36,953. Alt-A other ARM: Interest rate range: 9.1% - 10.0%; 2000: 745; 2001: 675; 2002: 443; 2003: 93; 2004: 194; 2005: 484; 2006: 1,933; 2007: 2,553; Total: 7,120. Alt-A other ARM: Interest rate range: Greater than 10%; 2000: 367; 2001: 259; 2002: 89; 2003: 9; 2004: 42; 2005: 72; 2006: 330; 2007: 1,030; Total: 2,198. Alt-A other: 2000: 1,453; 2001: 3,440; 2002: 3,842; 2003: 9,886; 2004: 6,141; 2005: 1,317; 2006: 26,146; 2007: 6,992; Total: 59,217. Alt-A other: Interest rate range: 0.1% - 5.0%; 2000: 1; 2001: [Empty]; 2002: 20; 2003: 3,648; 2004: 3,920; 2005: 176; 2006: 8,732; 2007: 1,277; Total: 17,774. Alt-A other: Interest rate range: 5.1% - 6.0%; 2000: 3; 2001: 11; 2002: 30; 2003: 3,132; 2004: 1,507; 2005: 207; 2006: 1,053; 2007: 763; Total: 6,706. Alt-A other: Interest rate range: 6.1% - 7.0%; 2000: ; 2001: 54; 2002: 575; 2003: 1,720; 2004: 480; 2005: 506; 2006: 7,978; 2007: 2,862; Total: 14,175. Alt-A other: Interest rate range: 7.1% - 8.0%; 2000: 9; 2001: 1,028; 2002: 1,670; 2003: 1,107; 2004: 134; 2005: 298; 2006: 5,896; 2007: 1,508; Total: 11,650. Alt-A other: Interest rate range: 8.1% - 9.0%; 2000: 310; 2001: 1,450; 2002: 1,110; 2003: 239; 2004: 42; 2005: 97; 2006: 1,987; 2007: 454; Total: 5,689. Alt-A other: Interest rate range: 9.1% - 10.0%; 2000: 766; 2001: 634; 2002: 354; 2003: 37; 2004: 22; 2005: 23; 2006: 434; 2007: 123; Total: 2,393. Alt-A other: Interest rate range: Greater than 10%; 2000: 364; 2001: 263; 2002: 83; 2003: 3; 2004: 36; 2005: 10; 2006: 66; 2007: 5; Total: 830. Source: GAO analysis of LP data. [End of table] [End of Enclosure II] Enclosure III: Status of Nonprime Loans Originated from 2000 through 2007 by Cohort Year and Product Type as of March 31, 2009: This enclosure contains the results of our analysis of LoanPerformance (LP) data on the status of nonprime mortgages originated from 2000 through 2007, as of March 31, 2009. Tables 10 and 11 provide information in percentages and total numbers, respectively. Table 10: Percentage of Nonprime Loans in Different Status Categories by Cohort Year as of March 31, 2009: Subprime: Cohort year: 2000; ARM (excluding short-term hybrids): Prepaid: 73%; ARM (excluding short-term hybrids): Current: 9%; ARM (excluding short-term hybrids): Delinquent: 2%; ARM (excluding short-term hybrids): In default: 1%; ARM (excluding short-term hybrids): In foreclosure process: 1%; ARM (excluding short-term hybrids): Completed foreclosure process: 14%; Total: 100%. Cohort year: 2001; ARM (excluding short-term hybrids): Prepaid: 79%; ARM (excluding short-term hybrids): Current: 6%; ARM (excluding short-term hybrids): Delinquent: 2%; ARM (excluding short-term hybrids): In default: 1%; ARM (excluding short-term hybrids): In foreclosure process: 1%; ARM (excluding short-term hybrids): Completed foreclosure process: 11%; Total: 100%. Cohort year: 2002; ARM (excluding short-term hybrids): Prepaid: 80%; ARM (excluding short-term hybrids): Current: 7%; ARM (excluding short-term hybrids): Delinquent: 2%; ARM (excluding short-term hybrids): In default: 1%; ARM (excluding short-term hybrids): In foreclosure process: 1%; ARM (excluding short-term hybrids): Completed foreclosure process: 9%; Total: 100%. Cohort year: 2003; ARM (excluding short-term hybrids): Prepaid: 81%; ARM (excluding short-term hybrids): Current: 9%; ARM (excluding short-term hybrids): Delinquent: 1%; ARM (excluding short-term hybrids): In default: 1%; ARM (excluding short-term hybrids): In foreclosure process: 1%; ARM (excluding short-term hybrids): Completed foreclosure process: 7%; Total: 100%. Cohort year: 2004; ARM (excluding short-term hybrids): Prepaid: 72%; ARM (excluding short-term hybrids): Current: 16%; ARM (excluding short-term hybrids): Delinquent: 2%; ARM (excluding short-term hybrids): In default: 2%; ARM (excluding short-term hybrids): In foreclosure process: 2%; ARM (excluding short-term hybrids): Completed foreclosure process: 7%; Total: 100%. Cohort year: 2005; ARM (excluding short-term hybrids): Prepaid: 46%; ARM (excluding short-term hybrids): Current: 30%; ARM (excluding short-term hybrids): Delinquent: 5%; ARM (excluding short-term hybrids): In default: 4%; ARM (excluding short-term hybrids): In foreclosure process: 5%; ARM (excluding short-term hybrids): Completed foreclosure process: 10%; Total: 100%. Cohort year: 2006; ARM (excluding short-term hybrids): Prepaid: 23%; ARM (excluding short-term hybrids): Current: 36%; ARM (excluding short-term hybrids): Delinquent: 9%; ARM (excluding short-term hybrids): In default: 9%; ARM (excluding short-term hybrids): In foreclosure process: 10%; ARM (excluding short-term hybrids): Completed foreclosure process: 14%; Total: 100%. Cohort year: 2007; ARM (excluding short-term hybrids): Prepaid: 15%; ARM (excluding short-term hybrids): Current: 41%; ARM (excluding short-term hybrids): Delinquent: 11%; ARM (excluding short-term hybrids): In default: 16%; ARM (excluding short-term hybrids): In foreclosure process: 10%; ARM (excluding short-term hybrids): Completed foreclosure process: 8%; Total: 100%. Cohort year: Total; ARM (excluding short-term hybrids): Prepaid: 56%; ARM (excluding short-term hybrids): Current: 22%; ARM (excluding short-term hybrids): Delinquent: 4%; ARM (excluding short-term hybrids): In default: 4%; ARM (excluding short-term hybrids): In foreclosure process: 4%; ARM (excluding short-term hybrids): Completed foreclosure process: 10%; Total: 100%; Cohort year: 2000; Fixed rate: Prepaid: 64%; Fixed rate: Current: 13%; Fixed rate: Delinquent: 4%; Fixed rate: In default: 2%; Fixed rate: In foreclosure process: 1%; Fixed rate: Completed foreclosure process: 16%; Total: 100%. Cohort year: 2001; Fixed rate: Prepaid: 69%; Fixed rate: Current: 13%; Fixed rate: Delinquent: 3%; Fixed rate: In default: 1%; Fixed rate: In foreclosure process: 1%; Fixed rate: Completed foreclosure process: 13%; Total: 100%. Cohort year: 2002; Fixed rate: Prepaid: 72%; Fixed rate: Current: 15%; Fixed rate: Delinquent: 3%; Fixed rate: In default: 1%; Fixed rate: In foreclosure process: 1%; Fixed rate: Completed foreclosure process: 9%; Total: 100%. Cohort year: 2003; Fixed rate: Prepaid: 5%; Fixed rate: Current: 24%; Fixed rate: Delinquent: 3%; Fixed rate: In default: 1%; Fixed rate: In foreclosure process: 1%; Fixed rate: Completed foreclosure process: 6%; Total: 100%. Cohort year: 2004; Fixed rate: Prepaid: 52%; Fixed rate: Current: 34%; Fixed rate: Delinquent: 5%; Fixed rate: In default: 3%; Fixed rate: In foreclosure process: 2%; Fixed rate: Completed foreclosure process: 6%; Total: 100%. Cohort year: 2005; Fixed rate: Prepaid: 34%; Fixed rate: Current: 43%; Fixed rate: Delinquent: 8%; Fixed rate: In default: 5%; Fixed rate: In foreclosure process: 3%; Fixed rate: Completed foreclosure process: 7%; Total: 100%. Cohort year: 2006; Fixed rate: Prepaid: 21%; Fixed rate: Current: 47%; Fixed rate: Delinquent: 11%; Fixed rate: In default: 8%; Fixed rate: In foreclosure process: 6%; Fixed rate: Completed foreclosure process: 7%; Total: 100%. Cohort year: 2007; Fixed rate: Prepaid: 13%; Fixed rate: Current: 52%; Fixed rate: Delinquent: 13%; Fixed rate: In default: 11%; Fixed rate: In foreclosure process: 6%; Fixed rate: Completed foreclosure process: 5%; Total: 100%. Cohort year: Total; Fixed rate: Prepaid: 49%; Fixed rate: Current: 32%; Fixed rate: Delinquent: 6%; Fixed rate: In default: 4%; Fixed rate: In foreclosure process: 2%; Fixed rate: Completed foreclosure process: 8%; Total: 100%. Cohort year: 2000; Short-term hybrid ARM: Prepaid: 72%; Short-term hybrid ARM: Current: 5%; Short-term hybrid ARM: Delinquent: 2%; Short-term hybrid ARM: In default: 1%; Short-term hybrid ARM: In foreclosure process: 1%; Short-term hybrid ARM: Completed foreclosure process: 19%; Total: 100%; Cohort year: 2001; Short-term hybrid ARM: Prepaid: 76%; Short-term hybrid ARM: Current: 4%; Short-term hybrid ARM: Delinquent: 1%; Short-term hybrid ARM: In default: 1%; Short-term hybrid ARM: In foreclosure process: 1%; Short-term hybrid ARM: Completed foreclosure process: 17%; Total: 100%; Cohort year: 2002; Short-term hybrid ARM: Prepaid: 81%; Short-term hybrid ARM: Current: 3%; Short-term hybrid ARM: Delinquent: 1%; Short-term hybrid ARM: In default: 1%; Short-term hybrid ARM: In foreclosure process: 1%; Short-term hybrid ARM: Completed foreclosure process: 13%; Total: 100%; Cohort year: 2003; Short-term hybrid ARM: Prepaid: 84%; Short-term hybrid ARM: Current: 3%; Short-term hybrid ARM: Delinquent: 1%; Short-term hybrid ARM: In default: 1%; Short-term hybrid ARM: In foreclosure process: 1%; Short-term hybrid ARM: Completed foreclosure process: 10%; Total: 100%; Cohort year: 2004; Short-term hybrid ARM: Prepaid: 78%; Short-term hybrid ARM: Current: 5%; Short-term hybrid ARM: Delinquent: 2%; Short-term hybrid ARM: In default: 2%; Short-term hybrid ARM: In foreclosure process: 1%; Short-term hybrid ARM: Completed foreclosure process: 12%; Total: 100%; Cohort year: 2005; Short-term hybrid ARM: Prepaid: 57%; Short-term hybrid ARM: Current: 11%; Short-term hybrid ARM: Delinquent: 4%; Short-term hybrid ARM: In default: 5%; Short-term hybrid ARM: In foreclosure process: 5%; Short-term hybrid ARM: Completed foreclosure process: 18%; Total: 100%; Cohort year: 2006; Short-term hybrid ARM: Prepaid: 29%; Short-term hybrid ARM: Current: 20%; Short-term hybrid ARM: Delinquent: 8%; Short-term hybrid ARM: In default: 10%; Short-term hybrid ARM: In foreclosure process: 11%; Short-term hybrid ARM: Completed foreclosure process: 21%; Total: 100%; Cohort year: 2007; Short-term hybrid ARM: Prepaid: 17%; Short-term hybrid ARM: Current: 32%; Short-term hybrid ARM: Delinquent: 12%; Short-term hybrid ARM: In default: 14%; Short-term hybrid ARM: In foreclosure process: 13%; Short-term hybrid ARM: Completed foreclosure process: 13%; Total: 100%; Cohort year: Total; Short-term hybrid ARM: Prepaid: 61%; Short-term hybrid ARM: Current: 10%; Short-term hybrid ARM: Delinquent: 4%; Short-term hybrid ARM: In default: 4%; Short-term hybrid ARM: In foreclosure process: 4%; Short-term hybrid ARM: Completed foreclosure process: 16%; Total: 100%; Cohort year: 2000; Other: Prepaid: 60%; Other: Current: 11%; Other: Delinquent: 3%; Other: In default: 2%; Other: In foreclosure process: 1%; Other: Completed foreclosure process: 23%; Total: 100%. Cohort year: 2001; Other: Prepaid: 67%; Other: Current: 10%; Other: Delinquent: 2%; Other: In default: 1%; Other: In foreclosure process: 1%; Other: Completed foreclosure process: 18%; Total: 100%. Cohort year: 2002; Other: Prepaid: 69%; Other: Current: 14%; Other: Delinquent: 2%; Other: In default: 1%; Other: In foreclosure process: 1%; Other: Completed foreclosure process: 13%; Total: 100%. Cohort year: 2003; Other: Prepaid: 64%; Other: Current: 21%; Other: Delinquent: 3%; Other: In default: 1%; Other: In foreclosure process: 1%; Other: Completed foreclosure process: 9%; Total: 100%. Cohort year: 2004; Other: Prepaid: 53%; Other: Current: 35%; Other: Delinquent: 3%; Other: In default: 2%; Other: In foreclosure process: 2%; Other: Completed foreclosure process: 5%; Total: 100%. Cohort year: 2005; Other: Prepaid: 32%; Other: Current: 37%; Other: Delinquent: 8%; Other: In default: 6%; Other: In foreclosure process: 6%; Other: Completed foreclosure process: 11%; Total: 100%. Cohort year: 2006; Other: Prepaid: 18%; Other: Current: 38%; Other: Delinquent: 11%; Other: In default: 9%; Other: In foreclosure process: 10%; Other: Completed foreclosure process: 14%; Total: 100%. Cohort year: 2007; Other: Prepaid: 11%; Other: Current: 43%; Other: Delinquent: 15%; Other: In default: 10%; Other: In foreclosure process: 13%; Other: Completed foreclosure process: 9%; Total: 100%. Total; Other: Prepaid: 38%; Other: Current: 28%; Other: Delinquent: 7%; Other: In default: 6%; Other: In foreclosure process: 6%; Other: Completed foreclosure process: 15%; Total: 100%. Alt-A: Cohort year: 2000; ARM (excluding payment-option ARMs): Prepaid: 87%; ARM (excluding payment-option ARMs): Current: 9%; ARM (excluding payment-option ARMs): Delinquent: 1%; ARM (excluding payment-option ARMs): In default: 1%; ARM (excluding payment-option ARMs): In foreclosure process: 0%; ARM (excluding payment-option ARMs): Completed foreclosure process: 3%; Total: 100%. Cohort year: 2001; ARM (excluding payment-option ARMs): Prepaid: 87%; ARM (excluding payment-option ARMs): Current: 8%; ARM (excluding payment-option ARMs): Delinquent: 1%; ARM (excluding payment-option ARMs): In default: 0%; ARM (excluding payment-option ARMs): In foreclosure process: 0%; ARM (excluding payment-option ARMs): Completed foreclosure process: 3%; Total: 100%. Cohort year: 2002; ARM (excluding payment-option ARMs): Prepaid: 83%; ARM (excluding payment-option ARMs): Current: 13%; ARM (excluding payment-option ARMs): Delinquent: 1%; ARM (excluding payment-option ARMs): In default: 0%; ARM (excluding payment-option ARMs): In foreclosure process: 0%; ARM (excluding payment-option ARMs): Completed foreclosure process: 2%; Total: 100%. Cohort year: 2003; ARM (excluding payment-option ARMs): Prepaid: 81%; ARM (excluding payment-option ARMs): Current: 14%; ARM (excluding payment-option ARMs): Delinquent: 1%; ARM (excluding payment-option ARMs): In default: 1%; ARM (excluding payment-option ARMs): In foreclosure process: 0%; ARM (excluding payment-option ARMs): Completed foreclosure process: 2%; Total: 100%. Cohort year: 2004; ARM (excluding payment-option ARMs): Prepaid: 72%; ARM (excluding payment-option ARMs): Current: 20%; ARM (excluding payment-option ARMs): Delinquent: 2%; ARM (excluding payment-option ARMs): In default: 1%; ARM (excluding payment-option ARMs): In foreclosure process: 1%; ARM (excluding payment-option ARMs): Completed foreclosure process: 4%; Total: 100. Cohort year: 2005; ARM (excluding payment-option ARMs): Prepaid: 45%; ARM (excluding payment-option ARMs): Current: 33%; ARM (excluding payment-option ARMs): Delinquent: 4%; ARM (excluding payment-option ARMs): In default: 3%; ARM (excluding payment-option ARMs): In foreclosure process: 5%; ARM (excluding payment-option ARMs): Completed foreclosure process: 9%; Total: 100%. Cohort year: 2006; ARM (excluding payment-option ARMs): Prepaid: 24%; ARM (excluding payment-option ARMs): Current: 39%; ARM (excluding payment-option ARMs): Delinquent: 6%; ARM (excluding payment-option ARMs): In default: 7%; ARM (excluding payment-option ARMs): In foreclosure process: 10%; ARM (excluding payment-option ARMs): Completed foreclosure process: 14%; Total: 100%. Cohort year: 2007; ARM (excluding payment-option ARMs): Prepaid: 12%; ARM (excluding payment-option ARMs): Current: 52%; ARM (excluding payment-option ARMs): Delinquent: 8%; ARM (excluding payment-option ARMs): In default: 8%; ARM (excluding payment-option ARMs): In foreclosure process: 12%; ARM (excluding payment-option ARMs): Completed foreclosure process: 9%; Total: 100%. Cohort year: Total; ARM (excluding payment-option ARMs): Prepaid: 47%; ARM (excluding payment-option ARMs): Current: 31%; ARM (excluding payment-option ARMs): Delinquent: 4%; ARM (excluding payment-option ARMs): In default: 4%; ARM (excluding payment-option ARMs): In foreclosure process: 6%; ARM (excluding payment-option ARMs): Completed foreclosure process: 8%; Total: 100%. Cohort year: 2000; Fixed rate: Prepaid: 82%; Fixed rate: Current: 11%; Fixed rate: Delinquent: 1%; Fixed rate: In default: 1%; Fixed rate: In foreclosure process: 1%; Fixed rate: Completed foreclosure process: 5%; Total: 100%. Cohort year: 2001; Fixed rate: Prepaid: 83%; Fixed rate: Current: 11%; Fixed rate: Delinquent: 1%; Fixed rate: In default: 0%; Fixed rate: In foreclosure process: 0%; Fixed rate: Completed foreclosure process: 4%; Total: 100%. Cohort year: 2002; Fixed rate: Prepaid: 79%; Fixed rate: Current: 16%; Fixed rate: Delinquent: 1%; Fixed rate: In default: 0%; Fixed rate: In foreclosure process: 0%; Fixed rate: Completed foreclosure process: 4%; Total: 100%. Cohort year: 2003; Fixed rate: Prepaid: 58%; Fixed rate: Current: 38%; Fixed rate: Delinquent: 1%; Fixed rate: In default: 1%; Fixed rate: In foreclosure process: 0%; Fixed rate: Completed foreclosure process: 2%; Total: 100%. Cohort year: 2004; Fixed rate: Prepaid: 47%; Fixed rate: Current: 46%; Fixed rate: Delinquent: 2%; Fixed rate: In default: 1%; Fixed rate: In foreclosure process: 1%; Fixed rate: Completed foreclosure process: 2%; Total: 100%. Cohort year: 2005; Fixed rate: Prepaid: 31%; Fixed rate: Current: 56%; Fixed rate: Delinquent: 4%; Fixed rate: In default: 2%; Fixed rate: In foreclosure process: 3%; Fixed rate: Completed foreclosure process: 4%; Total: 100%. Cohort year: 2006; Fixed rate: Prepaid: 23%; Fixed rate: Current: 54%; Fixed rate: Delinquent: 6%; Fixed rate: In default: 4%; Fixed rate: In foreclosure process: 6%; Fixed rate: Completed foreclosure process: 7%; Total: 100%. Cohort year: 2007; Fixed rate: Prepaid: 12%; Fixed rate: Current: 66%; Fixed rate: Delinquent: 6%; Fixed rate: In default: 5%; Fixed rate: In foreclosure process: 6%; Fixed rate: Completed foreclosure process: 4%; Total: 100%. Cohort year: Total; Fixed rate: Prepaid: 42%; Fixed rate: Current: 46%; Fixed rate: Delinquent: 3%; Fixed rate: In default: 2%; Fixed rate: In foreclosure process: 3%; Fixed rate: Completed foreclosure process: 4%; Total: 100%. Cohort year: 2000; Payment-option ARM: Prepaid: 86%; Payment-option ARM: Current: 13%; Payment-option ARM: Delinquent: 0%; Payment-option ARM: In default: 0%; Payment-option ARM: In foreclosure process: 0%; Payment-option ARM: Completed foreclosure process: 1%; Total: 100%. Cohort year: 2001; Payment-option ARM: Prepaid: 94%; Payment-option ARM: Current: 4%; Payment-option ARM: Delinquent: 0%; Payment-option ARM: In default: 0%; Payment-option ARM: In foreclosure process: 0%; Payment-option ARM: Completed foreclosure process: 1%; Total: 100%. Cohort year: 2002; Payment-option ARM: Prepaid: 92%; Payment-option ARM: Current: 7%; Payment-option ARM: Delinquent: 0%; Payment-option ARM: In default: 0%; Payment-option ARM: In foreclosure process: 0%; Payment-option ARM: Completed foreclosure process: 0%; Total: 100%. Cohort year: 2003; Payment-option ARM: Prepaid: 84%; Payment-option ARM: Current: 12%; Payment-option ARM: Delinquent: 1%; Payment-option ARM: In default: 1%; Payment-option ARM: In foreclosure process: 1%; Payment-option ARM: Completed foreclosure process: 1%; Total: 100%. Cohort year: 2004; Payment-option ARM: Prepaid: 77%; Payment-option ARM: Current: 16%; Payment-option ARM: Delinquent: 2%; Payment-option ARM: In default: 2%; Payment-option ARM: In foreclosure process: 2%; Payment-option ARM: Completed foreclosure process: 2%; Total: 100%. Cohort year: 2005; Payment-option ARM: Prepaid: 54%; Payment-option ARM: Delinquent: 4%; Payment-option ARM: In default: 6%; Payment-option ARM: In foreclosure process: 6%; Payment-option ARM: Completed foreclosure process: 6%; Total: 100%. Cohort year: 2006; Payment-option ARM: Prepaid: 25%; Payment-option ARM: Current: 37%; Payment-option ARM: Delinquent: 7%; Payment-option ARM: In default: 10%; Payment-option ARM: In foreclosure process: 11%; Payment-option ARM: Completed foreclosure process: 9%; Total: 100%. Cohort year: 2007; Payment-option ARM: Prepaid: 12%; Payment-option ARM: Current: 51%; Payment-option ARM: Delinquent: 9%; Payment-option ARM: In default: 10%; Payment-option ARM: In foreclosure process: 12%; Payment-option ARM: Completed foreclosure process: 6%; Total: 100%. Cohort year: Total; Payment-option ARM: Prepaid: 44%; Payment-option ARM: Current: 30%; Payment-option ARM: Delinquent: 5%; Payment-option ARM: In default: 7%; Payment-option ARM: In foreclosure process: 7%; Payment-option ARM: Completed foreclosure process: 7%; Total: 100%. Cohort year: 2000; Other: Prepaid: 80%; Other: Current: 9%; Other: Delinquent: 2%; Other: In default: 0%; Other: In foreclosure process: 0%; Other: Completed foreclosure process: 9%; Total: 100%. Cohort year: 2001; Other: Prepaid: 80%; Other: Current: 8%; Other: Delinquent: 1%; Other: In default: 1%; Other: In foreclosure process: 0%; Other: Completed foreclosure process: 9%; Total: 100%. Cohort year: 2002; Other: Prepaid: 82%; Other: Current: 8%; Other: Delinquent: 1%; Other: In default: 1%; Other: In foreclosure process: 0%; Other: Completed foreclosure process: 7%; Total: 100%. Cohort year: 2003; Other: Prepaid: 74%; Other: Current: 21%; Other: Delinquent: 1%; Other: In default: 1%; Other: In foreclosure process: 1%; Other: Completed foreclosure process: 3%; Total: 100%. Cohort year: 2004; Other: Prepaid: 66%; Other: Current: 28%; Other: Delinquent: 1%; Other: In default: 1%; Other: In foreclosure process: 1%; Other: Completed foreclosure process: 2%; Total: 100%. Cohort year: 2005; Other: Prepaid: 37%; Other: Current: 33%; Other: Delinquent: 4%; Other: In default: 5%; Other: In foreclosure process: 7%; Other: Completed foreclosure process: 15%; Total: 100%. Cohort year: 2006; Other: Prepaid: 19%; Other: Current: 39%; Other: Delinquent: 8%; Other: In default: 9%; Other: In foreclosure process: 13%; Other: Completed foreclosure process: 12%; Total: 100%. Cohort year: 2007; Other: Prepaid: 9%; Other: Current: 53%; Other: Delinquent: 9%; Other: In default: 8%; Other: In foreclosure process: 14%; Other: Completed foreclosure process: 8%; Total: 100%. Cohort year: Total; Other: Prepaid: 41%; Other: Current: 32%; Other: Delinquent: 5%; Other: In default: 5%; Other: In foreclosure process: 8%; Other: Completed foreclosure process: 9%; Total: 100%. [End of table] Source: GAO analysis of LP data. Table 11: Number of Nonprime Loans in Different Status Categories by Cohort Year as of March 31, 2009: Subprime: Cohort year: 2000; ARM (excluding short-term hybrids): Prepaid: 9,463; ARM (excluding short-term hybrids): Current: 1,159%; ARM (excluding short-term hybrids): Delinquent: 302; ARM (excluding short-term hybrids): In default: 155; ARM (excluding short-term hybrids): In foreclosure process: 98; ARM (excluding short-term hybrids): Completed foreclosure process: 1,832; Total: 13,009. Cohort year: 2001; ARM (excluding short-term hybrids): Prepaid: 7,038; ARM (excluding short-term hybrids): Current: 570; ARM (excluding short-term hybrids): Delinquent: 161; ARM (excluding short-term hybrids): In default: 104; ARM (excluding short-term hybrids): In foreclosure process: 53; ARM (excluding short-term hybrids): Completed foreclosure process: 1,000; Total: 8,926. Cohort year: 2002; ARM (excluding short-term hybrids): Prepaid: 16,916; ARM (excluding short-term hybrids): Current: 1,513; ARM (excluding short-term hybrids): Delinquent: 365; ARM (excluding short-term hybrids): In default: 185; ARM (excluding short-term hybrids): In foreclosure process: 169; ARM (excluding short-term hybrids): Completed foreclosure process: 1,876; Total: 21,024. Cohort year: 2003; ARM (excluding short-term hybrids): Prepaid: 34,742; ARM (excluding short-term hybrids): Current: 3,804; ARM (excluding short-term hybrids): Delinquent: 635; ARM (excluding short-term hybrids): In default: 444; ARM (excluding short-term hybrids): In foreclosure process: 326; ARM (excluding short-term hybrids): Completed foreclosure process: 2,907; Total: 42,858. Cohort year: 2004; ARM (excluding short-term hybrids): Prepaid: 38,020; ARM (excluding short-term hybrids): Current: 8.310; ARM (excluding short-term hybrids): Delinquent: 1,322; ARM (excluding short-term hybrids): In default: 999; ARM (excluding short-term hybrids): In foreclosure process: 855; ARM (excluding short-term hybrids): Completed foreclosure process: 3,534; Total: 53,040. Cohort year: 2005; ARM (excluding short-term hybrids): Prepaid: 26,024; ARM (excluding short-term hybrids): Current: 16,809; ARM (excluding short-term hybrids): Delinquent: 2,737; ARM (excluding short-term hybrids): In default: 2,168; ARM (excluding short-term hybrids): In foreclosure process: 2,710; ARM (excluding short-term hybrids): Completed foreclosure process: 5,664; Total: 56,112. Cohort year: 2006; ARM (excluding short-term hybrids): Prepaid: 11,033; ARM (excluding short-term hybrids): Current: 17,144; ARM (excluding short-term hybrids): Delinquent: 4,106; ARM (excluding short-term hybrids): In default: 4,203; ARM (excluding short-term hybrids): In foreclosure process: 4,700; ARM (excluding short-term hybrids): Completed foreclosure process: 6,941; Total: 48,127. Cohort year: 2007; ARM (excluding short-term hybrids): Prepaid: 2,271; ARM (excluding short-term hybrids): Current: 6,324; ARM (excluding short-term hybrids): Delinquent: 1,672; ARM (excluding short-term hybrids): In default: 2,415; ARM (excluding short-term hybrids): In foreclosure process: 1,529; ARM (excluding short-term hybrids): Completed foreclosure process: 1,218; Total: 15,429. Cohort year: Total; ARM (excluding short-term hybrids): Prepaid: 145,507; ARM (excluding short-term hybrids): Current: 55,633; ARM (excluding short-term hybrids): Delinquent: 11,300; ARM (excluding short-term hybrids): In default: 10,673; ARM (excluding short-term hybrids): In foreclosure process: 10,440%; ARM (excluding short-term hybrids): Completed foreclosure process: 24,972; Total: 258,525; Cohort year: 2000; Fixed rate: Prepaid: 99,773; Fixed rate: Current: 20,887; Fixed rate: Delinquent: 5,538; Fixed rate: In default: 2,874; Fixed rate: In foreclosure process: 1,803; Fixed rate: Completed foreclosure process: 24,925; Total: 155,800. Cohort year: 2001; Fixed rate: Prepaid: 124,281; Fixed rate: Current: 22,822; Fixed rate: Delinquent: 5,145; Fixed rate: In default: 2,653; Fixed rate: In foreclosure process: 1,583; Fixed rate: Completed foreclosure process: 24,192; Total: 180,676. Cohort year: 2002; Fixed rate: Prepaid: 164,268; Fixed rate: Current: 34,282; Fixed rate: Delinquent: 5,883; Fixed rate: In default: 2,957; Fixed rate: In foreclosure process: 1,686; Fixed rate: Completed foreclosure process: 19,700; Total: 228,776. Cohort year: 2003; Fixed rate: Prepaid: 279,722; Fixed rate: Current: 102,619; Fixed rate: Delinquent: 13,075; Fixed rate: In default: 6,225; Fixed rate: In foreclosure process: 3,890; Fixed rate: Completed foreclosure process: 24,547; Total: 430,078. Cohort year: 2004; Fixed rate: Prepaid: 238,370; Fixed rate: Current: 156,218; Fixed rate: Delinquent: 21,557; Fixed rate: In default: 11,772; Fixed rate: In foreclosure process: 7,253; Fixed rate: Completed foreclosure process: 26,056; Total: 461,226. Cohort year: 2005; Fixed rate: Prepaid: 146,167; Fixed rate: Current: 183,160; Fixed rate: Delinquent: 32,612; Fixed rate: In default: 21,115; Fixed rate: In foreclosure process: 13,410; Fixed rate: Completed foreclosure process: 27,759; Total: 424,223. Cohort year: 2006; Fixed rate: Prepaid: 74,715; Fixed rate: Current: 167,737; Fixed rate: Delinquent: 37,397; Fixed rate: In default: 29,725; Fixed rate: In foreclosure process: 19,683; Fixed rate: Completed foreclosure process: 25,859; Total: 355,116. Cohort year: 2007; Fixed rate: Prepaid: 12,240; Fixed rate: Current: 46,831; Fixed rate: Delinquent: 11,953; Fixed rate: In default: 9,532; Fixed rate: In foreclosure process: 5,822; Fixed rate: Completed foreclosure process: 4,313; Total: 90,691. Cohort year: Total; Fixed rate: Prepaid: 1,139,536; Fixed rate: Current: 734,556; Fixed rate: Delinquent: 113,160; Fixed rate: In default: 86,853; Fixed rate: In foreclosure process: 55,130%; Fixed rate: Completed foreclosure process: 177,351; Total: 2,326,586. Cohort year: 2000; Short-term hybrid ARM: Prepaid: 179,375; Short-term hybrid ARM: Current: 13,140; Short-term hybrid ARM: Delinquent: 4,161; Short-term hybrid ARM: In default: 3,226; Short-term hybrid ARM: In foreclosure process: 2,260; Short-term hybrid ARM: Completed foreclosure process: 46,742%; Total: 248,904; Cohort year: 2001; Short-term hybrid ARM: Prepaid: 239,938; Short-term hybrid ARM: Current: 12,973; Short-term hybrid ARM: Delinquent: 4,150; Short-term hybrid ARM: In default: 3,014; Short-term hybrid ARM: In foreclosure process: 1,912; Short-term hybrid ARM: Completed foreclosure process: 54,099%; Total: 316,086; Cohort year: 2002; Short-term hybrid ARM: Prepaid: 419,956; Short-term hybrid ARM: Current: 15,664; Short-term hybrid ARM: Delinquent: 6,050; Short-term hybrid ARM: In default: 4,554; Short-term hybrid ARM: In foreclosure process: 3,088; Short-term hybrid ARM: Completed foreclosure process: 67,357; Total: 516,669; Cohort year: 2003; Short-term hybrid ARM: Prepaid: 668,013; Short-term hybrid ARM: Current: 25,843; Short-term hybrid ARM: Delinquent: 8,843; Short-term hybrid ARM: In default: 7,285; Short-term hybrid ARM: In foreclosure process: 4,908; Short-term hybrid ARM: Completed foreclosure process: 82,976; Total: 797,868; Cohort year: 2004; Short-term hybrid ARM: Prepaid: 1,110,764; Short-term hybrid ARM: Current: 75,796; Short-term hybrid ARM: Delinquent: 27,470; Short-term hybrid ARM: In default: 29,199; Short-term hybrid ARM: In foreclosure process: 20,601; Short-term hybrid ARM: Completed foreclosure process: 164,379; Total: 1,428,209. Cohort year: 2005; Short-term hybrid ARM: Prepaid: 1,010,676; Short-term hybrid ARM: Current: 202,322; Short-term hybrid ARM: Delinquent: 77,351; Short-term hybrid ARM: In default: 86,690; Short-term hybrid ARM: In foreclosure process: 90,136; Short-term hybrid ARM: Completed foreclosure process: 319,050; Total: 1,786,225; Cohort year: 2006; Short-term hybrid ARM: Prepaid: 377,417; Short-term hybrid ARM: Current: 263,574; Short-term hybrid ARM: Delinquent: 103,539; Short-term hybrid ARM: In default: 130,521; Short-term hybrid ARM: In foreclosure process: 144,233; Short-term hybrid ARM: Completed foreclosure process: 270,324; Total: 1,289,608; Cohort year: 2007; Short-term hybrid ARM: Prepaid: 33,351; Short-term hybrid ARM: Current: 63,065; Short-term hybrid ARM: Delinquent: 23,731; Short-term hybrid ARM: In default: 26,765; Short-term hybrid ARM: In foreclosure process: 26.079; Short-term hybrid ARM: Completed foreclosure process: 25,234; Total: 198,225; Cohort year: Total; Short-term hybrid ARM: Prepaid: 4,039,490; Short-term hybrid ARM: Current: 672,377; Short-term hybrid ARM: Delinquent: 255,295; Short-term hybrid ARM: In default: 291,254; Short-term hybrid ARM: In foreclosure process: 293,217; Short-term hybrid ARM: Completed foreclosure process: 1,030,161; Total: 6,581,794; Cohort year: 2000; Other: Prepaid: 23,196; Other: Current: 4,179; Other: Delinquent: 1,099; Other: In default: 635; Other: In foreclosure process: 534; Other: Completed foreclosure process: 9,013; Total: 38,656. Cohort year: 2001; Other: Prepaid: 21,426; Other: Current: 3,270; Other: Delinquent: 699; Other: In default: 406; Other: In foreclosure process: 273; Other: Completed foreclosure process: 5,860; Total: 31,934. Cohort year: 2002; Other: Prepaid: 12,646; Other: Current: 2,478; Other: Delinquent: 436; Other: In default: 265; Other: In foreclosure process: 180; Other: Completed foreclosure process: 2,297; Total: 18,302. Cohort year: 2003; Other: Prepaid: 6,741; Other: Current: 2,161; Other: Delinquent: 34; Other: In default: 152; Other: In foreclosure process: 132; Other: Completed foreclosure process: 920; Total: 10,453. Cohort year: 2004; Other: Prepaid: 1,849; Other: Current: 1,219; Other: Delinquent: 115; Other: In default: 72; Other: In foreclosure process: 65%; Other: Completed foreclosure process: 164; Total: 3,484. Cohort year: 2005; Other: Prepaid: 5,111; Other: Current: 5,803; Other: Delinquent: 1,341; Other: In default: 915; Other: In foreclosure process: 878; Other: Completed foreclosure process: 1,793; Total: 15,841. Cohort year: 2006; Other: Prepaid: 15,870; Other: Current: 33,714; Other: Delinquent: 9,461; Other: In default: 7,883; Other: In foreclosure process: 8,733; Other: Completed foreclosure process: 12,520; Total: 88,181. Cohort year: 2007; Other: Prepaid: 2,756; Other: Current: 11,257; Other: Delinquent: 3,901; Other: In default: 2,575; Other: In foreclosure process: 3,293; Other: Completed foreclosure process: 2,353; Total: 26,135. Total; Other: Prepaid: 89,595; Other: Current: 64,081; Other: Delinquent: 17,399; Other: In default: 12,903; Other: In foreclosure process: 14,088; Other: Completed foreclosure process: 34,920; Total: 232,986. Alt-A: Cohort year: 2000; ARM (excluding payment-option ARMs): Prepaid: 5,095; ARM (excluding payment-option ARMs): Current: 514; ARM (excluding payment-option ARMs): Delinquent: 50; ARM (excluding payment-option ARMs): In default: 30; ARM (excluding payment-option ARMs): In foreclosure process: 7; ARM (excluding payment-option ARMs): Completed foreclosure process: 158; Total: 5,854. Cohort year: 2001; ARM (excluding payment-option ARMs): Prepaid: 21,066; ARM (excluding payment-option ARMs): Current: 1,969; ARM (excluding payment-option ARMs): Delinquent: 157; ARM (excluding payment-option ARMs): In default: 102; ARM (excluding payment-option ARMs): In foreclosure process: 72; ARM (excluding payment-option ARMs): Completed foreclosure process: 715; Total: 24,081. Cohort year: 2002; ARM (excluding payment-option ARMs): Prepaid: 40,161; ARM (excluding payment-option ARMs): Current: 6,125; ARM (excluding payment-option ARMs): Delinquent: 379; ARM (excluding payment-option ARMs): In default: 209; ARM (excluding payment-option ARMs): In foreclosure process: 143; ARM (excluding payment-option ARMs): Completed foreclosure process: 1,102; Total: 48,119. Cohort year: 2003; ARM (excluding payment-option ARMs): Prepaid: 89,229; ARM (excluding payment-option ARMs): Current: 15,740; ARM (excluding payment-option ARMs): Delinquent: 976; ARM (excluding payment-option ARMs): In default: 624; ARM (excluding payment-option ARMs): In foreclosure process: 544; ARM (excluding payment-option ARMs): Completed foreclosure process: 2,578; Total: 109,691. Cohort year: 2004; ARM (excluding payment-option ARMs): Prepaid: 329,623; ARM (excluding payment-option ARMs): Current: 91,257; ARM (excluding payment-option ARMs): Delinquent: 7,058; ARM (excluding payment-option ARMs): In default: 5,763; ARM (excluding payment-option ARMs): In foreclosure process: 6,770; ARM (excluding payment-option ARMs): Completed foreclosure process: 19.659; Total: 460,130. Cohort year: 2005; ARM (excluding payment-option ARMs): Prepaid: 264,475; ARM (excluding payment-option ARMs): Current: 193,809%; ARM (excluding payment-option ARMs): Delinquent: 20,398; ARM (excluding payment-option ARMs): In default: 20,215; ARM (excluding payment-option ARMs): In foreclosure process: 29,018; ARM (excluding payment-option ARMs): Completed foreclosure process: 54,241; Total: 582,156. Cohort year: 2006; ARM (excluding payment-option ARMs): Prepaid: 113,795; ARM (excluding payment-option ARMs): Current: 188,761; ARM (excluding payment-option ARMs): Delinquent: 28,715; ARM (excluding payment-option ARMs): In default: 34,963; ARM (excluding payment-option ARMs): In foreclosure process: 49,421; ARM (excluding payment-option ARMs): Completed foreclosure process: 65,254; Total: 480,909. Cohort year: 2007; ARM (excluding payment-option ARMs): Prepaid: 23,329; ARM (excluding payment-option ARMs): Current: 97,102; ARM (excluding payment-option ARMs): Delinquent: 14,299; ARM (excluding payment-option ARMs): In default: 15,396; ARM (excluding payment-option ARMs): In foreclosure process: 21,622; ARM (excluding payment-option ARMs): Completed foreclosure process: 17,218; Total: 187,966. Cohort year: Total; ARM (excluding payment-option ARMs): Prepaid: 885,773; ARM (excluding payment-option ARMs): Current: 595,277; ARM (excluding payment-option ARMs): Delinquent: 72,032; ARM (excluding payment-option ARMs): In default: 77,302; ARM (excluding payment-option ARMs): In foreclosure process: 107,597; ARM (excluding payment-option ARMs): Completed foreclosure process: 160,925; Total: 1,898,906. Cohort year: 2000; Fixed rate: Prepaid: 54,812; Fixed rate: Current: 7,020; Fixed rate: Delinquent: 866; Fixed rate: In default: 370; Fixed rate: In foreclosure process: 404; Fixed rate: Completed foreclosure process: 3,133; Total: 66,605. Cohort year: 2001; Fixed rate: Prepaid: 91,319; Fixed rate: Current: 11,936; Fixed rate: Delinquent: 1,113; Fixed rate: In default: 545; Fixed rate: In foreclosure process: 439; Fixed rate: Completed foreclosure process: 4,804; Total: 110,156. Cohort year: 2002; Fixed rate: Prepaid: 137,930; Fixed rate: Current: 27,099; Fixed rate: Delinquent: 1,534; Fixed rate: In default: 809; Fixed rate: In foreclosure process: 583; Fixed rate: Completed foreclosure process: 6,874; Total: 174,829. Cohort year: 2003; Fixed rate: Prepaid: 179,367; Fixed rate: Current: 115,671; Fixed rate: Delinquent: 3,862; Fixed rate: In default: 1,849; Fixed rate: In foreclosure process: 1,424; Fixed rate: Completed foreclosure process: 6,188; Total: 308,361. Cohort year: 2004; Fixed rate: Prepaid: 163,933; Fixed rate: Current: 159,743; Fixed rate: Delinquent: 7,372; Fixed rate: In default: 4,050; Fixed rate: In foreclosure process: 3,619; Fixed rate: Completed foreclosure process: 7,868; Total: 346,585. Cohort year: 2005; Fixed rate: Prepaid: 171,696; Fixed rate: Current: 310,079; Fixed rate: Delinquent: 19,862; Fixed rate: In default: 13,005; Fixed rate: In foreclosure process: 16,517; Fixed rate: Completed foreclosure process: 21,945; Total: 553,104. Cohort year: 2006; Fixed rate: Prepaid: 112,250; Fixed rate: Current: 267,654; Fixed rate: Delinquent: 28,667; Fixed rate: In default: 22,274; Fixed rate: In foreclosure process: 31,705; Fixed rate: Completed foreclosure process: 33,196; Total: 495,746. Cohort year: 2007; Fixed rate: Prepaid: 22,540; Fixed rate: Current: 118,565; Fixed rate: Delinquent: 11,407; Fixed rate: In default: 9,162; Fixed rate: In foreclosure process: 11,148; Fixed rate: Completed foreclosure process: 7,762; Total: 180,584. Cohort year: Total; Fixed rate: Prepaid: 933,847; Fixed rate: Current: 1,017,767; Fixed rate: Delinquent: 74,683; Fixed rate: In default: 52,064; Fixed rate: In foreclosure process: 65,839; Fixed rate: Completed foreclosure process: 91,770; Total: 2,235,970. Cohort year: 2000; Payment-option ARM: Prepaid: 3,636; Payment-option ARM: Current: 539; Payment-option ARM: Delinquent: 6; Payment-option ARM: In default: 9; Payment-option ARM: In foreclosure process: 2; Payment-option ARM: Completed foreclosure process: 25; Total: 4,217. Cohort year: 2001; Payment-option ARM: Prepaid: 642; Payment-option ARM: Current: 30; Payment-option ARM: Delinquent: 2; Payment-option ARM: In default: 0; Payment-option ARM: In foreclosure process: 1; Payment-option ARM: Completed foreclosure process: 7; Total: 682. Cohort year: 2002; Payment-option ARM: Prepaid: 4,203; Payment-option ARM: Current: 322; Payment-option ARM: Delinquent: 7; Payment-option ARM: In default: 6; Payment-option ARM: In foreclosure process: 11; Payment-option ARM: Completed foreclosure process: 20; Total: 4,569. Cohort year: 2003; Payment-option ARM: Prepaid: 6,326; Payment-option ARM: Current: 940; Payment-option ARM: Delinquent: 107; Payment-option ARM: In default: 51; Payment-option ARM: In foreclosure process: 63; Payment-option ARM: Completed foreclosure process: 77; Total: 7,564. Cohort year: 2004; Payment-option ARM: Prepaid: 94,676; Payment-option ARM: Current: 19,175; Payment-option ARM: Delinquent: 2,270; Payment-option ARM: In default: 2,343; Payment-option ARM: In foreclosure process: 2,203; Payment-option ARM: Completed foreclosure process: 2,522; Total: 123,189. Cohort year: 2005; Payment-option ARM: Prepaid: 166,421; Payment-option ARM: Current: 76,092; Payment-option ARM: Delinquent: 11,581; Payment-option ARM: In default: 19,182; Payment-option ARM: In foreclosure process: 17,145; Payment-option ARM: Completed foreclosure process: 19,680; Total: 310,101. Cohort year: 2006; Payment-option ARM: Prepaid: 82,726; Payment-option ARM: Current: 121,819; Payment-option ARM: Delinquent: 22,703; Payment-option ARM: In default: 32,503; Payment-option ARM: In foreclosure process: 35,696; Payment-option ARM: Completed foreclosure process: 30,761; Total: 326,208. Cohort year: 2007; Payment-option ARM: Prepaid: 7,199; Payment-option ARM: Current: 31,080; Payment-option ARM: Delinquent: 5,173; Payment-option ARM: In default: 6,115; Payment-option ARM: In foreclosure process: 7,131; Payment-option ARM: Completed foreclosure process: 3,805; Total: 60,503. Cohort year: Total; Payment-option ARM: Prepaid: 365,829; Payment-option ARM: Current: 249,997; Payment-option ARM: Delinquent: 41,849; Payment-option ARM: In default: 60,209; Payment-option ARM: In foreclosure process: 62,252; Payment-option ARM: Completed foreclosure process: 56,897; Total: 837,033. Cohort year: 2000; Other: Prepaid: 1,164; Other: Current: 127; Other: Delinquent: 24; Other: In default: 7; Other: In foreclosure process: 7; Other: Completed foreclosure process: 124; Total: 1,453. Cohort year: 2001; Other: Prepaid: 2,761; Other: Current: 267; Other: Delinquent: 51; Other: In default: 22; Other: In foreclosure process: 14; Other: Completed foreclosure process: 325; Total: 3,440. Cohort year: 2002; Other: Prepaid: 3,159; Other: Current: 310; Other: Delinquent: 40; Other: In default: 28; Other: In foreclosure process: 16; Other: Completed foreclosure process: 288%; Total: 3,841. Cohort year: 2003; Other: Prepaid: 7,307; Other: Current: 2,036; Other: Delinquent: 119; Other: In default: 66; Other: In foreclosure process: 70; Other: Completed foreclosure process: 273; Total: 9,871. Cohort year: 2004; Other: Prepaid: 4,078; Other: Current: 1,735; Other: Delinquent: 89; Other: In default: 40; Other: In foreclosure process: 61; Other: Completed foreclosure process: 138; Total: 6,141. Cohort year: 2005; Other: Prepaid: 482; Other: Current: 437; Other: Delinquent: 47; Other: In default: 63; Other: In foreclosure process: 95; Other: Completed foreclosure process: 193; Total: 1,317. Cohort year: 2006; Other: Prepaid: 4,938; Other: Current: 10,180; Other: Delinquent: 2,007; Other: In default: 2,406; Other: In foreclosure process: 3,450; Other: Completed foreclosure process: 3,153; Total: 26,134. Cohort year: 2007; Other: Prepaid: 612; Other: Current: 3,674; Other: Delinquent: 662; Other: In default: 547; Other: In foreclosure process: 944; Other: Completed foreclosure process: 553; Total: 6,992. Cohort year: Total; Other: Prepaid: 24,501; Other: Current: 18,766; Other: Delinquent: 3,039; Other: In default: 3,179; Other: In foreclosure process: 4,657; Other: Completed foreclosure process: 5,047; Total: 59,189. Source: GAO analysis of LP data. [End of table] [End of enclosure] Enclosure IV: Status of Nonprime Loans Originated from 2004 through 2007 by Year and Quarter as of March 31, 2009: This enclosure contains the results of our analysis of LoanPerformance (LP) data on the annual and quarterly status of nonprime mortgages originated from 2004 through 2007, as of March 31, 2009. Tables 12 and 13 provide information in percentages and total numbers, respectively. Table 13: Percentage of Nonprime Loans Originated in 2004 through 2007 in Different Status Categories as of March 31, 2009: Year: 2007 Cohort year: Subprime: Status date: December 31, 2007; Prepaid (cumulative): 16,702; Current: 231,732; Delinquent: 48,916; In default: 14,677; In foreclosure process: 13,944; Completed foreclosure process (cumulative): 2,575; Total: 328,546. Subprime: Status date: December 31, 2008; Prepaid (cumulative): 44,058; Current: 135,117; Delinquent: 51,296; In default: 37,274; In foreclosure process: 32,844; Completed foreclosure process (cumulative): 27,904; Total: 328,493. Subprime: Status date: March 31, 2009; Prepaid (cumulative): 47,707; Current: 126,116; Delinquent: 40,744; In default: 41,125; In foreclosure process: 36,439; Completed foreclosure process (cumulative): 33,755; Total: 325,886. Alt-A: Status date: December 31, 2007; Prepaid (cumulative): 20,613; Current: 376,372; Delinquent: 21,186; In default: 6,506; In foreclosure process: 8,089; Completed foreclosure process (cumulative): 1,119; Total: 433,965. Alt-A: Status date: December 31, 2008; Prepaid (cumulative): 46,301; Current: 273,614; Delinquent: 35,286; In default: 25,035; In foreclosure process: 32,185; Completed foreclosure process (cumulative): 22,524; Total: 434,945. Alt-A: Status date: March 31, 2009; Prepaid (cumulative): 50,918; Current: 250,421; Delinquent: 31,541; In default: 31,220; In foreclosure process: 40,845; Completed foreclosure process (cumulative): 30,000; Total: 434,945. Year: 2006 Cohort year: Subprime: Status date: December 31, 2006; Prepaid (cumulative): 91,519; Current: 1,048,577; Delinquent: 152,186; In default: 27,941; In foreclosure process: 24,897; Completed foreclosure process (cumulative): 5,257; Total: 1,350,377. Subprime: Status date: December 31, 2007; Prepaid (cumulative): 308,751; Current: 882,179; Delinquent: 234,132; In default: 109,507; In foreclosure process: 132,283; Completed foreclosure process (cumulative): 97,330; Total: 1,764,182. Subprime: Status date: December 31, 2008; Prepaid (cumulative): 445,971; Current: 499,686; Delinquent: 198,891; In default: 165,708; In foreclosure process: 167,881; Completed foreclosure process (cumulative): 285,050; Total: 1,763,187. Subprime: Status date: March 31, 2009; Prepaid (cumulative): 455,898; Current: 479,918; Delinquent: 153,826; In default: 171,915; In foreclosure process: 176,813; Completed foreclosure process (cumulative): 318,993; Total: 1,757,363. Alt-A: Status date: December 31, 2006; Prepaid (cumulative): 58,318; Current: 946,169; Delinquent: 35,999; In default: 3,879; In foreclosure process: 4,536; Completed foreclosure process (cumulative): 1,047; Total: 1,049,948. Alt-A: Status date: December 31, 2007; Prepaid (cumulative): 222,661; Current: 920,896; Delinquent: 78,839; In default: 30,737; In foreclosure process: 42,176; Completed foreclosure process (cumulative): 26,384; Total: 1,321,693. Alt-A: Status date: December 31, 2008; Prepaid (cumulative): 293,261; Current: 640,299; Delinquent: 97,729; In default: 80,107; In foreclosure process: 99,861; Completed foreclosure process (cumulative): 110,817; Total: 1,322,074. Alt-A: Status date: March 31, 2009; Prepaid (cumulative): 304,578; Current: 588,414; Delinquent: 82,092; In default: 92,146; In foreclosure process: 120,272; Completed foreclosure process (cumulative): 134,572; Total: 1,322,074. Year: 2005 Cohort year: Subprime: Status date: December 31, 2005; Prepaid (cumulative): 122,108; Current: 1,438,997; Delinquent: 140,861; In default: 22,176; In foreclosure process: 14,074; Completed foreclosure process (cumulative): 2,925; Total: 1,741,141. Subprime: Status date: December 31, 2006; Prepaid (cumulative): 627,811; Current: 1,211,085; Delinquent: 210,943; In default: 63,501; In foreclosure process: 70,422; Completed foreclosure process (cumulative): 59,164; Total: 2,242,926. Subprime: Status date: December 31, 2007; Prepaid (cumulative): 1,051,097; Current: 642,590; Delinquent: 180,328; In default: 99,140; In foreclosure process: 112,350; Completed foreclosure process (cumulative): 176,696; Total: 2,262,201. Subprime: Status date: December 31, 2008; Prepaid (cumulative): 1,150,054; Current: 417,954; Delinquent: 138,513; In default: 108,056; In foreclosure process: 104,624; Completed foreclosure process (cumulative): 332,524; Total: 2,251,725. Subprime: Status date: March 31, 2009; Prepaid (cumulative): 1,149,483; Current: 402,072; Delinquent: 112,319; In default: 110,044; In foreclosure process: 105,757; Completed foreclosure process (cumulative): 353,621; Total: 2,233,296. Alt-A: Status date: December 31, 2005; Prepaid (cumulative): 69,322; Current: 1,073,961; Delinquent: 25,836; In default: 2,592; In foreclosure process: 862; Completed foreclosure process (cumulative): 177; Total: 1,172,750. Alt-A: Status date: December 31, 2006; Prepaid (cumulative): 332,557; Current: 1,035,786; Delinquent: 40,776; In default: 7,152; In foreclosure process: 10,284; Completed foreclosure process (cumulative): 7,125; Total: 1,433,680. Alt-A: Status date: December 31, 2007; Prepaid (cumulative): 513,319; Current: 795,283; Delinquent: 51,354; In default: 20,839; In foreclosure process: 27,134; Completed foreclosure process (cumulative): 32,349; Total: 1,440,278. Alt-A: Status date: December 31, 2008; Prepaid (cumulative): 580,129; Current: 611,351; Delinquent: 59,875; In default: 44,682; In foreclosure process: 52,883; Completed foreclosure process (cumulative): 84,045; Total: 1,432,965. Alt-A: Status date: March 31, 2009; Prepaid (cumulative): 595,903; Current: 580,417; Delinquent: 51,888; In default: 52,465; In foreclosure process: 62,775; Completed foreclosure process (cumulative): 97,339; Total: 1,440,787. Year: 2004 Cohort year: Subprime: Status date: December 31, 2004; Prepaid (cumulative): 93,670; Current: 1,294,270; Delinquent: 97,242; In default: 11,653; In foreclosure process: 8,467; Completed foreclosure process (cumulative): 1,282; Total: 1,506,584. Subprime: Status date: December 31, 2005; Prepaid (cumulative): 661,304; Current: 1,002,601; Delinquent: 142,532; In default: 46,017; In foreclosure process: 36,363; Completed foreclosure process (cumulative): 32,192; Total: 1,921,009. Subprime: Status date: December 31, 2006; Prepaid (cumulative): 1,145,083; Current: 503,451; Delinquent: 100,791; In default: 41,055; In foreclosure process: 40,637; Completed foreclosure process (cumulative): 91,913; Total: 1,922,930. Subprime: Status date: December 31, 2007; Prepaid (cumulative): 1,329,305; Current: 306,046; Delinquent: 69,058; In default: 40,023; In foreclosure process: 36,250; Completed foreclosure process (cumulative): 149,305; Total: 1,930,032. Subprime: Status date: December 31, 2008; Prepaid (cumulative): 1,369,206; Current: 240,074; Delinquent: 59,395; In default: 41,400; In foreclosure process: 27,986; Completed foreclosure process (cumulative): 189,629; Total: 1,927,690. Subprime: Status date: March 31, 2009; Prepaid (cumulative): 1,362,146; Current: 236,097; Delinquent: 49,766; In default: 41,807; In foreclosure process: 28,399; Completed foreclosure process (cumulative): 193,652; Total: 1,911,867. Alt-A: Status date: December 31, 2004; Prepaid (cumulative): 37,168; Current: 667,091; Delinquent: 12,295; In default: 968; In foreclosure process: 548; Completed foreclosure process (cumulative): 133; Total: 718,203. Alt-A: Status date: December 31, 2005; Prepaid (cumulative): 260,603; Current: 631,707; Delinquent: 19,096; In default: 4,375; In foreclosure process: 2,663; Completed foreclosure process (cumulative): 2,756; Total: 921,200. Alt-A: Status date: December 31, 2006; Prepaid (cumulative): 432,908; Current: 459,055; Delinquent: 16,964; In default: 3,830; In foreclosure process: 4,4430; Completed foreclosure process (cumulative): 8,832; Total: 926,019. Alt-A: Status date: December 31, 2007; Prepaid (cumulative): 540,157; Current: 344,041; Delinquent: 16,853; In default: 5,921; In foreclosure process: 6,110; Completed foreclosure process (cumulative): 16,885; Total: 929,967. Alt-A: Status date: December 31, 2008; Prepaid (cumulative): 576,517; Current: 281,903; Delinquent: 18,756; In default: 10,129; In foreclosure process: 10,637; Completed foreclosure process (cumulative): 28,001; Total: 925,844. Alt-A: Status date: March 31, 2009; Prepaid (cumulative): 586,386; Current: 271,699; Delinquent: 16,775; In default: 12,195; In foreclosure process: 12,643; Completed foreclosure process (cumulative): 30,444; Total: 930,142. Source: GAO analysis of LP data. [End of table] [End of enclosure] Enclosure V: Status of Nonprime Loans Originated from 2000 through 2007 by Census Division and State as of March 31, 2009: This enclosure contains the results of our analysis of LoanPerformance (LP) data on the status of nonprime mortgages by Census division and state. The analysis covers mortgages originated from 2000 through 2007, as of March 31, 2009. Tables 14 and 15 provide information in percentages and total numbers, respectively. Table 14: Percentage of 2000-2007 Nonprime Loans in Different Status Categories by Census Division and State as of March 31, 2009: State: Connecticut; Market segment: Subprime; Prepaid: 61.50%; Current: 16.45%; Delinquent: 4.53%; In default: 3.70%; In foreclosure process: 3.98%; Completed foreclosure process: 9.12%; Unknown: 0.72%; Total: 123,057. State: Connecticut; Market segment: Alt-A; Prepaid: 46.10%; Current: 40.00%; Delinquent: 4.01%; In default: 2.52%; In foreclosure process: 3.69%; Completed foreclosure process: 3.28%; Unknown: 0.41%; Total: 44,759. State: Maine; Market segment: Subprime; Prepaid: 62.21%; Current: 16.28%; Delinquent: 4.41%; In default: 2.99%; In foreclosure process: 4.81%; Completed foreclosure process: 8.24%; Unknown: 1.06%; Total: 36,312. State: Maine; Market segment: Alt-A; Prepaid: 46.73%; Current: 38.84%; Delinquent: 3.96%; In default: 1.99%; In foreclosure process: 4.71%; Completed foreclosure process: 3.27%; Unknown: 0.50%; Total: 9,706. State: Massachusetts; Market segment: Subprime; Prepaid: 65.55%; Current: 11.76%; Delinquent: 3.62%; In default: 4.75%; In foreclosure process: 2.97%; Completed foreclosure process: 10.06%; Unknown: 1.29%; Total: 201,130. State: Massachusetts; Market segment: Alt-A; Prepaid: 50.71%; Current: 33.78%; Delinquent: 3.56%; In default: 3.25%; In foreclosure process: 3.33%; Completed foreclosure process: 4.53%; Unknown: 0.85%; Total: 85,185. State: New Hampshire; Market segment: Subprime; Prepaid: 60.91%; Current: 16.61%; Delinquent: 4.80%; In default: 4.07%; In foreclosure process: 2.07%; Completed foreclosure process: 10.88%; Unknown: 0.65%; Total: 41,435. State: New Hampshire; Market segment: Alt-A; Prepaid: 46.67%; Current: 39.03%; Delinquent: 3.99%; In default: 2.45%; In foreclosure process: 1.76%; Completed foreclosure process: 5.52%; Unknown: 0.57%; Total: 15,602. State: Rhode Island; Market segment: Subprime; Prepaid: 69.07%; Current: 10.53%; Delinquent: 3.12%; In default: 2.71%; In foreclosure process: 2.40%; Completed foreclosure process: 11.04%; Unknown: 1.14%; Total: 52,816. State: Rhode Island; Market segment: Alt-A; Prepaid: 50.18%; Current: 32.24%; Delinquent: 3.97%; In default: 2.87%; In foreclosure process: 3.23%; Completed foreclosure process: 6.87%; Unknown: 0.65%; Total: 15,764. State: Vermont; Market segment: Subprime; Prepaid: 63.92%; Current: 17.70%; Delinquent: 4.18%; In default: 3.08%; In foreclosure process: 3.97%; Completed foreclosure process: 6.13%; Unknown: 1.02%; Total: 9,758. State: Vermont; Market segment: Alt-A; Prepaid: 47.93%; Current: 41.47%; Delinquent: 3.04%; In default: 1.94%; In foreclosure process: 3.01%; Completed foreclosure process: 1.74%; Unknown: 0.87%; Total: 3,914. Census Division: New England; Market segment: Subprime; Prepaid: 64.17%; Current: 13.77%; Delinquent: 3.98%; In default: 4.01%; In foreclosure process: 3.26%; Completed foreclosure process: 9.77%; Unknown: 1.04%; Total: 464,508. Census Division: New England; Market segment: Alt-A; Prepaid: 48.84%; Current: 36.15%; Delinquent: 3.76%; In default: 2.86%; In foreclosure process: 3.34%; Completed foreclosure process: 4.38%; Unknown: 0.67%; Total: 174,930. State: New Jersey; Market segment: Subprime; Prepaid: 67.69%; Current: 11.54%; Delinquent: 3.58%; In default: 3.69%; In foreclosure process: 5.42%; Completed foreclosure process: 6.62%; Unknown: 1.46%; Total: 264,731. State: New Jersey; Market segment: Alt-A; Prepaid: 50.66%; Current: 33.04%; Delinquent: 3.83%; In default: 2.91%; In foreclosure process: 6.00%; Completed foreclosure process: 2.90%; Unknown: 0.66%; Total: 143,788. State: New York; Market segment: Subprime; Prepaid: 57.61%; Current: 18.78%; Delinquent: 4.85%; In default: 5.01%; In foreclosure process: 5.37%; Completed foreclosure process: 7.51%; Unknown: 0.86%; Total: 384,925. State: New York; Market segment: Alt-A; Prepaid: 40.82%; Current: 42.65%; Delinquent: 4.43%; In default: 4.47%; In foreclosure process: 4.60%; Completed foreclosure process: 2.65%; Unknown: 0.37%; Total: 166,080. State: Pennsylvania; Market segment: Subprime; Prepaid: 50.80%; Current: 24.58%; Delinquent: 6.13%; In default: 5.21%; In foreclosure process: 3.48%; Completed foreclosure process: 9.16%; Unknown: 0.62%; Total: 262,683. State: Pennsylvania; Market segment: Alt-A; Prepaid: 42.14%; Current: 46.18%; Delinquent: 3.71%; In default: 2.37%; In foreclosure process: 2.47%; Completed foreclosure process: 2.73%; Unknown: 0.41%; Total: 81,623. Census Division: Mid Atlantic; Market segment: Subprime; Prepaid: 58.58%; Current: 18.35%; Delinquent: 4.85%; In default: 4.69%; In foreclosure process: 4.84%; Completed foreclosure process: 7.73%; Unknown: 0.97%; Total: 912,339. Census Division: Mid Atlantic; Market segment: Alt-A; Prepaid: 44.71%; Current: 39.86%; Delinquent: 4.06%; In default: 3.46%; In foreclosure process: 4.67%; Completed foreclosure process: 2.76%; Unknown: 0.48%; Total: 391,491. State: Illinois; Market segment: Subprime; Prepaid: 61.49%; Current: 13.01%; Delinquent: 3.90%; In default: 3.50%; In foreclosure process: 4.45%; Completed foreclosure process: 12.38%; Unknown: 1.27%; Total: 450,147. State: Illinois; Market segment: Alt-A; Prepaid: 50.23%; Current: 32.75%; Delinquent: 3.52%; In default: 2.75%; In foreclosure process: 4.81%; Completed foreclosure process: 5.13%; Unknown: 0.81%; Total: 147,636. State: Indiana; Market segment: Subprime; Prepaid: 41.53%; Current: 21.08%; Delinquent: 5.35%; In default: 4.44%; In foreclosure process: 4.38%; Completed foreclosure process: 2.67%; Unknown: 0.55%; Total: 176,216. State: Indiana; Market segment: Alt-A; Prepaid: 36.49%; Current: 43.34%; Delinquent: 3.58%; In default: 2.70%; In foreclosure process: 4.15%; Completed foreclosure process: 9.37%; Unknown: 0.37%; Total: 38,381. State: Michigan; Market segment: Subprime; Prepaid: 47.07%; Current: 14.74%; Delinquent: 4.97%; In default: 4.74%; In foreclosure process: 1.94%; Completed foreclosure process: 25.78%; Unknown: 0.76%; Total: 373,310. State: Michigan; Market segment: Alt-A; Prepaid: 35.94%; Current: 40.41%; Delinquent: 4.42%; In default: 3.29%; In foreclosure process: 2.37%; Completed foreclosure process: 13.12%; Unknown: 0.44%; Total: 94,707. State: Ohio; Market segment: Subprime; Prepaid: 43.56%; Current: 19.89%; Delinquent: 5.05%; In default: 4.51%; In foreclosure process: 4.80%; Completed foreclosure process: 21.47%; Unknown: 0.72%; Total: 319,389. State: Ohio; Market segment: Alt-A; Prepaid: 34.31%; Current: 46.41%; Delinquent: 3.76%; In default: 2.75%; In foreclosure process: 4.27%; Completed foreclosure process: 8.17%; Unknown: 0.34%; Total: 73,621. State: Wisconsin; Market segment: Subprime; Prepaid: 62.05%; Current: 13.26%; Delinquent: 3.69%; In default: 3.31%; In foreclosure process: 3.93%; Completed foreclosure process: 12.78%; Unknown: 0.98%; Total: 131,066. State: Wisconsin; Market segment: Alt-A; Prepaid: 45.79%; Current: 39.72%; Delinquent: 3.14%; In default: 2.30%; In foreclosure process: 3.49%; Completed foreclosure process: 4.91%; Unknown: 0.66%; Total: 29,608. Census Division: East North Central; Market segment: Subprime; Prepaid: 51.45%; Current: 15.97%; Delinquent: 4.58%; In default: 4.14%; In foreclosure process: 3.82%; Completed foreclosure process: 19.12%; Unknown: 0.91%; Total: 1,450,128. Census Division: East North Central; Market segment: Alt-A; Prepaid: 41.94%; Current: 38.85%; Delinquent: 3.76%; In default: 2.84%; In foreclosure process: 3.94%; Completed foreclosure process: 8.09%; Unknown: 0.57%; Total: 383,953. State: Iowa; Market segment: Subprime; Prepaid: 55.11%; Current: 17.72%; Delinquent: 4.34%; In default: 2.89%; In foreclosure process: 3.47%; Completed foreclosure process: 15.85%; Unknown: 0.62%; Total: 52,627. State: Iowa; Market segment: Alt-A; Prepaid: 41.13%; Current: 46.93%; Delinquent: 2.73%; In default: 1.48%; In foreclosure process: 2.44%; Completed foreclosure process: 4.80%; Unknown: 0.48%; Total: 10,536. State: Kansas; Market segment: Subprime; Prepaid: 53.72%; Current: 19.40%; Delinquent: 4.70%; In default: 3.32%; In foreclosure process: 2.30%; Completed foreclosure process: 15.85%; Unknown: 0.71%; Total: 49,747. State: Kansas; Market segment: Alt-A; Prepaid: 41.53%; Current: 47.95%; Delinquent: 2.60%; In default: 1.45%; In foreclosure process: 1.48%; Completed foreclosure process: 4.68%; Unknown: 0.31%; Total: 16,854. State: Minnesota; Market segment: Subprime; Prepaid: 59.31%; Current: 12.19%; Delinquent: 3.48%; In default: 2.88%; In foreclosure process: 2.52%; Completed foreclosure process: 18.70%; Unknown: 0.91%; Total: 162,906. State: Minnesota; Market segment: Alt-A; Prepaid: 36.96%; Current: 40.80%; Delinquent: 3.84%; In default: 2.93%; In foreclosure process: 3.53%; Completed foreclosure process: 11.54%; Unknown: 0.39%; Total: 67,357. State: Missouri; Market segment: Subprime; Prepaid: 53.19%; Current: 16.22%; Delinquent: 4.95%; In default: 4.10%; In foreclosure process: 1.47%; Completed foreclosure process: 19.29%; Unknown: 0.78%; Total: 180,305. State: Missouri; Market segment: Alt-A; Prepaid: 43.24%; Current: 41.86%; Delinquent: 3.16%; In default: 2.11%; In foreclosure process: 1.28%; Completed foreclosure process: 7.88%; Unknown: 0.47%; Total: 48,859. State: Nebraska; Market segment: Subprime; Prepaid: 49.52%; Current: 22.70%; Delinquent: 5.05%; In default: 3.71%; In foreclosure process: 2.41%; Completed foreclosure process: 16.23%; Unknown: 0.39%; Total: 29,602. State: Nebraska; Market segment: Alt-A; Prepaid: 38.41%; Current: 49.61%; Delinquent: 3.05%; In default: 1.52%; In foreclosure process: 1.80%; Completed foreclosure process: 5.30%; Unknown: 0.31%; Total: 6,987. State: North Dakota; Market segment: Subprime; Prepaid: 57.13%; Current: 22.87%; Delinquent: 4.82%; In default: 2.91%; In foreclosure process: 2.37%; Completed foreclosure process: 9.34%; Unknown: 0.56%; Total: 4,465. State: North Dakota; Market segment: Alt-A; Prepaid: 41.33%; Current: 49.89%; Delinquent: 2.33%; In default: 1.08%; In foreclosure process: 2.00%; Completed foreclosure process: 3.14%; Unknown: 0.22%; Total: 1,846. State: South Dakota; Market segment: Subprime; Prepaid: 55.28%; Current: 20.23%; Delinquent: 4.48%; In default: 2.72%; In foreclosure process: 2.91%; Completed foreclosure process: 13.88%; Unknown: 0.51%; Total: 7,321. State: South Dakota; Market segment: Alt-A; Prepaid: 41.94%; Current: 46.94%; Delinquent: 2.32%; In default: 1.90%; In foreclosure process: 1.90%; Completed foreclosure process: 4.80%; Unknown: 0.21%; Total: 2,418. Census Division: West North Central; Market segment: Subprime; Prepaid: 55.35%; Current: 15.87%; Delinquent: 4.36%; In default: 3.43%; In foreclosure process: 2.21%; Completed foreclosure process: 18.01%; Unknown: 0.77%; Total: 486,973. Census Division: West North Central; Market segment: Alt-A; Prepaid: 39.92%; Current: 42.93%; Delinquent: 3.34%; In default: 2.31%; In foreclosure process: 2.40%; Completed foreclosure process: 8.69%; Unknown: 0.41%; Total: 154,857. State: Delaware; Market segment: Subprime; Prepaid: 58.48%; Current: 18.91%; Delinquent: 5.49%; In default: 4.62%; In foreclosure process: 4.68%; Completed foreclosure process: 7.09%; Unknown: 0.73%; Total: 24,645. State: Delaware; Market segment: Alt-A; Prepaid: 44.89%; Current: 42.40%; Delinquent: 3.46%; In default: 2.30%; In foreclosure process: 3.60%; Completed foreclosure process: 2.82%; Unknown: 0.54%; Total: 11,764. State: District of Columbia; Market segment: Subprime; Prepaid: 68.90%; Current: 11.44%; Delinquent: 3.66%; In default: 3.95%; In foreclosure process: 2.62%; Completed foreclosure process: 7.90%; Unknown: 1.54%; Total: 17,372. State: District of Columbia; Market segment: Alt-A; Prepaid: 49.31%; Current: 38.25%; Delinquent: 3.27%; In default: 2.64%; In foreclosure process: 2.17%; Completed foreclosure process: 3.68%; Unknown: 0.69%; Total: 15,469. State: Florida; Market segment: Subprime; Prepaid: 54.97%; Current: 14.76%; Delinquent: 4.35%; In default: 4.69%; In foreclosure process: 10.21%; Completed foreclosure process: 10.25%; Unknown: 0.76%; Total: 935,244. State: Florida; Market segment: Alt-A; Prepaid: 35.88%; Current: 35.23%; Delinquent: 4.39%; In default: 5.07%; In foreclosure process: 13.72%; Completed foreclosure process: 5.20%; Unknown: 0.51%; Total: 528,708. State: Georgia; Market segment: Subprime; Prepaid: 47.11%; Current: 17.53%; Delinquent: 6.09%; In default: 6.14%; In foreclosure process: 2.55%; Completed foreclosure process: 19.82%; Unknown: 0.76%; Total: 267,382. State: Georgia; Market segment: Alt-A; Prepaid: 36.67%; Current: 43.60%; Delinquent: 4.55%; In default: 3.25%; In foreclosure process: 2.37%; Completed foreclosure process: 9.16%; Unknown: 0.41%; Total: 157,997. State: Maryland; Market segment: Subprime; Prepaid: 68.36%; Current: 12.26%; Delinquent: 3.98%; In default: 4.18%; In foreclosure process: 3.11%; Completed foreclosure process: 6.66%; Unknown: 1.46%; Total: 255,118. State: Maryland; Market segment: Alt-A; Prepaid: 47.50%; Current: 36.28%; Delinquent: 4.15%; In default: 4.42%; In foreclosure process: 3.45%; Completed foreclosure process: 3.56%; Unknown: 0.64%; Total: 135,923. State: North Carolina; Market segment: Subprime; Prepaid: 51.34%; Current: 20.14%; Delinquent: 6.43%; In default: 5.00%; In foreclosure process: 1.96%; Completed foreclosure process: 14.32%; Unknown: 0.79%; Total: 179,453. State: North Carolina; Market segment: Alt-A; Prepaid: 43.12%; Current: 44.15%; Delinquent: 3.69%; In default: 2.41%; In foreclosure process: 1.51%; Completed foreclosure process: 4.68%; Unknown: 0.45%; Total: 86,627. State: South Carolina; Market segment: Subprime; Prepaid: 48.76%; Current: 20.80%; Delinquent: 6.04%; In default: 3.95%; In foreclosure process: 3.64%; Completed foreclosure process: 16.10%; Unknown: 0.71%; Total: 94,146. State: South Carolina; Market segment: Alt-A; Prepaid: 43.77%; Current: 41.75%; Delinquent: 3.52%; In default: 2.06%; In foreclosure process: 3.14%; Completed foreclosure process: 5.15%; Unknown: 0.60%; Total: 48,943. State: Virginia; Market segment: Subprime; Prepaid: 63.49%; Current: 14.77%; Delinquent: 4.25%; In default: 4.05%; In foreclosure process: 1.90%; Completed foreclosure process: 10.52%; Unknown: 1.03%; Total: 213,215. State: Virginia; Market segment: Alt-A; Prepaid: 42.53%; Current: 37.82%; Delinquent: 3.62%; In default: 3.47%; In foreclosure process: 2.75%; Completed foreclosure process: 9.10%; Unknown: 0.70%; Total: 162,599. State: West Virginia; Market segment: Subprime; Prepaid: 50.41%; Current: 22.79%; Delinquent: 6.79%; In default: 4.80%; In foreclosure process: 2.73%; Completed foreclosure process: 11.64%; Unknown: 0.83%; Total: 16,904. State: West Virginia; Market segment: Alt-A; Prepaid: 37.60%; Current: 43.45%; Delinquent: 4.92%; In default: 3.40%; In foreclosure process: 3.26%; Completed foreclosure process: 6.83%; Unknown: 0.54%; Total: 4,819. Census Division: South Atlantic; Market segment: Subprime; Prepaid: 56.04%; Current: 15.67%; Delinquent: 4.82%; In default: 4.74%; In foreclosure process: 6.16%; Completed foreclosure process: 11.69%; Unknown: 0.89%; Total: 2,003,479. Census Division: South Atlantic; Market segment: Alt-A; Prepaid: 39.46%; Current: 37.96%; Delinquent: 4.17%; In default: 4.12%; In foreclosure process: 7.74%; Completed foreclosure process: 6.02%; Unknown: 0.54%; Total: 1,152,849. State: Alabama; Market segment: Subprime; Prepaid: 47.86%; Current: 21.96%; Delinquent: 6.74%; In default: 6.32%; In foreclosure process: 1.79%; Completed foreclosure process: 14.80%; Unknown: 0.54%; Total: 84,284. State: Alabama; Market segment: Alt-A; Prepaid: 41.08%; Current: 44.79%; Delinquent: 3.70%; In default: 2.37%; In foreclosure process: 1.63%; Completed foreclosure process: 5.98%; Unknown: 0.45%; Total: 27,202. State: Kentucky; Market segment: Subprime; Prepaid: 47.30%; Current: 21.56%; Delinquent: 5.42%; In default: 3.74%; In foreclosure process: 3.94%; Completed foreclosure process: 17.46%; Unknown: 0.58%; Total: 71,589. State: Kentucky; Market segment: Alt-A; Prepaid: 38.94%; Current: 46.58%; Delinquent: 3.27%; In default: 1.98%; In foreclosure process: 3.07%; Completed foreclosure process: 5.84%; Unknown: 0.33%; Total: 18,430. State: Mississippi; Market segment: Subprime; Prepaid: 40.70%; Current: 24.15%; Delinquent: 7.69%; In default: 7.61%; In foreclosure process: 2.45%; Completed foreclosure process: 16.64%; Unknown: 0.75%; Total: 53,230. State: Mississippi; Market segment: Alt-A; Prepaid: 38.86%; Current: 44.97%; Delinquent: 4.45%; In default: 2.84%; In foreclosure process: 1.96%; Completed foreclosure process: 6.20%; Unknown: 0.72%; Total: 9,470. State: Tennessee; Market segment: Subprime; Prepaid: 44.30%; Current: 22.26%; Delinquent: 6.56%; In default: 6.96%; In foreclosure process: 1.75%; Completed foreclosure process: 17.60%; Unknown: 0.57%; Total: 168,271. State: Tennessee; Market segment: Alt-A; Prepaid: 38.97%; Current: 47.05%; Delinquent: 3.68%; In default: 2.42%; In foreclosure process: 1.37%; Completed foreclosure process: 6.14%; Unknown: 0.38%; Total: 46,066. Census Division: East South Central; Market segment: Subprime; Prepaid: 45.16%; Current: 22.33%; Delinquent: 6.54%; In default: 6.30%; In foreclosure process: 2.27%; Completed foreclosure process: 16.81%; Unknown: 0.59%; Total: 377,374. Census Division: East South Central; Market segment: Alt-A; Prepaid: 39.52%; Current: 46.16%; Delinquent: 3.68%; In default: 2.36%; In foreclosure process: 1.80%; Completed foreclosure process: 6.05%; Unknown: 0.42%; Total: 101,168. State: Arkansas; Market segment: Subprime; Prepaid: 43.77%; Current: 27.28%; Delinquent: 6.62%; In default: 5.39%; In foreclosure process: 2.16%; Completed foreclosure process: 14.26%; Unknown: 0.51%; Total: 37,687. State: Arkansas; Market segment: Alt-A; Prepaid: 35.78%; Current: 50.64%; Delinquent: 3.39%; In default: 2.17%; In foreclosure process: 1.77%; Completed foreclosure process: 5.93%; Unknown: 0.32%; Total: 11,345. State: Louisiana; Market segment: Subprime; Prepaid: 49.75%; Current: 24.62%; Delinquent: 6.27%; In default: 5.22%; In foreclosure process: 3.28%; Completed foreclosure process: 10.21%; Unknown: 0.65%; Total: 89,817. State: Louisiana; Market segment: Alt-A; Prepaid: 44.17%; Current: 44.17%; Delinquent: 3.25%; In default: 2.27%; In foreclosure process: 2.22%; Completed foreclosure process: 3.47%; Unknown: 0.44%; Total: 19,390. State: Oklahoma; Market segment: Subprime; Prepaid: 42.64%; Current: 26.73%; Delinquent: 5.93%; In default: 3.77%; In foreclosure process: 3.52%; Completed foreclosure process: 16.93%; Unknown: 0.49%; Total: 66,160. State: Oklahoma; Market segment: Alt-A; Prepaid: 34.51%; Current: 53.97%; Delinquent: 2.91%; In default: 1.34%; In foreclosure process: 2.26%; Completed foreclosure process: 4.75%; Unknown: 0.25%; Total: 18,235. State: Texas; Market segment: Subprime; Prepaid: 39.30%; Current: 31.57%; Delinquent: 7.11%; In default: 4.94%; In foreclosure process: 2.09%; Completed foreclosure process: 14.54%; Unknown: 0.45%; Total: 570,001. State: Texas; Market segment: Alt-A; Prepaid: 34.34%; Current: 52.39%; Delinquent: 3.27%; In default: 1.98%; In foreclosure process: 1.32%; Completed foreclosure process: 6.44%; Unknown: 0.25%; Total: 185,969. Census Division: West South Central; Market segment: Subprime; Prepaid: 41.04%; Current: 30.12%; Delinquent: 6.88%; In default: 4.89%; In foreclosure process: 2.36%; Completed foreclosure process: 14.23%; Unknown: 0.48%; Total: 763,665. Census Division: West South Central; Market segment: Alt-A; Prepaid: 35.23%; Current: 51.75%; Delinquent: 3.25%; In default: 1.97%; In foreclosure process: 1.49%; Completed foreclosure process: 6.04%; Unknown: 0.27%; Total: 234,939. State: Arizona; Market segment: Subprime; Prepaid: 59.83%; Current: 12.70%; Delinquent: 3.93%; In default: 4.59%; In foreclosure process: 3.98%; Completed foreclosure process: 14.08%; Unknown: 0.88%; Total: 300,678. State: Arizona; Market segment: Alt-A; Prepaid: 45.06%; Current: 33.62%; Delinquent: 3.86%; In default: 3.56%; In foreclosure process: 4.31%; Completed foreclosure process: 8.83%; Unknown: 0.77%; Total: 233,624. State: Colorado; Market segment: Subprime; Prepaid: 53.47%; Current: 15.91%; Delinquent: 3.67%; In default: 2.95%; In foreclosure process: 2.22%; Completed foreclosure process: 21.03%; Unknown: 0.74%; Total: 188,769. State: Colorado; Market segment: Alt-A; Prepaid: 43.87%; Current: 42.07%; Delinquent: 2.66%; In default: 1.75%; In foreclosure process: 2.10%; Completed foreclosure process: 7.10%; Unknown: 0.45%; Total: 138,558. State: Idaho; Market segment: Subprime; Prepaid: 59.83%; Current: 17.02%; Delinquent: 4.49%; In default: 3.72%; In foreclosure process: 3.16%; Completed foreclosure process: 11.19%; Unknown: 0.60%; Total: 38,247. State: Idaho; Market segment: Alt-A; Prepaid: 45.77%; Current: 40.86%; Delinquent: 3.30%; In default: 2.40%; In foreclosure process: 3.32%; Completed foreclosure process: 3.88%; Unknown: 0.47%; Total: 31,997. State: Montana; Market segment: Subprime; Prepaid: 62.31%; Current: 17.50%; Delinquent: 4.12%; In default: 3.44%; In foreclosure process: 2.40%; Completed foreclosure process: 9.63%; Unknown: 0.60%; Total: 12,973. State: Montana; Market segment: Alt-A; Prepaid: 50.51%; Current: 41.08%; Delinquent: 2.54%; In default: 1.60%; In foreclosure process: 1.67%; Completed foreclosure process: 2.27%; Unknown: 0.32%; Total: 8,848. State: Nevada; Market segment: Subprime; Prepaid: 56.73%; Current: 12.06%; Delinquent: 3.70%; In default: 5.07%; In foreclosure process: 4.64%; Completed foreclosure process: 16.92%; Unknown: 0.88%; Total: 152,588. State: Nevada; Market segment: Alt-A; Prepaid: 36.40%; Current: 33.88%; Delinquent: 4.87%; In default: 5.92%; In foreclosure process: 6.29%; Completed foreclosure process: 12.07%; Unknown: 0.57%; Total: 152,154. State: New Mexico; Market segment: Subprime; Prepaid: 61.98%; Current: 17.44%; Delinquent: 4.25%; In default: 2.69%; In foreclosure process: 2.64%; Completed foreclosure process: 10.01%; Unknown: 0.99%; Total: 40,494. State: New Mexico; Market segment: Alt-A; Prepaid: 48.11%; Current: 41.64%; Delinquent: 2.72%; In default: 1.59%; In foreclosure process: 2.88%; Completed foreclosure process: 2.58%; Unknown: 0.48%; Total: 22,328. State: Utah; Market segment: Subprime; Prepaid: 64.23%; Current: 14.06%; Delinquent: 3.77%; In default: 2.91%; In foreclosure process: 2.17%; Completed foreclosure process: 12.12%; Unknown: 0.74%; Total: 80,323. State: Utah; Market segment: Alt-A; Prepaid: 52.74%; Current: 35.04%; Delinquent: 2.71%; In default: 1.80%; In foreclosure process: 2.69%; Completed foreclosure process: 4.44%; Unknown: 0.58%; Total: 56,996. State: Wyoming; Market segment: Subprime; Prepaid: 63.58%; Current: 20.34%; Delinquent: 4.22%; In default: 2.41%; In foreclosure process: 1.24%; Completed foreclosure process: 7.83%; Unknown: 0.38%; Total: 9,748. State: Wyoming; Market segment: Alt-A; Prepaid: 51.91%; Current: 42.33%; Delinquent: 1.93%; In default: 1.02%; In foreclosure process: 0.69%; Completed foreclosure process: 1.95%; Unknown: 0.18%; Total: 4,519. Census Division: Mountain; Market segment: Subprime; Prepaid: 58.42%; Current: 14.05%; Delinquent: 3.86%; In default: 3.96%; In foreclosure process: 3.36%; Completed foreclosure process: 15.53%; Unknown: 0.82%; Total: 823,820. Census Division: Mountain; Market segment: Alt-A; Prepaid: 43.71%; Current: 36.41%; Delinquent: 3.64%; In default: 3.40%; In foreclosure process: 4.00%; Completed foreclosure process: 8.24%; Unknown: 0.60%; Total: 649,024. State: Alaska; Market segment: Subprime; Prepaid: 61.76%; Current: 19.19%; Delinquent: 4.55%; In default: 3.21%; In foreclosure process: 2.12%; Completed foreclosure process: 8.70%; Unknown: 0.47%; Total: 9,435. State: Alaska; Market segment: Alt-A; Prepaid: 45.05%; Current: 45.15%; Delinquent: 3.07%; In default: 1.52%; In foreclosure process: 1.34%; Completed foreclosure process: 3.50%; Unknown: 0.36%; Total: 3,942. State: California; Market segment: Subprime; Prepaid: 65.94%; Current: 10.36%; Delinquent: 2.68%; In default: 3.55%; In foreclosure process: 3.39%; Completed foreclosure process: 12.90%; Unknown: 1.17%; Total: 1,745,539. State: California; Market segment: Alt-A; Prepaid: 46.87%; Current: 32.39%; Delinquent: 3.82%; In default: 5.04%; In foreclosure process: 4.61%; Completed foreclosure process: 6.80%; Unknown: 0.47%; Total: 1,530,897. State: Hawaii; Market segment: Subprime; Prepaid: 64.27%; Current: 19.51%; Delinquent: 3.60%; In default: 3.40%; In foreclosure process: 4.09%; Completed foreclosure process: 4.42%; Unknown: 0.71%; Total: 42,054. State: Hawaii; Market segment: Alt-A; Prepaid: 46.51%; Current: 42.40%; Delinquent: 3.13%; In default: 2.64%; In foreclosure process: 3.45%; Completed foreclosure process: 1.51%; Unknown: 0.35%; Total: 28,469. State: Oregon; Market segment: Subprime; Prepaid: 62.13%; Current: 17.14%; Delinquent: 4.03%; In default: 3.31%; In foreclosure process: 3.12%; Completed foreclosure process: 9.69%; Unknown: 0.58%; Total: 106,926. State: Oregon; Market segment: Alt-A; Prepaid: 47.44%; Current: 41.27%; Delinquent: 3.02%; In default: 2.09%; In foreclosure process: 2.67%; Completed foreclosure process: 3.11%; Unknown: 0.41%; Total: 78,525. State: Washington; Market segment: Subprime; Prepaid: 63.91%; Current: 15.86%; Delinquent: 3.85%; In default: 3.70%; In foreclosure process: 2.54%; Completed foreclosure process: 9.46%; Unknown: 0.68%; Total: 204,705. State: Washington; Market segment: Alt-A; Prepaid: 48.73%; Current: 40.74%; Delinquent: 3.05%; In default: 2.37%; In foreclosure process: 2.20%; Completed foreclosure process: 2.50%; Unknown: 0.43%; Total: 144,262. Census Division: Pacific; Market segment: Subprime; Prepaid: 65.50%; Current: 11.46%; Delinquent: 2.89%; In default: 3.55%; In foreclosure process: 3.30%; Completed foreclosure process: 12.22%; Unknown: 1.08%; Total: 2,108,659. Census Division: Pacific; Market segment: Alt-A; Prepaid: 47.03%; Current: 33.64%; Delinquent: 3.71%; In default: 4.65%; In foreclosure process: 4.30%; Completed foreclosure process: 6.20%; Unknown: 0.46%; Total: 1,786,095. Census Division: United States; Market segment: Subprime; Prepaid: 56.62%; Current: 16.25%; Delinquent: 4.44%; In default: 4.28%; In foreclosure process: 3.97%; Completed foreclosure process: 13.55%; Unknown: 0.89%; Total: 9,390,945. Census Division: United States; Market segment: Alt-A; Prepaid: 43.44%; Current: 37.34%; Delinquent: 3.80%; In default: 3.83%; In foreclosure process: 4.78%; Completed foreclosure process: 6.30%; Unknown: 0.50%; Total: 5,029,306. Census Division: United States; Market segment: Total Nonprime; Prepaid: 52.02%; Current: 23.61%; Delinquent: 4.22%; In default: 4.12%; In foreclosure process: 4.25%; Completed foreclosure process: 11.02%; Unknown: 0.76%; Total: 14,420,251. Source: GAO analysis of LP data. Note: For some loans, the data were insufficient to classify into a status category. These "unknown" loans are included in the total column. This table does not include data for Guam, Puerto Rico, and the Virgin Islands. [End of table] Table 15: Number of 2000-2007 Nonprime Loans in Different Status Categories by Census Division and State as of March 31, 2009: State: Connecticut; Market segment: Subprime; Prepaid: 75,685; Current: 20,245; Delinquent: 5,576; In default: 4,550; In foreclosure process: 4,900; Completed foreclosure process: 11,221; Unknown: 880; Total: 123,057. State: Connecticut; Market segment: Alt-A; Prepaid: 20,633; Current: 17,904; Delinquent: 1,794; In default: 1,127; In foreclosure process: 1,652; Completed foreclosure process: 1,466; Unknown: 183; Total: 44,759. State: Maine; Market segment: Subprime; Prepaid: 22,590; Current: 5,911; Delinquent: 1,601; In default: 1,086; In foreclosure process: 1,745; Completed foreclosure process: 2,993; Unknown: 386; Total: 36,312. State: Maine; Market segment: Alt-A; Prepaid: 4,536; Current: 3,770; Delinquent: 384; In default: 193; In foreclosure process: 457; Completed foreclosure process: 317; Unknown: 49; Total: 9,706. State: Massachusetts; Market segment: Subprime; Prepaid: 131,848; Current: 23,656; Delinquent: 7,278; In default: 9,552; In foreclosure process: 5,980; Completed foreclosure process: 20,229; Unknown: 2,587; Total: 201,130. State: Massachusetts; Market segment: Alt-A; Prepaid: 43,195; Current: 28,772; Delinquent: 3,029; In default: 2,768; In foreclosure process: 2,838; Completed foreclosure process: 3,860; Unknown: 723; Total: 85,185. State: New Hampshire; Market segment: Subprime; Prepaid: 25,238; Current: 6,884; Delinquent: 1,989; In default: 1,688; In foreclosure process: 856; Completed foreclosure process: 4,509; Unknown: 271; Total: 41,435. State: New Hampshire; Market segment: Alt-A; Prepaid: 7,281; Current: 6,090; Delinquent: 623; In default: 383; In foreclosure process: 275; Completed foreclosure process: 861; Unknown: 89; Total: 15,602. State: Rhode Island; Market segment: Subprime; Prepaid: 36,480; Current: 5,561; Delinquent: 1,647; In default: 1,431; In foreclosure process: 1,265; Completed foreclosure process: 5,830; Unknown: 602; Total: 52,816. State: Rhode Island; Market segment: Alt-A; Prepaid: 7,910; Current: 5,082; Delinquent: 626; In default: 452; In foreclosure process: 509; Completed foreclosure process: 1,083; Unknown: 102; Total: 15,764. State: Vermont; Market segment: Subprime; Prepaid: 6,237; Current: 1,727; Delinquent: 408; In default: 301; In foreclosure process: 387; Completed foreclosure process: 598; Unknown: 100; Total: 9,758. State: Vermont; Market segment: Alt-A; Prepaid: 1,876; Current: 1,623; Delinquent: 119; In default: 76; In foreclosure process: 118; Completed foreclosure process: 68; Unknown: 34; Total: 3,914. Census Division: New England; Market segment: Subprime; Prepaid: 298,078; Current: 63,984; Delinquent: 18,499; In default: 18,608; In foreclosure process: 15,133; Completed foreclosure process: 45,380; Unknown: 4,826; Total: 464,508. Census Division: New England; Market segment: Alt-A; Prepaid: 85,431; Current: 63,241; Delinquent: 6,575; In default: 4,999; In foreclosure process: 5,849; Completed foreclosure process: 7,655; Unknown: 1,180; Total: 174,930. State: New Jersey; Market segment: Subprime; Prepaid: 179,200; Current: 30,541; Delinquent: 9,482; In default: 9,763; In foreclosure process: 14,353; Completed foreclosure process: 17,536; Unknown: 3,856; Total: 264,731. State: New Jersey; Market segment: Alt-A; Prepaid: 72,842; Current: 47,514; Delinquent: 5,507; In default: 4,183; In foreclosure process: 8,624; Completed foreclosure process: 4,176; Unknown: 942; Total: 143,788. State: New York; Market segment: Subprime; Prepaid: 221,768; Current: 72,301; Delinquent: 18,665; In default: 19,303; In foreclosure process: 20,665; Completed foreclosure process: 28,897; Unknown: 3,326; Total: 384,925. State: New York; Market segment: Alt-A; Prepaid: 67,797; Current: 70,833; Delinquent: 7,355; In default: 7,431; In foreclosure process: 7,642; Completed foreclosure process: 4,405; Unknown: 617; Total: 166,080. State: Pennsylvania; Market segment: Subprime; Prepaid: 133,454; Current: 64,577; Delinquent: 16,110; In default: 13,691; In foreclosure process: 9,138; Completed foreclosure process: 24,073; Unknown: 1,640; Total: 262,683. State: Pennsylvania; Market segment: Alt-A; Prepaid: 34,392; Current: 37,691; Delinquent: 3,025; In default: 1,934; In foreclosure process: 2,015; Completed foreclosure process: 2,232; Unknown: 334; Total: 81,623. Census Division: Mid Atlantic; Market segment: Subprime; Prepaid: 534,422; Current: 167,419; Delinquent: 44,257; In default: 42,757; In foreclosure process: 44,156; Completed foreclosure process: 70,506; Unknown: 8,822; Total: 912,339. Census Division: Mid Atlantic; Market segment: Alt-A; Prepaid: 175,031; Current: 156,038; Delinquent: 15,887; In default: 13,548; In foreclosure process: 18,281; Completed foreclosure process: 10,813; Unknown: 1,893; Total: 391,491. State: Illinois; Market segment: Subprime; Prepaid: 276,788; Current: 58,563; Delinquent: 17,549; In default: 15,769; In foreclosure process: 20,022; Completed foreclosure process: 55,737; Unknown: 5,719; Total: 450,147. State: Illinois; Market segment: Alt-A; Prepaid: 74,160; Current: 48,349; Delinquent: 5,196; In default: 4,062; In foreclosure process: 7,098; Completed foreclosure process: 7,569; Unknown: 1,202; Total: 147,636. State: Indiana; Market segment: Subprime; Prepaid: 73,177; Current: 37,150; Delinquent: 9,429; In default: 7,826; In foreclosure process: 7,712; Completed foreclosure process: 39,947; Unknown: 975; Total: 176,216. State: Indiana; Market segment: Alt-A; Prepaid: 14,006; Current: 16,634; Delinquent: 1,375; In default: 1,035; In foreclosure process: 1,591; Completed foreclosure process: 3,597; Unknown: 143; Total: 38,381. State: Michigan; Market segment: Subprime; Prepaid: 175,708; Current: 55,012; Delinquent: 18,547; In default: 17,712; In foreclosure process: 7,242; Completed foreclosure process: 96,238; Unknown: 2,851; Total: 373,310. State: Michigan; Market segment: Alt-A; Prepaid: 34,038; Current: 38,267; Delinquent: 4,189; In default: 3,120; In foreclosure process: 2,249; Completed foreclosure process: 12,430; Unknown: 414; Total: 94,707. State: Ohio; Market segment: Subprime; Prepaid: 139,124; Current: 63,540; Delinquent: 16,125; In default: 14,407; In foreclosure process: 15,325; Completed foreclosure process: 68,568; Unknown: 2,300; Total: 319,389. State: Ohio; Market segment: Alt-A; Prepaid: 25,262; Current: 34,166; Delinquent: 2,765; In default: 2,024; In foreclosure process: 3,141; Completed foreclosure process: 6,016; Unknown: 247; Total: 73,621. State: Wisconsin; Market segment: Subprime; Prepaid: 81,332; Current: 17,382; Delinquent: 4,834; In default: 4,338; In foreclosure process: 5,153; Completed foreclosure process: 16,745; Unknown: 1,282; Total: 131,066. State: Wisconsin; Market segment: Alt-A; Prepaid: 13,557; Current: 11,759; Delinquent: 929; In default: 681; In foreclosure process: 1,034; Completed foreclosure process: 1,454; Unknown: 194; Total: 29,608. Census Division: East North Central; Market segment: Subprime; Prepaid: 746,129; Current: 231,647; Delinquent: 66,484; In default: 60,052; In foreclosure process: 55,454; Completed foreclosure process: 277,235; Unknown: 13,127; Total: 1,450,128. Census Division: East North Central; Market segment: Alt-A; Prepaid: 161,023; Current: 149,175; Delinquent: 14,454; In default: 10,922; In foreclosure process: 15,113; Completed foreclosure process: 31,066; Unknown: 2,200; Total: 383,953. State: Iowa; Market segment: Subprime; Prepaid: 29,004; Current: 9,324; Delinquent: 2,284; In default: 1,519; In foreclosure process: 1,827; Completed foreclosure process: 8,343; Unknown: 326; Total: 52,627. State: Iowa; Market segment: Alt-A; Prepaid: 4,333; Current: 4,945; Delinquent: 288; In default: 156; In foreclosure process: 257; Completed foreclosure process: 506; Unknown: 51; Total: 10,536. State: Kansas; Market segment: Subprime; Prepaid: 26,725; Current: 9,650; Delinquent: 2,336; In default: 1,652; In foreclosure process: 1,145; Completed foreclosure process: 7,884; Unknown: 355; Total: 49,747. State: Kansas; Market segment: Alt-A; Prepaid: 6,999; Current: 8,081; Delinquent: 438; In default: 244; In foreclosure process: 250; Completed foreclosure process: 789; Unknown: 53; Total: 16,854. State: Minnesota; Market segment: Subprime; Prepaid: 96,626; Current: 19,862; Delinquent: 5,661; In default: 4,698; In foreclosure process: 4,109; Completed foreclosure process: 30,463; Unknown: 1,487; Total: 162,906. State: Minnesota; Market segment: Alt-A; Prepaid: 24,897; Current: 27,482; Delinquent: 2,585; In default: 1,972; In foreclosure process: 2,380; Completed foreclosure process: 7,775; Unknown: 266; Total: 67,357. State: Missouri; Market segment: Subprime; Prepaid: 95,912; Current: 29,242; Delinquent: 8,920; In default: 7,384; In foreclosure process: 2,659; Completed foreclosure process: 34,775; Unknown: 1,413; Total: 180,305. State: Missouri; Market segment: Alt-A; Prepaid: 21,128; Current: 20,454; Delinquent: 1,543; In default: 1,033; In foreclosure process: 624; Completed foreclosure process: 3,848; Unknown: 229; Total: 8,859. State: Nebraska; Market segment: Subprime; Prepaid: 14,658; Current: 6,720; Delinquent: 1,494; In default: 1,098; In foreclosure process: 714; Completed foreclosure process: 4,803; Unknown: 115; Total: 29,602. State: Nebraska; Market segment: Alt-A; Prepaid: 2,684; Current: 3,466; Delinquent: 213; In default: 106; In foreclosure process: 126; Completed foreclosure process: 370; Unknown: 22; Total: 6,987. State: North Dakota; Market segment: Subprime; Prepaid: 2,551; Current: 1,021; Delinquent: 215; In default: 130; In foreclosure process: 106; Completed foreclosure process: 417; Unknown: 25; Total: 4,465. State: North Dakota; Market segment: Alt-A; Prepaid: 763; Current: 921; Delinquent: 43; In default: 20; In foreclosure process: 37; Completed foreclosure process: 58; Unknown: 4; Total: 1,846. State: South Dakota; Market segment: Subprime; Prepaid: 4,047; Current: 1,481; Delinquent: 328; In default: 199; In foreclosure process: 213; Completed foreclosure process: 1,016; Unknown: 37; Total: 7,321. State: South Dakota; Market segment: Alt-A; Prepaid: 1,014; Current: 1,135; Delinquent: 56; In default: 46; In foreclosure process: 46; Completed foreclosure process: 116; Unknown: 5; Total: 2,418. Census Division: West North Central; Market segment: Subprime; Prepaid: 269,523; Current: 77,300; Delinquent: 21,238; In default: 16,680; In foreclosure process: 10,773; Completed foreclosure process: 87,701; Unknown: 3,758; Total: 486,973. Census Division: West North Central; Market segment: Alt-A; Prepaid: 61,818; Current: 66,484; Delinquent: 5,166; In default: 3,577; In foreclosure process: 3,720; Completed foreclosure process: 13,462; Unknown: 630; Total: 154,857. State: Delaware; Market segment: Subprime; Prepaid: 14,413; Current: 4,660; Delinquent: 1,352; In default: 1,138; In foreclosure process: 1,154; Completed foreclosure process: 1,748; Unknown: 180; Total: 24,645. State: Delaware; Market segment: Alt-A; Prepaid: 5,281; Current: 4,988; Delinquent: 407; In default: 270; In foreclosure process: 423; Completed foreclosure process: 332; Unknown: 63; Total: 11,764. State: District of Columbia; Market segment: Subprime; Prepaid: 11,970; Current: 1,987; Delinquent: 635; In default: 686; In foreclosure process: 455; Completed foreclosure process: 1,372; Unknown: 267; Total: 17,372. State: District of Columbia; Market segment: Alt-A; Prepaid: 7,627; Current: 5,917; Delinquent: 506; In default: 408; In foreclosure process: 336; Completed foreclosure process: 569; Unknown: 106; Total: 15,469. State: Florida; Market segment: Subprime; Prepaid: 514,128; Current: 138,079; Delinquent: 40,673; In default: 43,849; In foreclosure process: 95,513; Completed foreclosure process: 95,878; Unknown: 7,124; Total: 935,244. State: Florida; Market segment: Alt-A; Prepaid: 189,699; Current: 186,239; Delinquent: 23,222; In default: 26,792; In foreclosure process: 72,561; Completed foreclosure process: 27,514; Unknown: 2,681; Total: 528,708. State: Georgia; Market segment: Subprime; Prepaid: 125,957; Current: 46,883; Delinquent: 16,289; In default: 16,412; In foreclosure process: 6,809; Completed foreclosure process: 52,996; Unknown: 2,036; Total: 267,382. State: Georgia; Market segment: Alt-A; Prepaid: 57,942; Current: 68,880; Delinquent: 7,191; In default: 5,140; In foreclosure process: 3,737; Completed foreclosure process: 14,465; Unknown: 642; Total: 157,997. State: Maryland; Market segment: Subprime; Prepaid: 174,396; Current: 31,268; Delinquent: 10,147; In default: 10,667; In foreclosure process: 7,936; Completed foreclosure process: 16,983; Unknown: 3,721; Total: 255,118. State: Maryland; Market segment: Alt-A; Prepaid: 64,565; Current: 49,311; Delinquent: 5,646; In default: 6,004; In foreclosure process: 4,683; Completed foreclosure process: 4,839; Unknown: 875; Total: 135,923. State: North Carolina; Market segment: Subprime; Prepaid: 92,134; Current: 36,149; Delinquent: 11,542; In default: 8,980; In foreclosure process: 3,522; Completed foreclosure process: 25,702; Unknown: 1,424; Total: 179,453. State: North Carolina; Market segment: Alt-A; Prepaid: 37,350; Current: 38,247; Delinquent: 3,198; In default: 2,089; In foreclosure process: 1,307; Completed foreclosure process: 4,050; Unknown: 386; Total: 86,627. State: South Carolina; Market segment: Subprime; Prepaid: 45,907; Current: 19,582; Delinquent: 5,691; In default: 3,718; In foreclosure process: 3,427; Completed foreclosure process: 15,157; Unknown: 664; Total: 94,146. State: South Carolina; Market segment: Alt-A; Prepaid: 21,422; Current: 20,433; Delinquent: 1,725; In default: 1,007; In foreclosure process: 1,538; Completed foreclosure process: 2,523; Unknown: 295; Total: 48,943. State: Virginia; Market segment: Subprime; Prepaid: 135,376; Current: 31,496; Delinquent: 9,051; In default: 8,629; In foreclosure process: 4,047; Completed foreclosure process: 22,421; Unknown: 2,195; Total: 213,215. State: Virginia; Market segment: Alt-A; Prepaid: 69,161; Current: 61,489; Delinquent: 5,893; In default: 5,650; In foreclosure process: 4,478; Completed foreclosure process: 14,797; Unknown: 1,131; Total: 162,599. State: West Virginia; Market segment: Subprime; Prepaid: 8,522; Current: 3,853; Delinquent: 1,148; In default: 811; In foreclosure process: 461; Completed foreclosure process: 1,968; Unknown: 141; Total: 16,904. State: West Virginia; Market segment: Alt-A; Prepaid: 1,812; Current: 2,094; Delinquent: 237; In default: 164; In foreclosure process: 157; Completed foreclosure process: 329; Unknown: 26; Total: 4,819. Census Division: South Atlantic; Market segment: Subprime; Prepaid: 1,122,803; Current: 313,957; Delinquent: 96,528; In default: 94,890; In foreclosure process: 123,324; Completed foreclosure process: 234,225; Unknown: 17,752; Total: 2,003,479. Census Division: South Atlantic; Market segment: Alt-A; Prepaid: 454,859; Current: 437,598; Delinquent: 48,025; In default: 47,524; In foreclosure process: 89,220; Completed foreclosure process: 69,418; Unknown: 6,205; Total: 1,152,849. State: Alabama; Market segment: Subprime; Prepaid: 40,340; Current: 18,506; Delinquent: 5,677; In default: 5,329; In foreclosure process: 1,507; Completed foreclosure process: 12,471; Unknown: 454; Total: 84,284. State: Alabama; Market segment: Alt-A; Prepaid: 11,175; Current: 12,184; Delinquent: 1,006; In default: 644; In foreclosure process: 443; Completed foreclosure process: 1,628; Unknown: 122; Total: 27,202. State: Kentucky; Market segment: Subprime; Prepaid: 33,862; Current: 15,436; Delinquent: 3,881; In default: 2,679; In foreclosure process: 2,818; Completed foreclosure process: 12,500; Unknown: 413; Total: 71,589. State: Kentucky; Market segment: Alt-A; Prepaid: 7,177; Current: 8,585; Delinquent: 602; In default: 364; In foreclosure process: 565; Completed foreclosure process: 1,076; Unknown: 61; Total: 18,430. State: Mississippi; Market segment: Subprime; Prepaid: 21,667; Current: 12,857; Delinquent: 4,096; In default: 4,049; In foreclosure process: 1,306; Completed foreclosure process: 8,858; Unknown: 397; Total: 53,230. State: Mississippi; Market segment: Alt-A; Prepaid: 3,680; Current: 4,259; Delinquent: 421; In default: 269; In foreclosure process: 186; Completed foreclosure process: 587; Unknown: 68; Total: 9,470. State: Tennessee; Market segment: Subprime; Prepaid: 74,550; Current: 37,465; Delinquent: 11,037; In default: 11,705; In foreclosure process: 2,940; Completed foreclosure process: 29,610; Unknown: 964; Total: 168,271. State: Tennessee; Market segment: Alt-A; Prepaid: 17,951; Current: 21,673; Delinquent: 1,695; In default: 1,114; In foreclosure process: 630; Completed foreclosure process: 2,830; Unknown: 173; Total: 46,066. Census Division: East South Central; Market segment: Subprime; Prepaid: 170,419; Current: 84,264; Delinquent: 24,691; In default: 23,762; In foreclosure process: 8,571; Completed foreclosure process: 63,439; Unknown: 2,228; Total: 377,374. Census Division: East South Central; Market segment: Alt-A; Prepaid: 39,983; Current: 46,701; Delinquent: 3,724; In default: 2,391; In foreclosure process: 1,824; Completed foreclosure process: 6,121; Unknown: 424; Total: 101,168. State: Arkansas; Market segment: Subprime; Prepaid: 16,495; Current: 10,282; Delinquent: 2,495; In default: 2,033; In foreclosure process: 814; Completed foreclosure process: 5,374; Unknown: 194; Total: 37,687. State: Arkansas; Market segment: Alt-A; Prepaid: 4,059; Current: 5,745; Delinquent: 385; In default: 246; In foreclosure process: 201; Completed foreclosure process: 673; Unknown: 36; Total: 11,345. State: Louisiana; Market segment: Subprime; Prepaid: 44,686; Current: 22,109; Delinquent: 5,629; In default: 4,684; In foreclosure process: 2,950; Completed foreclosure process: 9,174; Unknown: 585; Total: 89,817. State: Louisiana; Market segment: Alt-A; Prepaid: 8,565; Current: 8,565; Delinquent: 631; In default: 441; In foreclosure process: 430; Completed foreclosure process: 672; Unknown: 86; Total: 19,390. State: Oklahoma; Market segment: Subprime; Prepaid: 28,210; Current: 17,684; Delinquent: 3,923; In default: 2,491; In foreclosure process: 2,327; Completed foreclosure process: 11,202; Unknown: 323; Total: 66,160. State: Oklahoma; Market segment: Alt-A; Prepaid: 6,292; Current: 9,842; Delinquent: 531; In default: 245; In foreclosure process: 413; Completed foreclosure process: 867; Unknown: 45; Total: 18,235. State: Texas; Market segment: Subprime; Prepaid: 223,983; Current: 179,930; Delinquent: 40,519; In default: 28,153; In foreclosure process: 11,940; Completed foreclosure process: 82,898; Unknown: 2,578; Total: 570,001. State: Texas; Market segment: Alt-A; Prepaid: 63,863; Current: 97,432; Delinquent: 6,088; In default: 3,688; In foreclosure process: 2,452; Completed foreclosure process: 11,981; Unknown: 465; Total: 185,969. Census Division: West South Central; Market segment: Subprime; Prepaid: 313,374; Current: 230,005; Delinquent: 52,566; In default: 37,361; In foreclosure process: 18,031; Completed foreclosure process: 108,648; Unknown: 3,680; Total: 763,665. Census Division: West South Central; Market segment: Alt-A; Prepaid: 82,779; Current: 121,584; Delinquent: 7,635; In default: 4,620; In foreclosure process: 3,496; Completed foreclosure process: 14,193; Unknown: 632; Total: 234,939. State: Arizona; Market segment: Subprime; Prepaid: 179,889; Current: 38,185; Delinquent: 11,813; In default: 13,807; In foreclosure process: 11,982; Completed foreclosure process: 42,347; Unknown: 2,655; Total: 300,678. State: Arizona; Market segment: Alt-A; Prepaid: 105,273; Current: 78,546; Delinquent: 9,007; In default: 8,306; In foreclosure process: 10,066; Completed foreclosure process: 20,628; Unknown: 1,798; Total: 233,624. State: Colorado; Market segment: Subprime; Prepaid: 100,940; Current: 30,026; Delinquent: 6,932; In default: 5,578; In foreclosure process: 4,189; Completed foreclosure process: 39,700; Unknown: 1,404; Total: 188,769. State: Colorado; Market segment: Alt-A; Prepaid: 60,787; Current: 58,288; Delinquent: 3,684; In default: 2,422; In foreclosure process: 2,906; Completed foreclosure process: 9,843; Unknown: 628; Total: 138,558. State: Idaho; Market segment: Subprime; Prepaid: 22,883; Current: 6,509; Delinquent: 1,718; In default: 1,421; In foreclosure process: 1,207; Completed foreclosure process: 4,281; Unknown: 228; Total: 38,247. State: Idaho; Market segment: Alt-A; Prepaid: 14,644; Current: 13,075; Delinquent: 1,055; In default: 769; In foreclosure process: 1,062; Completed foreclosure process: 1,243; Unknown: 149; Total: 31,997. State: Montana; Market segment: Subprime; Prepaid: 8,084; Current: 2,270; Delinquent: 535; In default: 446; In foreclosure process: 311; Completed foreclosure process: 1,249; Unknown: 78; Total: 12,973. State: Montana; Market segment: Alt-A; Prepaid: 4,469; Current: 3,635; Delinquent: 225; In default: 142; In foreclosure process: 148; Completed foreclosure process: 201; Unknown: 28; Total: 8,848. State: Nevada; Market segment: Subprime; Prepaid: 86,561; Current: 18,400; Delinquent: 5,647; In default: 7,736; In foreclosure process: 7,079; Completed foreclosure process: 25,825; Unknown: 1,340; Total: 152,588. State: Nevada; Market segment: Alt-A; Prepaid: 55,379; Current: 51,552; Delinquent: 7,407; In default: 9,009; In foreclosure process: 9,578; Completed foreclosure process: 18,363; Unknown: 866; Total: 152,154. State: New Mexico; Market segment: Subprime; Prepaid: 25,098; Current: 7,062; Delinquent: 1,722; In default: 1,090; In foreclosure process: 1,068; Completed foreclosure process: 4,052; Unknown: 402; Total: 40,494. State: New Mexico; Market segment: Alt-A; Prepaid: 10,741; Current: 9,298; Delinquent: 608; In default: 355; In foreclosure process: 643; Completed foreclosure process: 576; Unknown: 107; Total: 22,328. State: Utah; Market segment: Subprime; Prepaid: 51,593; Current: 11,290; Delinquent: 3,030; In default: 2,335; In foreclosure process: 1,743; Completed foreclosure process: 9,739; Unknown: 593; Total: 80,323. State: Utah; Market segment: Alt-A; Prepaid: 30,058; Current: 19,973; Delinquent: 1,543; In default: 1,027; In foreclosure process: 1,534; Completed foreclosure process: 2,528; Unknown: 333; Total: 56,996. State: Wyoming; Market segment: Subprime; Prepaid: 6,198; Current: 1,983; Delinquent: 411; In default: 235; In foreclosure process: 121; Completed foreclosure process: 763; Unknown: 37; Total: 9,748. State: Wyoming; Market segment: Alt-A; Prepaid: 2,346; Current: 1,913; Delinquent: 87; In default: 46; In foreclosure process: 31; Completed foreclosure process: 88; Unknown: 8; Total: 4,519. Census Division: Mountain; Market segment: Subprime; Prepaid: 481,246; Current: 115,725; Delinquent: 31,808; In default: 32,648; In foreclosure process: 27,700; Completed foreclosure process: 127,956; Unknown: 6,737; Total: 823,820. Census Division: Mountain; Market segment: Alt-A; Prepaid: 283,697; Current: 236,280; Delinquent: 23,616; In default: 22,076; In foreclosure process: 25,968; Completed foreclosure process: 53,470; Unknown: 3,917; Total: 649,024. State: Alaska; Market segment: Subprime; Prepaid: 5,827; Current: 1,811; Delinquent: 429; In default: 303; In foreclosure process: 200; Completed foreclosure process: 821; Unknown: 44; Total: 9,435. State: Alaska; Market segment: Alt-A; Prepaid: 1,776; Current: 1,780; Delinquent: 121; In default: 60; In foreclosure process: 53; Completed foreclosure process: 138; Unknown: 14; Total: 3,942. State: California; Market segment: Subprime; Prepaid: 1,151,089; Current: 180,836; Delinquent: 46,811; In default: 62,001; In foreclosure process: 59,237; Completed foreclosure process: 225,176; Unknown: 20,389; Total: 1,745,539. State: California; Market segment: Alt-A; Prepaid: 717,507; Current: 495,851; Delinquent: 58,497; In default: 77,151; In foreclosure process: 70,519; Completed foreclosure process: 104,149; Unknown: 7,223; Total: 1,530,897. State: Hawaii; Market segment: Subprime; Prepaid: 27,028; Current: 8,203; Delinquent: 1,516; In default: 1,429; In foreclosure process: 1,721; Completed foreclosure process: 1,858; Unknown: 299; Total: 42,054. State: Hawaii; Market segment: Alt-A; Prepaid: 13,242; Current: 12,071; Delinquent: 892; In default: 752; In foreclosure process: 982; Completed foreclosure process: 431; Unknown: 99; Total: 28,469. State: Oregon; Market segment: Subprime; Prepaid: 66,431; Current: 18,324; Delinquent: 4,313; In default: 3,540; In foreclosure process: 3,333; Completed foreclosure process: 10,364; Unknown: 621; Total: 106,926. State: Oregon; Market segment: Alt-A; Prepaid: 37,249; Current: 32,408; Delinquent: 2,369; In default: 1,641; In foreclosure process: 2,093; Completed foreclosure process: 2,446; Unknown: 319; Total: 78,525. State: Washington; Market segment: Subprime; Prepaid: 130,836; Current: 32,457; Delinquent: 7,872; In default: 7,581; In foreclosure process: 5,196; Completed foreclosure process: 19,372; Unknown: 1,391; Total: 204,705. State: Washington; Market segment: Alt-A; Prepaid: 70,293; Current: 58,778; Delinquent: 4,393; In default: 3,412; In foreclosure process: 3,169; Completed foreclosure process: 3,603; Unknown: 614; Total: 144,262. Census Division: Pacific; Market segment: Subprime; Prepaid: 1,381,211; Current: 241,631; Delinquent: 60,941; In default: 74,854; In foreclosure process: 69,687; Completed foreclosure process: 257,591; Unknown: 22,744; Total: 2,108,659. Census Division: Pacific; Market segment: Alt-A; Prepaid: 840,067; Current: 600,888; Delinquent: 66,272; In default: 83,016; In foreclosure process: 76,816; Completed foreclosure process: 110,767; Unknown: 8,269; Total: 1,786,095. Census Division: United States; Market segment: Subprime; Prepaid: 5,317,205; Current: 1,525,932; Delinquent: 417,012; In default: 401,612; In foreclosure process: 372,829; Completed foreclosure process: 1,272,681; Unknown: 83,674; Total: 9,390,945. Census Division: United States; Market segment: Alt-A; Prepaid: 2,184,688; Current: 1,877,989; Delinquent: 191,354; In default: 192,673; In foreclosure process: 240,287; Completed foreclosure process: 316,965; Unknown: 25,350; Total: 5,029,306. Total Nonprime; Prepaid: 7,501,893; Current: 3,403,921; Delinquent: 608,366; In default: 594,285; In foreclosure process: 613,116; Completed foreclosure process: 1,589,646; Unknown: 109,024; Total: 14,420,251. Source: GAO analysis of LP data. Note: For some loans, the data were insufficient to classify into a status category. These "unknown" loans are included in the total column. This table does not include data for Guam, Puerto Rico, and the Virgin Islands. [End of table] [End of enclosure] Enclosure VI: Status of Nonprime Loans Originated from 2000 through 2007 by Congressional District as of March 31, 2009: This enclosure contains the results of our analysis of LoanPerformance (LP) data on the status of nonprime mortgages by congressional district. The analysis covers mortgages originated from 2000 through 2007, as of March 31, 2009. All figures reported are estimated. Table 16: Estimated Percentage of 2000-2007 Active Nonprime Loans Seriously Delinquent by Congressional District as of March 31, 2009: State: Alabama; Congressional district: 01; Estimated number of active loans: 8,367; Estimated number of seriously delinquent loans: 1,734; Estimated percentage of seriously delinquent loans: 20.72%. State: Alabama; Congressional district: 02; Estimated number of active loans: 4,524; Estimated number of seriously delinquent loans: 740; Estimated percentage of seriously delinquent loans: 16.35%. State: Alabama; Congressional district: 03; Estimated number of active loans: 5,628; Estimated number of seriously delinquent loans: 953; Estimated percentage of seriously delinquent loans: 16.94%. State: Alabama; Congressional district: 04; Estimated number of active loans: 3,964; Estimated number of seriously delinquent loans: 553; Estimated percentage of seriously delinquent loans: 13.96%. State: Alabama; Congressional district: 05; Estimated number of active loans: 5,574; Estimated number of seriously delinquent loans: 52; Estimated percentage of seriously delinquent loans: 13.49%. State: Alabama; Congressional district: 06; Estimated number of active loans: 9,457; Estimated number of seriously delinquent loans: 1,595; Estimated percentage of seriously delinquent loans: 16.86%. State: Alabama; Congressional district: 07; Estimated number of active loans: 7,691; Estimated number of seriously delinquent loans: 1,582; Estimated percentage of seriously delinquent loans: 20.56%. State: Alaska; Congressional district: 00; Estimated number of active loans: 4,670; Estimated number of seriously delinquent loans: 596; Estimated percentage of seriously delinquent loans: 12.76%. State: Arizona; Congressional district: 01; Estimated number of active loans: 12,891; Estimated number of seriously delinquent loans: 2,474; Estimated percentage of seriously delinquent loans: 19.19%. State: Arizona; Congressional district: 02; Estimated number of active loans: 32,646; Estimated number of seriously delinquent loans: 8,472; Estimated percentage of seriously delinquent loans: 25.95%. State: Arizona; Congressional district: 03; Estimated number of active loans: 23,809; Estimated number of seriously delinquent loans: 5,430; Estimated percentage of seriously delinquent loans: 22.81%. State: Arizona; Congressional district: 04; Estimated number of active loans: 22,956; Estimated number of seriously delinquent loans: 7,916; Estimated percentage of seriously delinquent loans: 34.48%. State: Arizona; Congressional district: 05; Estimated number of active loans: 19,344; Estimated number of seriously delinquent loans: 3,523; Estimated percentage of seriously delinquent loans: 18.21%. State: Arizona; Congressional district: 06; Estimated number of active loans: 31,421; Estimated number of seriously delinquent loans: 7,638; Estimated percentage of seriously delinquent loans: 24.31%. State: Arizona; Congressional district: 07; Estimated number of active loans: 24,909; Estimated number of seriously delinquent loans: 6,669; Estimated percentage of seriously delinquent loans: 26.77%. State: Arizona; Congressional district: 08; Estimated number of active loans: 13,671; Estimated number of seriously delinquent loans: 2,032; Estimated percentage of seriously delinquent loans: 4.86%. State: Arkansas; Congressional district: 01; Estimated number of active loans: 4,120; Estimated number of seriously delinquent loans: 610; Estimated percentage of seriously delinquent loans: 14.80%. State: Arkansas; Congressional district: 02; Estimated number of active loans: 7,471; Estimated number of seriously delinquent loans: 1,134; Estimated percentage of seriously delinquent loans: 15.18%. State: Arkansas; Congressional district: 03; Estimated number of active loans: 6,273; Estimated number of seriously delinquent loans: 916; Estimated percentage of seriously delinquent loans: 14.60%. State: Arkansas; Congressional district: 04; Estimated number of active loans: 4,055; Estimated number of seriously delinquent loans: 576; Estimated percentage of seriously delinquent loans: 14.21%. State: California; Congressional district: 01; Estimated number of active loans: 16,356; Estimated number of seriously delinquent loans: 2,862; Estimated percentage of seriously delinquent loans: 17.50%. State: California; Congressional district: 02; Estimated number of active loans: 17,818; Estimated number of seriously delinquent loans: 3,931; Estimated percentage of seriously delinquent loans: 22.06%. State: California; Congressional district: 03; Estimated number of active loans: 27,505; Estimated number of seriously delinquent loans: 7,581; Estimated percentage of seriously delinquent loans: 27.56%. State: California; Congressional district: 04; Estimated number of active loans: 24,450; Estimated number of seriously delinquent loans: 4,872; Estimated percentage of seriously delinquent loans: 19.93%. State: California; Congressional district: 05; Estimated number of active loans: 20,660; Estimated number of seriously delinquent loans: 6,171; Estimated percentage of seriously delinquent loans: 29.87%. State: California; Congressional district: 06; Estimated number of active loans: 19,568; Estimated number of seriously delinquent loans: 2,844; Estimated percentage of seriously delinquent loans: 14.53%. State: California; Congressional district: 07; Estimated number of active loans: 23,011; Estimated number of seriously delinquent loans: 6,714; Estimated percentage of seriously delinquent loans: 29.18%. State: California; Congressional district: 08; Estimated number of active loans: 9,323; Estimated number of seriously delinquent loans: 943; Estimated percentage of seriously delinquent loans: 10.11%. State: California; Congressional district: 09; Estimated number of active loans: 14,626; Estimated number of seriously delinquent loans: 3,325; Estimated percentage of seriously delinquent loans: 22.73%. State: California; Congressional district: 10; Estimated number of active loans: 26,103; Estimated number of seriously delinquent loans: 6,659; Estimated percentage of seriously delinquent loans: 25.51%. State: California; Congressional district: 11; Estimated number of active loans: 31,137; Estimated number of seriously delinquent loans: 8,889; Estimated percentage of seriously delinquent loans: 28.55%. State: California; Congressional district: 12; Estimated number of active loans: 4,667; Estimated number of seriously delinquent loans: 2,153; Estimated percentage of seriously delinquent loans: 14.68%. State: California; Congressional district: 13; Estimated number of active loans: 16,658; Estimated number of seriously delinquent loans: 4,230; Estimated percentage of seriously delinquent loans: 25.39%. State: California; Congressional district: 14; Estimated number of active loans: 13,966; Estimated number of seriously delinquent loans: 1,711; Estimated percentage of seriously delinquent loans: 12.25%. State: California; Congressional district: 15; Estimated number of active loans: 11,997; Estimated number of seriously delinquent loans: 2,075; Estimated percentage of seriously delinquent loans: 17.30%. State: California; Congressional district: 16; Estimated number of active loans: 18,700; Estimated number of seriously delinquent loans: 4,850; Estimated percentage of seriously delinquent loans: 25.94%. State: California; Congressional district: 17; Estimated number of active loans: 15,290; Estimated number of seriously delinquent loans: 4,091; Estimated percentage of seriously delinquent loans: 26.75%. State: California; Congressional district: 18; Estimated number of active loans: 18,044; Estimated number of seriously delinquent loans: 6,602; Estimated percentage of seriously delinquent loans: 36.59%. State: California; Congressional district: 19; Estimated number of active loans: 22,336; Estimated number of seriously delinquent loans: 6,443; Estimated percentage of seriously delinquent loans: 28.84%. State: California; Congressional district: 20; Estimated number of active loans: 12,913; Estimated number of seriously delinquent loans: 3,402; Estimated percentage of seriously delinquent loans: 26.34%. State: California; Congressional district: 21; Estimated number of active loans: 21,783; Estimated number of seriously delinquent loans: 5,251; Estimated percentage of seriously delinquent loans: 24.11%. State: California; Congressional district: 22; Estimated number of active loans: 29,435; Estimated number of seriously delinquent loans: 8,355; Estimated percentage of seriously delinquent loans: 28.38%. State: California; Congressional district: 23; Estimated number of active loans: 12,095; Estimated number of seriously delinquent loans: 2,524; Estimated percentage of seriously delinquent loans: 20.87%. State: California; Congressional district: 24; Estimated number of active loans: 25,447; Estimated number of seriously delinquent loans: 5,033; Estimated percentage of seriously delinquent loans: 19.78%. State: California; Congressional district: 25; Estimated number of active loans: 36,255; Estimated number of seriously delinquent loans: 12,686; Estimated percentage of seriously delinquent loans: 34.99%. State: California; Congressional district: 26; Estimated number of active loans: 21,200; Estimated number of seriously delinquent loans: 4,782; Estimated percentage of seriously delinquent loans: 22.56%. State: California; Congressional district: 27; Estimated number of active loans: 19,602; Estimated number of seriously delinquent loans: 5,607; Estimated percentage of seriously delinquent loans: 28.60%. State: California; Congressional district: 28; Estimated number of active loans: 15,676; Estimated number of seriously delinquent loans: 4,274; Estimated percentage of seriously delinquent loans: 27.26%. State: California; Congressional district: 29; Estimated number of active loans: 13,626; Estimated number of seriously delinquent loans: 2,369; Estimated percentage of seriously delinquent loans: 17.39%. State: California; Congressional district: 30; Estimated number of active loans: 15,796; Estimated number of seriously delinquent loans: 2,242; Estimated percentage of seriously delinquent loans: 14.20%. State: California; Congressional district: 31; Estimated number of active loans: 9,282; Estimated number of seriously delinquent loans: 2,237; Estimated percentage of seriously delinquent loans: 24.10%. State: California; Congressional district: 32; Estimated number of active loans: 13,972; Estimated number of seriously delinquent loans: 3,624; Estimated percentage of seriously delinquent loans: 25.94%. State: California; Congressional district: 33; Estimated number of active loans: 13,452; Estimated number of seriously delinquent loans: 3,193; Estimated percentage of seriously delinquent loans: 23.74%. State: California; Congressional district: 34; Estimated number of active loans: 10,804; Estimated number of seriously delinquent loans: 3,012; Estimated percentage of seriously delinquent loans: 27.88%. State: California; Congressional district: 35; Estimated number of active loans: 17,473; Estimated number of seriously delinquent loans: 4,860; Estimated percentage of seriously delinquent loans: 27.81%. State: California; Congressional district: 36; Estimated number of active loans: 13,844; Estimated number of seriously delinquent loans: 1,842; Estimated percentage of seriously delinquent loans: 13.30%. State: California; Congressional district: 37; Estimated number of active loans: 18,406; Estimated number of seriously delinquent loans: 5,346; Estimated percentage of seriously delinquent loans: 29.04%. State: California; Congressional district: 38; Estimated number of active loans: 17,539; Estimated number of seriously delinquent loans: 5,144; Estimated percentage of seriously delinquent loans: 29.33%. State: California; Congressional district: 39; Estimated number of active loans: 16,028; Estimated number of seriously delinquent loans: 4,536; Estimated percentage of seriously delinquent loans: 28.30%. State: California; Congressional district: 40; Estimated number of active loans: 15,680; Estimated number of seriously delinquent loans: 3,841; Estimated percentage of seriously delinquent loans: 24.49%. State: California; Congressional district: 41; Estimated number of active loans: 35,210; Estimated number of seriously delinquent loans: 11,458; Estimated percentage of seriously delinquent loans: 32.54%. State: California; Congressional district: 42; Estimated number of active loans: 22,547; Estimated number of seriously delinquent loans: 4,957; Estimated percentage of seriously delinquent loans: 21.99%. State: California; Congressional district: 43; Estimated number of active loans: 25,205; Estimated number of seriously delinquent loans: 9,484; Estimated percentage of seriously delinquent loans: 37.63%. State: California; Congressional district: 44; Estimated number of active loans: 32,885; Estimated number of seriously delinquent loans: 10,704; Estimated percentage of seriously delinquent loans: 32.55%. State: California; Congressional district: 45; Estimated number of active loans: 38,044; Estimated number of seriously delinquent loans: 12,526; Estimated percentage of seriously delinquent loans: 32.93%. State: California; Congressional district: 46; Estimated number of active loans: 18,151; Estimated number of seriously delinquent loans: 3,200; Estimated percentage of seriously delinquent loans: 17.63%. State: California; Congressional district: 47; Estimated number of active loans: 12,117; Estimated number of seriously delinquent loans: 4,093; Estimated percentage of seriously delinquent loans: 33.77%. State: California; Congressional district: 48; Estimated number of active loans: 20,978; Estimated number of seriously delinquent loans: 3,738; Estimated percentage of seriously delinquent loans: 17.82%. State: California; Congressional district: 49; Estimated number of active loans: 30,461; Estimated number of seriously delinquent loans: 9,358; Estimated percentage of seriously delinquent loans: 30.72%. State: California; Congressional district: 50; Estimated number of active loans: 20,962; Estimated number of seriously delinquent loans: 3,579; Estimated percentage of seriously delinquent loans: 17.07%. State: California; Congressional district: 51; Estimated number of active loans: 24,279; Estimated number of seriously delinquent loans: 7,412; Estimated percentage of seriously delinquent loans: 30.53%. State: California; Congressional district: 52; Estimated number of active loans: 19,513; Estimated number of seriously delinquent loans: 3,918; Estimated percentage of seriously delinquent loans: 20.08%. State: California; Congressional district: 53; Estimated number of active loans: 15,425; Estimated number of seriously delinquent loans: 2,838; Estimated percentage of seriously delinquent loans: 18.40%. State: Colorado; Congressional district: 01; Estimated number of active loans: 16,233; Estimated number of seriously delinquent loans: 2,359; Estimated percentage of seriously delinquent loans: 14.53%. State: Colorado; Congressional district: 02; Estimated number of active loans: 16,549; Estimated number of seriously delinquent loans: 1,859; Estimated percentage of seriously delinquent loans: 11.23%. State: Colorado; Congressional district: 03; Estimated number of active loans: 12,852; Estimated number of seriously delinquent loans: 1,419; Estimated percentage of seriously delinquent loans: 11.04%. State: Colorado; Congressional district: 04; Estimated number of active loans: 14,775; Estimated number of seriously delinquent loans: 1,909; Estimated percentage of seriously delinquent loans: 12.92%. State: Colorado; Congressional district: 05; Estimated number of active loans: 15,318; Estimated number of seriously delinquent loans: 2,003; Estimated percentage of seriously delinquent loans: 13.08%. State: Colorado; Congressional district: 06; Estimated number of active loans: 21,362; Estimated number of seriously delinquent loans: 2,860; Estimated percentage of seriously delinquent loans: 13.39%. State: Colorado; Congressional district: 07; Estimated number of active loans: 16,790; Estimated number of seriously delinquent loans: 2,665; Estimated percentage of seriously delinquent loans: 15.87%. State: Connecticut; Congressional district: 01; Estimated number of active loans: 10,304; Estimated number of seriously delinquent loans: 2,022; Estimated percentage of seriously delinquent loans: 19.62%. State: Connecticut; Congressional district: 02; Estimated number of active loans: 9,488; Estimated number of seriously delinquent loans: 1,885; Estimated percentage of seriously delinquent loans: 19.87%. State: Connecticut; Congressional district: 03; Estimated number of active loans: 12,358; Estimated number of seriously delinquent loans: 2,842; Estimated percentage of seriously delinquent loans: 22.99%. State: Connecticut; Congressional district: 04; Estimated number of active loans: 13,751; Estimated number of seriously delinquent loans: 2,859; Estimated percentage of seriously delinquent loans: 20.79%. State: Connecticut; Congressional district: 05; Estimated number of active loans: 11,250; Estimated number of seriously delinquent loans: 2,513; Estimated percentage of seriously delinquent loans: 22.34%. State: Delaware; Congressional district: 00; Estimated number of active loans: 14,349; Estimated number of seriously delinquent loans: 2,976; Estimated percentage of seriously delinquent loans: 20.74%. State: District of Columbia; Congressional district: 98; Estimated number of active loans: 10,935; Estimated number of seriously delinquent loans: 1,887; Estimated percentage of seriously delinquent loans: 17.25%. State: Florida; Congressional district: 01; Estimated number of active loans: 13,098; Estimated number of seriously delinquent loans: 3,090; Estimated percentage of seriously delinquent loans: 23.59%. State: Florida; Congressional district: 02; Estimated number of active loans: 12,460; Estimated number of seriously delinquent loans: 3,169; Estimated percentage of seriously delinquent loans: 25.43%. State: Florida; Congressional district: 03; Estimated number of active loans: 21,417; Estimated number of seriously delinquent loans: 7,332; Estimated percentage of seriously delinquent loans: 34.24%. State: Florida; Congressional district: 04; Estimated number of active loans: 17,258; Estimated number of seriously delinquent loans: 4,406; Estimated percentage of seriously delinquent loans: 25.53%. State: Florida; Congressional district: 05; Estimated number of active loans: 23,869; Estimated number of seriously delinquent loans: 8,064; Estimated percentage of seriously delinquent loans: 33.78%. State: Florida; Congressional district: 06; Estimated number of active loans: 16,795; Estimated number of seriously delinquent loans: 4,945; Estimated percentage of seriously delinquent loans: 29.44%. State: Florida; Congressional district: 07; Estimated number of active loans: 24,034; Estimated number of seriously delinquent loans: 7,874; Estimated percentage of seriously delinquent loans: 32.76%. State: Florida; Congressional district: 08; Estimated number of active loans: 29,026; Estimated number of seriously delinquent loans: 11,119; Estimated percentage of seriously delinquent loans: 38.31%. State: Florida; Congressional district: 09; Estimated number of active loans: 23,329; Estimated number of seriously delinquent loans: 7,702; Estimated percentage of seriously delinquent loans: 33.02%. State: Florida; Congressional district: 10; Estimated number of active loans: 19,003; Estimated number of seriously delinquent loans: 5,878; Estimated percentage of seriously delinquent loans: 30.93%. State: Florida; Congressional district: 11; Estimated number of active loans: 22,936; Estimated number of seriously delinquent loans: 8,523; Estimated percentage of seriously delinquent loans: 37.16%. State: Florida; Congressional district: 12; Estimated number of active loans: 23,967; Estimated number of seriously delinquent loans: 8,476; Estimated percentage of seriously delinquent loans: 35.37%. State: Florida; Congressional district: 13; Estimated number of active loans: 22,404; Estimated number of seriously delinquent loans: 8,552; Estimated percentage of seriously delinquent loans: 38.17%. State: Florida; Congressional district: 14; Estimated number of active loans: 36,735; Estimated number of seriously delinquent loans: 17,596; Estimated percentage of seriously delinquent loans: 47.90%. State: Florida; Congressional district: 15; Estimated number of active loans: 30,652; Estimated number of seriously delinquent loans: 12,338; Estimated percentage of seriously delinquent loans: 40.25%. State: Florida; Congressional district: 16; Estimated number of active loans: 24,874; Estimated number of seriously delinquent loans: 10,471; Estimated percentage of seriously delinquent loans: 42.10%. State: Florida; Congressional district: 17; Estimated number of active loans: 28,296; Estimated number of seriously delinquent loans: 11,748; Estimated percentage of seriously delinquent loans: 41.52%. State: Florida; Congressional district: 18; Estimated number of active loans: 26,230; Estimated number of seriously delinquent loans: 11,279; Estimated percentage of seriously delinquent loans: 43.00%. State: Florida; Congressional district: 19; Estimated number of active loans: 28,875; Estimated number of seriously delinquent loans: 12,142; Estimated percentage of seriously delinquent loans: 42.05%. State: Florida; Congressional district: 20; Estimated number of active loans: 31,603; Estimated number of seriously delinquent loans: 12,476; Estimated percentage of seriously delinquent loans: 39.48%. State: Florida; Congressional district: 21; Estimated number of active loans: 25,895; Estimated number of seriously delinquent loans: 10,602; Estimated percentage of seriously delinquent loans: 40.94%. State: Florida; Congressional district: 22; Estimated number of active loans: 28,409; Estimated number of seriously delinquent loans: 11,063; Estimated percentage of seriously delinquent loans: 38.94%. State: Florida; Congressional district: 23; Estimated number of active loans: 31,435; Estimated number of seriously delinquent loans: 13,738; Estimated percentage of seriously delinquent loans: 43.70%. State: Florida; Congressional district: 24; Estimated number of active loans: 26,958; Estimated number of seriously delinquent loans: 9,396; Estimated percentage of seriously delinquent loans: 34.86%. State: Florida; Congressional district: 25; Estimated number of active loans: 34,801; Estimated number of seriously delinquent loans: 15,924; Estimated percentage of seriously delinquent loans: 45.76%. State: Georgia; Congressional district: 01; Estimated number of active loans: 6,076; Estimated number of seriously delinquent loans: 944; Estimated percentage of seriously delinquent loans: 15.54%. State: Georgia; Congressional district: 02; Estimated number of active loans: 4,061; Estimated number of seriously delinquent loans: 692; Estimated percentage of seriously delinquent loans: 17.03%. State: Georgia; Congressional district: 03; Estimated number of active loans: 17,662; Estimated number of seriously delinquent loans: 3,561; Estimated percentage of seriously delinquent loans: 20.16%. State: Georgia; Congressional district: 04; Estimated number of active loans: 18,611; Estimated number of seriously delinquent loans: 4,008; Estimated percentage of seriously delinquent loans: 21.54%. State: Georgia; Congressional district: 05; Estimated number of active loans: 15,359; Estimated number of seriously delinquent loans: 3,013; Estimated percentage of seriously delinquent loans: 19.62%. State: Georgia; Congressional district: 06; Estimated number of active loans: 14,440; Estimated number of seriously delinquent loans: 2,003; Estimated percentage of seriously delinquent loans: 13.87%. State: Georgia; Congressional district: 07; Estimated number of active loans: 21,907; Estimated number of seriously delinquent loans: 4,102; Estimated percentage of seriously delinquent loans: 18.73%. State: Georgia; Congressional district: 08; Estimated number of active loans: 9,016; Estimated number of seriously delinquent loans: 1,770; Estimated percentage of seriously delinquent loans: 19.64%. State: Georgia; Congressional district: 09; Estimated number of active loans: 11,905; Estimated number of seriously delinquent loans: 1,993; Estimated percentage of seriously delinquent loans: 16.74%. State: Georgia; Congressional district: 10; Estimated number of active loans: 7,396; Estimated number of seriously delinquent loans: 1,097; Estimated percentage of seriously delinquent loans: 14.83%. State: Georgia; Congressional district: 11; Estimated number of active loans: 15,467; Estimated number of seriously delinquent loans: 2,778; Estimated percentage of seriously delinquent loans: 17.96%. State: Georgia; Congressional district: 12; Estimated number of active loans: 6,597; Estimated number of seriously delinquent loans: 1,117; Estimated percentage of seriously delinquent loans: 16.94%. State: Georgia; Congressional district: 13; Estimated number of active loans: 22,406; Estimated number of seriously delinquent loans: 4,939; Estimated percentage of seriously delinquent loans: 22.04%. State: Hawaii; Congressional district: 01; Estimated number of active loans: 9,483; Estimated number of seriously delinquent loans: 1,283; Estimated percentage of seriously delinquent loans: 13.53%. State: Hawaii; Congressional district: 02; Estimated number of active loans: 17,315; Estimated number of seriously delinquent loans: 3,485; Estimated percentage of seriously delinquent loans: 20.12%. State: Idaho; Congressional district: 01; Estimated number of active loans: 17,686; Estimated number of seriously delinquent loans: 3,277; Estimated percentage of seriously delinquent loans: 18.53%. State: Idaho; Congressional district: 02; Estimated number of active loans: 9,073; Estimated number of seriously delinquent loans: 1,170; Estimated percentage of seriously delinquent loans: 12.90%. State: Illinois; Congressional district: 01; Estimated number of active loans: 13,612; Estimated number of seriously delinquent loans: 4,150; Estimated percentage of seriously delinquent loans: 30.49%. State: Illinois; Congressional district: 02; Estimated number of active loans: 21,197; Estimated number of seriously delinquent loans: 6,484; Estimated percentage of seriously delinquent loans: 30.59%. State: Illinois; Congressional district: 03; Estimated number of active loans: 11,283; Estimated number of seriously delinquent loans: 3,421; Estimated percentage of seriously delinquent loans: 30.32%. State: Illinois; Congressional district: 04; Estimated number of active loans: 9,039; Estimated number of seriously delinquent loans: 2,830; Estimated percentage of seriously delinquent loans: 31.31%. State: Illinois; Congressional district: 05; Estimated number of active loans: 8,970; Estimated number of seriously delinquent loans: 2,625; Estimated percentage of seriously delinquent loans: 29.26%. State: Illinois; Congressional district: 06; Estimated number of active loans: 9,539; Estimated number of seriously delinquent loans: 2,453; Estimated percentage of seriously delinquent loans: 25.72%. State: Illinois; Congressional district: 07; Estimated number of active loans: 12,361; Estimated number of seriously delinquent loans: 3,632; Estimated percentage of seriously delinquent loans: 29.38%. State: Illinois; Congressional district: 08; Estimated number of active loans: 11,944; Estimated number of seriously delinquent loans: 2,844; Estimated percentage of seriously delinquent loans: 23.81%. State: Illinois; Congressional district: 09; Estimated number of active loans: 7,119; Estimated number of seriously delinquent loans: 1,875; Estimated percentage of seriously delinquent loans: 26.33%. State: Illinois; Congressional district: 10; Estimated number of active loans: 7,989; Estimated number of seriously delinquent loans: 1,803; Estimated percentage of seriously delinquent loans: 22.56%. State: Illinois; Congressional district: 11; Estimated number of active loans: 8,939; Estimated number of seriously delinquent loans: 2,188; Estimated percentage of seriously delinquent loans: 24.48%. State: Illinois; Congressional district: 12; Estimated number of active loans: 5,723; Estimated number of seriously delinquent loans: 1,279; Estimated percentage of seriously delinquent loans: 22.35%. State: Illinois; Congressional district: 13; Estimated number of active loans: 11,309; Estimated number of seriously delinquent loans: 2,777; Estimated percentage of seriously delinquent loans: 24.56%. State: Illinois; Congressional district: 14; Estimated number of active loans: 12,691; Estimated number of seriously delinquent loans: 3,643; Estimated percentage of seriously delinquent loans: 28.71%. State: Illinois; Congressional district: 15; Estimated number of active loans: 3,749; Estimated number of seriously delinquent loans: 632; Estimated percentage of seriously delinquent loans: 16.87%. State: Illinois; Congressional district: 16; Estimated number of active loans: 8,727; Estimated number of seriously delinquent loans: 1,958; Estimated percentage of seriously delinquent loans: 22.44%. State: Illinois; Congressional district: 17; Estimated number of active loans: 3,817; Estimated number of seriously delinquent loans: 699; Estimated percentage of seriously delinquent loans: 18.30%. State: Illinois; Congressional district: 18; Estimated number of active loans: 4,095; Estimated number of seriously delinquent loans: 744; Estimated percentage of seriously delinquent loans: 18.17%. State: Illinois; Congressional district: 19; Estimated number of active loans: 3,815; Estimated number of seriously delinquent loans: 734; Estimated percentage of seriously delinquent loans: 19.25%. State: Indiana; Congressional district: 01; Estimated number of active loans: 12,258; Estimated number of seriously delinquent loans: 3,027; Estimated percentage of seriously delinquent loans: 24.69%. State: Indiana; Congressional district: 02; Estimated number of active loans: 9,193; Estimated number of seriously delinquent loans: 1,998; Estimated percentage of seriously delinquent loans: 21.74%. State: Indiana; Congressional district: 03; Estimated number of active loans: 8,244; Estimated number of seriously delinquent loans: 1,744; Estimated percentage of seriously delinquent loans: 21.16%. State: Indiana; Congressional district: 04; Estimated number of active loans: 8,696; Estimated number of seriously delinquent loans: 1,752; Estimated percentage of seriously delinquent loans: 20.15%. State: Indiana; Congressional district: 05; Estimated number of active loans: 10,409; Estimated number of seriously delinquent loans: 2,082; Estimated percentage of seriously delinquent loans: 20.01%. State: Indiana; Congressional district: 06; Estimated number of active loans: 8,361; Estimated number of seriously delinquent loans: 1,667; Estimated percentage of seriously delinquent loans: 19.93%. State: Indiana; Congressional district: 07; Estimated number of active loans: 12,689; Estimated number of seriously delinquent loans: 3,177; Estimated percentage of seriously delinquent loans: 25.04%. State: Indiana; Congressional district: 08; Estimated number of active loans: 6,283; Estimated number of seriously delinquent loans: 1,305; Estimated percentage of seriously delinquent loans: 20.76%. State: Indiana; Congressional district: 09; Estimated number of active loans: 6,335; Estimated number of seriously delinquent loans: 1,353; Estimated percentage of seriously delinquent loans: 21.36%. State: Iowa; Congressional district: 01; Estimated number of active loans: 3,718; Estimated number of seriously delinquent loans: 651; Estimated percentage of seriously delinquent loans: 17.50%. State: Iowa; Congressional district: 02; Estimated number of active loans: 3,360; Estimated number of seriously delinquent loans: 624; Estimated percentage of seriously delinquent loans: 18.57%. State: Iowa; Congressional district: 03; Estimated number of active loans: 6,014; Estimated number of seriously delinquent loans: 1,223; Estimated percentage of seriously delinquent loans: 20.34%. State: Iowa; Congressional district: 04; Estimated number of active loans: 3,608; Estimated number of seriously delinquent loans: 608; Estimated percentage of seriously delinquent loans: 16.84%. State: Iowa; Congressional district: 05; Estimated number of active loans: 3,873; Estimated number of seriously delinquent loans: 648; Estimated percentage of seriously delinquent loans: 16.74%. State: Kansas; Congressional district: 01; Estimated number of active loans: 3,048; Estimated number of seriously delinquent loans: 369; Estimated percentage of seriously delinquent loans: 12.10%. State: Kansas; Congressional district: 02; Estimated number of active loans: 5,577; Estimated number of seriously delinquent loans: 819; Estimated percentage of seriously delinquent loans: 14.69%. State: Kansas; Congressional district: 03; Estimated number of active loans: 8,862; Estimated number of seriously delinquent loans: 1,357; Estimated percentage of seriously delinquent loans: 15.32%. State: Kansas; Congressional district: 04; Estimated number of active loans: 6,284; Estimated number of seriously delinquent loans: 741; Estimated percentage of seriously delinquent loans: 11.80%. State: Kentucky; Congressional district: 01; Estimated number of active loans: 3,373; Estimated number of seriously delinquent loans: 552; Estimated percentage of seriously delinquent loans: 16.35%. State: Kentucky; Congressional district: 02; Estimated number of active loans: 5,704; Estimated number of seriously delinquent loans: 1,008; Estimated percentage of seriously delinquent loans: 17.68%. State: Kentucky; Congressional district: 03; Estimated number of active loans: 9,120; Estimated number of seriously delinquent loans: 1,943; Estimated percentage of seriously delinquent loans: 21.31%. State: Kentucky; Congressional district: 04; Estimated number of active loans: 6,907; Estimated number of seriously delinquent loans: 1,299; Estimated percentage of seriously delinquent loans: 18.81%. State: Kentucky; Congressional district: 05; Estimated number of active loans: 2,789; Estimated number of seriously delinquent loans: 431; Estimated percentage of seriously delinquent loans: 15.46%. State: Kentucky; Congressional district: 06; Estimated number of active loans: 6,982; Estimated number of seriously delinquent loans: 1,185; Estimated percentage of seriously delinquent loans: 16.98%. State: Louisiana; Congressional district: 01; Estimated number of active loans: 7,513; Estimated number of seriously delinquent loans: 1,400; Estimated percentage of seriously delinquent loans: 18.63%. State: Louisiana; Congressional district: 02; Estimated number of active loans: 7,596; Estimated number of seriously delinquent loans: 1,676; Estimated percentage of seriously delinquent loans: 22.07%. State: Louisiana; Congressional district: 03; Estimated number of active loans: 5,707; Estimated number of seriously delinquent loans: 1,047; Estimated percentage of seriously delinquent loans: 18.35%. State: Louisiana; Congressional district: 04; Estimated number of active loans: 5,860; Estimated number of seriously delinquent loans: 1,106; Estimated percentage of seriously delinquent loans: 18.88%. State: Louisiana; Congressional district: 05; Estimated number of active loans: 4,130; Estimated number of seriously delinquent loans: 782; Estimated percentage of seriously delinquent loans: 18.94%. State: Louisiana; Congressional district: 06; Estimated number of active loans: 10,026; Estimated number of seriously delinquent loans: 1,840; Estimated percentage of seriously delinquent loans: 18.35%. State: Louisiana; Congressional district: 07; Estimated number of active loans: 4,573; Estimated number of seriously delinquent loans: 641; Estimated percentage of seriously delinquent loans: 14.02%. State: Maine; Congressional district: 01; Estimated number of active loans: 8,314; Estimated number of seriously delinquent loans: 1,918; Estimated percentage of seriously delinquent loans: 23.07%. State: Maine; Congressional district: 02; Estimated number of active loans: 6,665; Estimated number of seriously delinquent loans: 1,528; Estimated percentage of seriously delinquent loans: 22.93%. State: Maryland; Congressional district: 01; Estimated number of active loans: 12,430; Estimated number of seriously delinquent loans: 2,349; Estimated percentage of seriously delinquent loans: 18.90%. State: Maryland; Congressional district: 02; Estimated number of active loans: 12,252; Estimated number of seriously delinquent loans: 2,568; Estimated percentage of seriously delinquent loans: 20.96%. State: Maryland; Congressional district: 03; Estimated number of active loans: 14,397; Estimated number of seriously delinquent loans: 2,736; Estimated percentage of seriously delinquent loans: 19.00%. State: Maryland; Congressional district: 04; Estimated number of active loans: 22,254; Estimated number of seriously delinquent loans: 6,462; Estimated percentage of seriously delinquent loans: 29.04%. State: Maryland; Congressional district: 05; Estimated number of active loans: 24,167; Estimated number of seriously delinquent loans: 6,566; Estimated percentage of seriously delinquent loans: 27.17%. State: Maryland; Congressional district: 06; Estimated number of active loans: 12,321; Estimated number of seriously delinquent loans: 2,645; Estimated percentage of seriously delinquent loans: 21.47%. State: Maryland; Congressional district: 07; Estimated number of active loans: 13,249; Estimated number of seriously delinquent loans: 2,771; Estimated percentage of seriously delinquent loans: 20.91%. State: Maryland; Congressional district: 08; Estimated number of active loans: 13,580; Estimated number of seriously delinquent loans: 2,984; Estimated percentage of seriously delinquent loans: 21.97%. State: Massachusetts; Congressional district: 01; Estimated number of active loans: 6,878; Estimated number of seriously delinquent loans: 1,749; Estimated percentage of seriously delinquent loans: 25.44%. State: Massachusetts; Congressional district: 02; Estimated number of active loans: 9,489; Estimated number of seriously delinquent loans: 2,577; Estimated percentage of seriously delinquent loans: 27.15%. State: Massachusetts; Congressional district: 03; Estimated number of active loans: 8,504; Estimated number of seriously delinquent loans: 2,269; Estimated percentage of seriously delinquent loans: 26.68%. State: Massachusetts; Congressional district: 04; Estimated number of active loans: 7,506; Estimated number of seriously delinquent loans: 1,740; Estimated percentage of seriously delinquent loans: 23.18%. State: Massachusetts; Congressional district: 05; Estimated number of active loans: 8,748; Estimated number of seriously delinquent loans: 2,248; Estimated percentage of seriously delinquent loans: 25.70%. State: Massachusetts; Congressional district: 06; Estimated number of active loans: 7,650; Estimated number of seriously delinquent loans: 1,887; Estimated percentage of seriously delinquent loans: 24.67%. State: Massachusetts; Congressional district: 07; Estimated number of active loans: 7,190; Estimated number of seriously delinquent loans: 1,758; Estimated percentage of seriously delinquent loans: 24.46%. State: Massachusetts; Congressional district: 08; Estimated number of active loans: 6,456; Estimated number of seriously delinquent loans: 1,491; Estimated percentage of seriously delinquent loans: 23.09%. State: Massachusetts; Congressional district: 09; Estimated number of active loans: 10,443; Estimated number of seriously delinquent loans: 2,832; Estimated percentage of seriously delinquent loans: 27.12%. State: Massachusetts; Congressional district: 10; Estimated number of active loans: 10,370; Estimated number of seriously delinquent loans: 2,427; Estimated percentage of seriously delinquent loans: 23.40%. State: Michigan; Congressional district: 01; Estimated number of active loans: 5,296; Estimated number of seriously delinquent loans: 751; Estimated percentage of seriously delinquent loans: 14.18%. State: Michigan; Congressional district: 02; Estimated number of active loans: 6,836; Estimated number of seriously delinquent loans: 1,194; Estimated percentage of seriously delinquent loans: 17.46%. State: Michigan; Congressional district: 03; Estimated number of active loans: 7,862; Estimated number of seriously delinquent loans: 1,441; Estimated percentage of seriously delinquent loans: 18.32%. State: Michigan; Congressional district: 04; Estimated number of active loans: 6,363; Estimated number of seriously delinquent loans: 1,089; Estimated percentage of seriously delinquent loans: 17.11%. State: Michigan; Congressional district: 05; Estimated number of active loans: 8,810; Estimated number of seriously delinquent loans: 1,905; Estimated percentage of seriously delinquent loans: 21.62%. State: Michigan; Congressional district: 06; Estimated number of active loans: 7,818; Estimated number of seriously delinquent loans: 1,217; Estimated percentage of seriously delinquent loans: 15.56%. State: Michigan; Congressional district: 07; Estimated number of active loans: 8,675; Estimated number of seriously delinquent loans: 1,693; Estimated percentage of seriously delinquent loans: 19.52%. State: Michigan; Congressional district: 08; Estimated number of active loans: 10,022; Estimated number of seriously delinquent loans: 1,743; Estimated percentage of seriously delinquent loans: 17.39%. State: Michigan; Congressional district: 09; Estimated number of active loans: 10,264; Estimated number of seriously delinquent loans: 1,949; Estimated percentage of seriously delinquent loans: 18.99%. State: Michigan; Congressional district: 10; Estimated number of active loans: 8,998; Estimated number of seriously delinquent loans: 1,633; Estimated percentage of seriously delinquent loans: 18.15%. State: Michigan; Congressional district: 11; Estimated number of active loans: 10,934; Estimated number of seriously delinquent loans: 2,171; Estimated percentage of seriously delinquent loans: 19.86%. State: Michigan; Congressional district: 12; Estimated number of active loans: 13,307; Estimated number of seriously delinquent loans: 2,792; Estimated percentage of seriously delinquent loans: 20.98%. State: Michigan; Congressional district: 13; Estimated number of active loans: 13,412; Estimated number of seriously delinquent loans: 3,619; Estimated percentage of seriously delinquent loans: 26.98%. State: Michigan; Congressional district: 14; Estimated number of active loans: 16,734; Estimated number of seriously delinquent loans: 4,749; Estimated percentage of seriously delinquent loans: 28.38%. State: Michigan; Congressional district: 15; Estimated number of active loans: 10,579; Estimated number of seriously delinquent loans: 2,293; Estimated percentage of seriously delinquent loans: 21.68%. State: Minnesota; Congressional district: 01; Estimated number of active loans: 4,569; Estimated number of seriously delinquent loans: 706; Estimated percentage of seriously delinquent loans: 15.45%. State: Minnesota; Congressional district: 02; Estimated number of active loans: 11,674; Estimated number of seriously delinquent loans: 2,121; Estimated percentage of seriously delinquent loans: 18.17%. State: Minnesota; Congressional district: 03; Estimated number of active loans: 10,514; Estimated number of seriously delinquent loans: 2,036; Estimated percentage of seriously delinquent loans: 19.36%. State: Minnesota; Congressional district: 04; Estimated number of active loans: 8,264; Estimated number of seriously delinquent loans: 1,747; Estimated percentage of seriously delinquent loans: 21.15%. State: Minnesota; Congressional district: 05; Estimated number of active loans: 9,615; Estimated number of seriously delinquent loans: 2,003; Estimated percentage of seriously delinquent loans: 20.83%. State: Minnesota; Congressional district: 06; Estimated number of active loans: 11,823; Estimated number of seriously delinquent loans: 2,391; Estimated percentage of seriously delinquent loans: 20.22%. State: Minnesota; Congressional district: 07; Estimated number of active loans: 4,434; Estimated number of seriously delinquent loans: 698; Estimated percentage of seriously delinquent loans: 15.74%. State: Minnesota; Congressional district: 08; Estimated number of active loans: 7,766; Estimated number of seriously delinquent loans: 1,439; Estimated percentage of seriously delinquent loans: 18.53%. State: Mississippi; Congressional district: 01; Estimated number of active loans: 8,106; Estimated number of seriously delinquent loans: 1,783; Estimated percentage of seriously delinquent loans: 21.99%. State: Mississippi; Congressional district: 02; Estimated number of active loans: 7,266; Estimated number of seriously delinquent loans: 1,768; Estimated percentage of seriously delinquent loans: 24.33%. State: Mississippi; Congressional district: 03; Estimated number of active loans: 5,213; Estimated number of seriously delinquent loans: 993; Estimated percentage of seriously delinquent loans: 19.04%. State: Mississippi; Congressional district: 04; Estimated number of active loans: 6,485; Estimated number of seriously delinquent loans: 1,168; Estimated percentage of seriously delinquent loans: 18.01%. State: Missouri; Congressional district: 01; Estimated number of active loans: 14,888; Estimated number of seriously delinquent loans: 3,191; Estimated percentage of seriously delinquent loans: 21.43%. State: Missouri; Congressional district: 02; Estimated number of active loans: 6,904; Estimated number of seriously delinquent loans: 979; Estimated percentage of seriously delinquent loans: 14.18%. State: Missouri; Congressional district: 03; Estimated number of active loans: 8,552; Estimated number of seriously delinquent loans: 1,381; Estimated percentage of seriously delinquent loans: 16.15%. State: Missouri; Congressional district: 04; Estimated number of active loans: 5,133; Estimated number of seriously delinquent loans: 732; Estimated percentage of seriously delinquent loans: 14.26%. State: Missouri; Congressional district: 05; Estimated number of active loans: 13,148; Estimated number of seriously delinquent loans: 2,285; Estimated percentage of seriously delinquent loans: 17.38%. State: Missouri; Congressional district: 06; Estimated number of active loans: 7,865; Estimated number of seriously delinquent loans: 1,092; Estimated percentage of seriously delinquent loans: 13.89%. State: Missouri; Congressional district: 07; Estimated number of active loans: 6,791; Estimated number of seriously delinquent loans: 946; Estimated percentage of seriously delinquent loans: 13.93%. State: Missouri; Congressional district: 08; Estimated number of active loans: 3,539; Estimated number of seriously delinquent loans: 440; Estimated percentage of seriously delinquent loans: 12.44%. State: Missouri; Congressional district: 09; Estimated number of active loans: 4,899; Estimated number of seriously delinquent loans: 639; Estimated percentage of seriously delinquent loans: 13.05%. State: Montana; Congressional district: 00; Estimated number of active loans: 7,701; Estimated number of seriously delinquent loans: 1,046; Estimated percentage of seriously delinquent loans: 13.58%. State: Nebraska; Congressional district: 01; Estimated number of active loans: 4,342; Estimated number of seriously delinquent loans: 646; Estimated percentage of seriously delinquent loans: 14.89%. State: Nebraska; Congressional district: 02; Estimated number of active loans: 6,699; Estimated number of seriously delinquent loans: 1,032; Estimated percentage of seriously delinquent loans: 15.40%. State: Nebraska; Congressional district: 03; Estimated number of active loans: 2,861; Estimated number of seriously delinquent loans: 353; Estimated percentage of seriously delinquent loans: 12.34%. State: Nevada; Congressional district: 01; Estimated number of active loans: 38,333; Estimated number of seriously delinquent loans: 12,115; Estimated percentage of seriously delinquent loans: 31.60%. State: Nevada; Congressional district: 02; Estimated number of active loans: 23,034; Estimated number of seriously delinquent loans: 5,213; Estimated percentage of seriously delinquent loans: 22.63%. State: Nevada; Congressional district: 03; Estimated number of active loans: 54,884; Estimated number of seriously delinquent loans: 16,040; Estimated percentage of seriously delinquent loans: 29.23%. State: New Hampshire; Congressional district: 01; Estimated number of active loans: 9,890; Estimated number of seriously delinquent loans: 1,641; Estimated percentage of seriously delinquent loans: 16.59%. State: New Hampshire; Congressional district: 02; Estimated number of active loans: 8,627; Estimated number of seriously delinquent loans: 1,479; Estimated percentage of seriously delinquent loans: 17.14%. State: New Jersey; Congressional district: 01; Estimated number of active loans: 10,062; Estimated number of seriously delinquent loans: 2,803; Estimated percentage of seriously delinquent loans: 27.86%. State: New Jersey; Congressional district: 02; Estimated number of active loans: 12,509; Estimated number of seriously delinquent loans: 3,397; Estimated percentage of seriously delinquent loans: 27.15%. State: New Jersey; Congressional district: 03; Estimated number of active loans: 11,487; Estimated number of seriously delinquent loans: 3,021; Estimated percentage of seriously delinquent loans: 26.30%. State: New Jersey; Congressional district: 04; Estimated number of active loans: 11,284; Estimated number of seriously delinquent loans: 2,911; Estimated percentage of seriously delinquent loans: 25.79%. State: New Jersey; Congressional district: 05; Estimated number of active loans: 9,355; Estimated number of seriously delinquent loans: 2,108; Estimated percentage of seriously delinquent loans: 22.53%. State: New Jersey; Congressional district: 06; Estimated number of active loans: 8,952; Estimated number of seriously delinquent loans: 2,586; Estimated percentage of seriously delinquent loans: 28.89%. State: New Jersey; Congressional district: 07; Estimated number of active loans: 7,940; Estimated number of seriously delinquent loans: 1,955; Estimated percentage of seriously delinquent loans: 24.62%. State: New Jersey; Congressional district: 08; Estimated number of active loans: 10,106; Estimated number of seriously delinquent loans: 3,381; Estimated percentage of seriously delinquent loans: 33.45%. State: New Jersey; Congressional district: 09; Estimated number of active loans: 8,965; Estimated number of seriously delinquent loans: 2,460; Estimated percentage of seriously delinquent loans: 27.44%. State: New Jersey; Congressional district: 10; Estimated number of active loans: 11,301; Estimated number of seriously delinquent loans: 4,766; Estimated percentage of seriously delinquent loans: 42.17%. State: New Jersey; Congressional district: 11; Estimated number of active loans: 7,763; Estimated number of seriously delinquent loans: 1,700; Estimated percentage of seriously delinquent loans: 21.90%. State: New Jersey; Congressional district: 12; Estimated number of active loans: 9,340; Estimated number of seriously delinquent loans: 2,184; Estimated percentage of seriously delinquent loans: 23.38%. State: New Jersey; Congressional district: 13; Estimated number of active loans: 9,978; Estimated number of seriously delinquent loans: 3,443; Estimated percentage of seriously delinquent loans: 34.51%. State: New Mexico; Congressional district: 01; Estimated number of active loans: 9,376; Estimated number of seriously delinquent loans: 1,402; Estimated percentage of seriously delinquent loans: 14.95%. State: New Mexico; Congressional district: 02; Estimated number of active loans: 5,125; Estimated number of seriously delinquent loans: 687; Estimated percentage of seriously delinquent loans: 13.40%. State: New Mexico; Congressional district: 03; Estimated number of active loans: 7,338; Estimated number of seriously delinquent loans: 1,066; Estimated percentage of seriously delinquent loans: 14.52%. State: New York; Congressional district: 01; Estimated number of active loans: 18,727; Estimated number of seriously delinquent loans: 5,201; Estimated percentage of seriously delinquent loans: 27.77%. State: New York; Congressional district: 02; Estimated number of active loans: 16,540; Estimated number of seriously delinquent loans: 5,482; Estimated percentage of seriously delinquent loans: 33.14%. State: New York; Congressional district: 03; Estimated number of active loans: 12,470; Estimated number of seriously delinquent loans: 3,110; Estimated percentage of seriously delinquent loans: 24.94%. State: New York; Congressional district: 04; Estimated number of active loans: 14,778; Estimated number of seriously delinquent loans: 4,511; Estimated percentage of seriously delinquent loans: 30.52%. State: New York; Congressional district: 05; Estimated number of active loans: 7,139; Estimated number of seriously delinquent loans: 1,268; Estimated percentage of seriously delinquent loans: 17.76%. State: New York; Congressional district: 06; Estimated number of active loans: 15,363; Estimated number of seriously delinquent loans: 5,313; Estimated percentage of seriously delinquent loans: 34.58%. State: New York; Congressional district: 07; Estimated number of active loans: 6,888; Estimated number of seriously delinquent loans: 1,758; Estimated percentage of seriously delinquent loans: 25.52%. State: New York; Congressional district: 08; Estimated number of active loans: 3,453; Estimated number of seriously delinquent loans: 421; Estimated percentage of seriously delinquent loans: 12.18%. State: New York; Congressional district: 09; Estimated number of active loans: 7,808; Estimated number of seriously delinquent loans: 1,809; Estimated percentage of seriously delinquent loans: 23.16%. State: New York; Congressional district: 10; Estimated number of active loans: 9,920; Estimated number of seriously delinquent loans: 3,490; Estimated percentage of seriously delinquent loans: 35.18%. State: New York; Congressional district: 11; Estimated number of active loans: 5,371; Estimated number of seriously delinquent loans: 1,477; Estimated percentage of seriously delinquent loans: 27.51%. State: New York; Congressional district: 12; Estimated number of active loans: 4,838; Estimated number of seriously delinquent loans: 1,375; Estimated percentage of seriously delinquent loans: 28.42%. State: New York; Congressional district: 13; Estimated number of active loans: 9,060; Estimated number of seriously delinquent loans: 1,951; Estimated percentage of seriously delinquent loans: 21.54%. State: New York; Congressional district: 14; Estimated number of active loans: 3,219; Estimated number of seriously delinquent loans: 234; Estimated percentage of seriously delinquent loans: 7.28%. State: New York; Congressional district: 15; Estimated number of active loans: 985; Estimated number of seriously delinquent loans: 180; Estimated percentage of seriously delinquent loans: 18.25%. State: New York; Congressional district: 16; Estimated number of active loans: 1,950; Estimated number of seriously delinquent loans: 618; Estimated percentage of seriously delinquent loans: 31.68%. State: New York; Congressional district: 17; Estimated number of active loans: 8,573; Estimated number of seriously delinquent loans: 2,154; Estimated percentage of seriously delinquent loans: 25.13%. State: New York; Congressional district: 18; Estimated number of active loans: 8,835; Estimated number of seriously delinquent loans: 1,539; Estimated percentage of seriously delinquent loans: 17.42%. State: New York; Congressional district: 19; Estimated number of active loans: 12,330; Estimated number of seriously delinquent loans: 2,643; Estimated percentage of seriously delinquent loans: 21.44%. State: New York; Congressional district: 20; Estimated number of active loans: 8,407; Estimated number of seriously delinquent loans: 1,838; Estimated percentage of seriously delinquent loans: 21.86%. State: New York; Congressional district: 21; Estimated number of active loans: 6,651; Estimated number of seriously delinquent loans: 1,453; Estimated percentage of seriously delinquent loans: 21.85%. State: New York; Congressional district: 22; Estimated number of active loans: 7,582; Estimated number of seriously delinquent loans: 1,848; Estimated percentage of seriously delinquent loans: 24.38%. State: New York; Congressional district: 23; Estimated number of active loans: 3,547; Estimated number of seriously delinquent loans: 622; Estimated percentage of seriously delinquent loans: 17.54%. State: New York; Congressional district: 24; Estimated number of active loans: 4,539; Estimated number of seriously delinquent loans: 736; Estimated percentage of seriously delinquent loans: 16.21%. State: New York; Congressional district: 25; Estimated number of active loans: 4,950; Estimated number of seriously delinquent loans: 832; Estimated percentage of seriously delinquent loans: 16.81%. State: New York; Congressional district: 26; Estimated number of active loans: 4,680; Estimated number of seriously delinquent loans: 709; Estimated percentage of seriously delinquent loans: 15.14%. State: New York; Congressional district: 27; Estimated number of active loans: 4,642; Estimated number of seriously delinquent loans: 690; Estimated percentage of seriously delinquent loans: 14.86%. State: New York; Congressional district: 28; Estimated number of active loans: 5,926; Estimated number of seriously delinquent loans: 1,013; Estimated percentage of seriously delinquent loans: 17.09%. State: New York; Congressional district: 29; Estimated number of active loans: 4,256; Estimated number of seriously delinquent loans: 660; Estimated percentage of seriously delinquent loans: 15.50%. State: North Carolina; Congressional district: 01; Estimated number of active loans: 4,239; Estimated number of seriously delinquent loans: 717; Estimated percentage of seriously delinquent loans: 16.91%. State: North Carolina; Congressional district: 02; Estimated number of active loans: 7,425; Estimated number of seriously delinquent loans: 1,248; Estimated percentage of seriously delinquent loans: 16.80%. State: North Carolina; Congressional district: 03; Estimated number of active loans: 7,881; Estimated number of seriously delinquent loans: 1,065; Estimated percentage of seriously delinquent loans: 13.51%. State: North Carolina; Congressional district: 04; Estimated number of active loans: 8,815; Estimated number of seriously delinquent loans: 1,138; Estimated percentage of seriously delinquent loans: 12.91%. State: North Carolina; Congressional district: 05; Estimated number of active loans: 5,634; Estimated number of seriously delinquent loans: 830; Estimated percentage of seriously delinquent loans: 14.73%. State: North Carolina; Congressional district: 06; Estimated number of active loans: 7,976; Estimated number of seriously delinquent loans: 1,245; Estimated percentage of seriously delinquent loans: 15.61%. State: North Carolina; Congressional district: 07; Estimated number of active loans: 7,973; Estimated number of seriously delinquent loans: 1,119; Estimated percentage of seriously delinquent loans: 14.03%. State: North Carolina; Congressional district: 08; Estimated number of active loans: 7,607; Estimated number of seriously delinquent loans: 1,197; Estimated percentage of seriously delinquent loans: 15.74%. State: North Carolina; Congressional district: 09; Estimated number of active loans: 14,259; Estimated number of seriously delinquent loans: 2,139; Estimated percentage of seriously delinquent loans: 15.00%. State: North Carolina; Congressional district: 10; Estimated number of active loans: 6,922; Estimated number of seriously delinquent loans: 1,117; Estimated percentage of seriously delinquent loans: 16.14%. State: North Carolina; Congressional district: 11; Estimated number of active loans: 6,196; Estimated number of seriously delinquent loans: 816; Estimated percentage of seriously delinquent loans: 13.17%. State: North Carolina; Congressional district: 12; Estimated number of active loans: 11,330; Estimated number of seriously delinquent loans: 1,901; Estimated percentage of seriously delinquent loans: 16.77%. State: North Carolina; Congressional district: 13; Estimated number of active loans: 8,447; Estimated number of seriously delinquent loans: 1,315; Estimated percentage of seriously delinquent loans: 15.57%. State: North Dakota; Congressional district: 00; Estimated number of active loans: 2,481; Estimated number of seriously delinquent loans: 290; Estimated percentage of seriously delinquent loans: 11.69%. State: Ohio; Congressional district: 01; Estimated number of active loans: 9,532; Estimated number of seriously delinquent loans: 2,085; Estimated percentage of seriously delinquent loans: 21.87%. State: Ohio; Congressional district: 02; Estimated number of active loans: 6,999; Estimated number of seriously delinquent loans: 1,312; Estimated percentage of seriously delinquent loans: 18.74%. State: Ohio; Congressional district: 03; Estimated number of active loans: 8,958; Estimated number of seriously delinquent loans: 2,218; Estimated percentage of seriously delinquent loans: 24.76%. State: Ohio; Congressional district: 04; Estimated number of active loans: 6,735; Estimated number of seriously delinquent loans: 1,409; Estimated percentage of seriously delinquent loans: 20.92%. State: Ohio; Congressional district: 05; Estimated number of active loans: 5,328; Estimated number of seriously delinquent loans: 1,055; Estimated percentage of seriously delinquent loans: 19.81%. State: Ohio; Congressional district: 06; Estimated number of active loans: 5,041; Estimated number of seriously delinquent loans: 1,119; Estimated percentage of seriously delinquent loans: 22.20%. State: Ohio; Congressional district: 07; Estimated number of active loans: 8,565; Estimated number of seriously delinquent loans: 1,884; Estimated percentage of seriously delinquent loans: 21.99%. State: Ohio; Congressional district: 08; Estimated number of active loans: 7,822; Estimated number of seriously delinquent loans: 1,685; Estimated percentage of seriously delinquent loans: 21.55%. State: Ohio; Congressional district: 09; Estimated number of active loans: 9,034; Estimated number of seriously delinquent loans: 2,088; Estimated percentage of seriously delinquent loans: 23.11%. State: Ohio; Congressional district: 10; Estimated number of active loans: 9,930; Estimated number of seriously delinquent loans: 2,324; Estimated percentage of seriously delinquent loans: 23.40%. State: Ohio; Congressional district: 11; Estimated number of active loans: 13,342; Estimated number of seriously delinquent loans: 4,109; Estimated percentage of seriously delinquent loans: 30.79%. State: Ohio; Congressional district: 12; Estimated number of active loans: 10,983; Estimated number of seriously delinquent loans: 2,386; Estimated percentage of seriously delinquent loans: 21.72%. State: Ohio; Congressional district: 13; Estimated number of active loans: 9,804; Estimated number of seriously delinquent loans: 2,384; Estimated percentage of seriously delinquent loans: 24.32%. State: Ohio; Congressional district: 14; Estimated number of active loans: 8,263; Estimated number of seriously delinquent loans: 1,693; Estimated percentage of seriously delinquent loans: 20.49%. State: Ohio; Congressional district: 15; Estimated number of active loans: 8,502; Estimated number of seriously delinquent loans: 1,854; Estimated percentage of seriously delinquent loans: 21.80%. State: Ohio; Congressional district: 16; Estimated number of active loans: 7,789; Estimated number of seriously delinquent loans: 1,661; Estimated percentage of seriously delinquent loans: 21.33%. State: Ohio; Congressional district: 17; Estimated number of active loans: 8,974; Estimated number of seriously delinquent loans: 2,418; Estimated percentage of seriously delinquent loans: 26.94%. State: Ohio; Congressional district: 18; Estimated number of active loans: 5,500; Estimated number of seriously delinquent loans: 1,109; Estimated percentage of seriously delinquent loans: 20.16%. State: Oklahoma; Congressional district: 01; Estimated number of active loans: 9,529; Estimated number of seriously delinquent loans: 1,472; Estimated percentage of seriously delinquent loans: 15.45%. State: Oklahoma; Congressional district: 02; Estimated number of active loans: 5,062; Estimated number of seriously delinquent loans: 774; Estimated percentage of seriously delinquent loans: 15.29%. State: Oklahoma; Congressional district: 03; Estimated number of active loans: 5,446; Estimated number of seriously delinquent loans: 727; Estimated percentage of seriously delinquent loans: 13.35%. State: Oklahoma; Congressional district: 04; Estimated number of active loans: 7,708; Estimated number of seriously delinquent loans: 1,001; Estimated percentage of seriously delinquent loans: 12.99%. State: Oklahoma; Congressional district: 05; Estimated number of active loans: 9,651; Estimated number of seriously delinquent loans: 1,496; Estimated percentage of seriously delinquent loans: 15.51%. State: Oregon; Congressional district: 01; Estimated number of active loans: 13,437; Estimated number of seriously delinquent loans: 1,991; Estimated percentage of seriously delinquent loans: 14.81%. State: Oregon; Congressional district: 02; Estimated number of active loans: 14,031; Estimated number of seriously delinquent loans: 2,496; Estimated percentage of seriously delinquent loans: 17.79%. State: Oregon; Congressional district: 03; Estimated number of active loans: 16,537; Estimated number of seriously delinquent loans: 2,574; Estimated percentage of seriously delinquent loans: 15.57%. State: Oregon; Congressional district: 04; Estimated number of active loans: 11,041; Estimated number of seriously delinquent loans: 1,540; Estimated percentage of seriously delinquent loans: 13.95%. State: Oregon; Congressional district: 05; Estimated number of active loans: 12,880; Estimated number of seriously delinquent loans: 1,995; Estimated percentage of seriously delinquent loans: 15.49%. State: Pennsylvania; Congressional district: 01; Estimated number of active loans: 12,226; Estimated number of seriously delinquent loans: 2,255; Estimated percentage of seriously delinquent loans: 18.44%. State: Pennsylvania; Congressional district: 02; Estimated number of active loans: 11,155; Estimated number of seriously delinquent loans: 2,038; Estimated percentage of seriously delinquent loans: 18.27%. State: Pennsylvania; Congressional district: 03; Estimated number of active loans: 5,052; Estimated number of seriously delinquent loans: 874; Estimated percentage of seriously delinquent loans: 17.30%. State: Pennsylvania; Congressional district: 04; Estimated number of active loans: 7,401; Estimated number of seriously delinquent loans: 1,289; Estimated percentage of seriously delinquent loans: 17.42%. State: Pennsylvania; Congressional district: 05; Estimated number of active loans: 3,580; Estimated number of seriously delinquent loans: 595; Estimated percentage of seriously delinquent loans: 16.61%. State: Pennsylvania; Congressional district: 06; Estimated number of active loans: 8,070; Estimated number of seriously delinquent loans: 1,315; Estimated percentage of seriously delinquent loans: 16.29%. State: Pennsylvania; Congressional district: 07; Estimated number of active loans: 8,034; Estimated number of seriously delinquent loans: 1,387; Estimated percentage of seriously delinquent loans: 17.26%. State: Pennsylvania; Congressional district: 08; Estimated number of active loans: 8,129; Estimated number of seriously delinquent loans: 1,491; Estimated percentage of seriously delinquent loans: 18.34%. State: Pennsylvania; Congressional district: 09; Estimated number of active loans: 5,079; Estimated number of seriously delinquent loans: 863; Estimated percentage of seriously delinquent loans: 16.99%. State: Pennsylvania; Congressional district: 10; Estimated number of active loans: 6,834; Estimated number of seriously delinquent loans: 1,330; Estimated percentage of seriously delinquent loans: 19.47%. State: Pennsylvania; Congressional district: 11; Estimated number of active loans: 11,295; Estimated number of seriously delinquent loans: 2,571; Estimated percentage of seriously delinquent loans: 22.76%. State: Pennsylvania; Congressional district: 12; Estimated number of active loans: 5,125; Estimated number of seriously delinquent loans: 919; Estimated percentage of seriously delinquent loans: 17.94%. State: Pennsylvania; Congressional district: 13; Estimated number of active loans: 8,836; Estimated number of seriously delinquent loans: 1,501; Estimated percentage of seriously delinquent loans: 16.99%. State: Pennsylvania; Congressional district: 14; Estimated number of active loans: 8,259; Estimated number of seriously delinquent loans: 1,520; Estimated percentage of seriously delinquent loans: 18.41%. State: Pennsylvania; Congressional district: 15; Estimated number of active loans: 9,816; Estimated number of seriously delinquent loans: 1,894; Estimated percentage of seriously delinquent loans: 19.29%. State: Pennsylvania; Congressional district: 16; Estimated number of active loans: 5,987; Estimated number of seriously delinquent loans: 977; Estimated percentage of seriously delinquent loans: 16.32%. State: Pennsylvania; Congressional district: 17; Estimated number of active loans: 6,963; Estimated number of seriously delinquent loans: 1,121; Estimated percentage of seriously delinquent loans: 16.10%. State: Pennsylvania; Congressional district: 18; Estimated number of active loans: 8,376; Estimated number of seriously delinquent loans: 1,447; Estimated percentage of seriously delinquent loans: 17.28%. State: Pennsylvania; Congressional district: 19; Estimated number of active loans: 7,703; Estimated number of seriously delinquent loans: 1,363; Estimated percentage of seriously delinquent loans: 17.69%. State: Rhode Island; Congressional district: 01; Estimated number of active loans: 7,267; Estimated number of seriously delinquent loans: 1,498; Estimated percentage of seriously delinquent loans: 20.61%. State: Rhode Island; Congressional district: 02; Estimated number of active loans: 9,067; Estimated number of seriously delinquent loans: 2,126; Estimated percentage of seriously delinquent loans: 23.45%. State: South Carolina; Congressional district: 01; Estimated number of active loans: 16,401; Estimated number of seriously delinquent loans: 2,892; Estimated percentage of seriously delinquent loans: 17.63%. State: South Carolina; Congressional district: 02; Estimated number of active loans: 12,169; Estimated number of seriously delinquent loans: 2,080; Estimated percentage of seriously delinquent loans: 17.09%. State: South Carolina; Congressional district: 03; Estimated number of active loans: 5,860; Estimated number of seriously delinquent loans: 847; Estimated percentage of seriously delinquent loans: 14.46%. State: South Carolina; Congressional district: 04; Estimated number of active loans: 8,321; Estimated number of seriously delinquent loans: 1,401; Estimated percentage of seriously delinquent loans: 16.83%. State: South Carolina; Congressional district: 05; Estimated number of active loans: 7,294; Estimated number of seriously delinquent loans: 1,220; Estimated percentage of seriously delinquent loans: 16.73%. State: South Carolina; Congressional district: 06; Estimated number of active loans: 6,968; Estimated number of seriously delinquent loans: 1,234; Estimated percentage of seriously delinquent loans: 17.71%. State: South Dakota; Congressional district: 00; Estimated number of active loans: 3,505; Estimated number of seriously delinquent loans: 503; Estimated percentage of seriously delinquent loans: 14.35%. State: Tennessee; Congressional district: 01; Estimated number of active loans: 5,972; Estimated number of seriously delinquent loans: 870; Estimated percentage of seriously delinquent loans: 14.56%. State: Tennessee; Congressional district: 02; Estimated number of active loans: 8,734; Estimated number of seriously delinquent loans: 1,392; Estimated percentage of seriously delinquent loans: 15.93%. State: Tennessee; Congressional district: 03; Estimated number of active loans: 8,693; Estimated number of seriously delinquent loans: 1,574; Estimated percentage of seriously delinquent loans: 18.11%. State: Tennessee; Congressional district: 04; Estimated number of active loans: 6,106; Estimated number of seriously delinquent loans: 1,010; Estimated percentage of seriously delinquent loans: 16.54%. State: Tennessee; Congressional district: 05; Estimated number of active loans: 12,653; Estimated number of seriously delinquent loans: 2,042; Estimated percentage of seriously delinquent loans: 16.14%. State: Tennessee; Congressional district: 06; Estimated number of active loans: 10,089; Estimated number of seriously delinquent loans: 1,723; Estimated percentage of seriously delinquent loans: 17.07%. State: Tennessee; Congressional district: 07; Estimated number of active loans: 11,883; Estimated number of seriously delinquent loans: 2,094; Estimated percentage of seriously delinquent loans: 17.62%. State: Tennessee; Congressional district: 08; Estimated number of active loans: 8,122; Estimated number of seriously delinquent loans: 1,732; Estimated percentage of seriously delinquent loans: 21.33%. State: Tennessee; Congressional district: 09; Estimated number of active loans: 15,837; Estimated number of seriously delinquent loans: 3,923; Estimated percentage of seriously delinquent loans: 24.77%. State: Texas; Congressional district: 01; Estimated number of active loans: 5,318; Estimated number of seriously delinquent loans: 565; Estimated percentage of seriously delinquent loans: 10.63%. State: Texas; Congressional district: 02; Estimated number of active loans: 15,268; Estimated number of seriously delinquent loans: 2,259; Estimated percentage of seriously delinquent loans: 14.80%. State: Texas; Congressional district: 03; Estimated number of active loans: 13,982; Estimated number of seriously delinquent loans: 1,594; Estimated percentage of seriously delinquent loans: 11.40%. State: Texas; Congressional district: 04; Estimated number of active loans: 11,611; Estimated number of seriously delinquent loans: 1,383; Estimated percentage of seriously delinquent loans: 11.91%. State: Texas; Congressional district: 05; Estimated number of active loans: 11,169; Estimated number of seriously delinquent loans: 1,494; Estimated percentage of seriously delinquent loans: 13.37%. State: Texas; Congressional district: 06; Estimated number of active loans: 14,352; Estimated number of seriously delinquent loans: 1,983; Estimated percentage of seriously delinquent loans: 13.82%. State: Texas; Congressional district: 07; Estimated number of active loans: 13,066; Estimated number of seriously delinquent loans: 1,521; Estimated percentage of seriously delinquent loans: 11.64%. State: Texas; Congressional district: 08; Estimated number of active loans: 10,785; Estimated number of seriously delinquent loans: 1,348; Estimated percentage of seriously delinquent loans: 12.50%. State: Texas; Congressional district: 09; Estimated number of active loans: 15,203; Estimated number of seriously delinquent loans: 2,094; Estimated percentage of seriously delinquent loans: 13.77%. State: Texas; Congressional district: 10; Estimated number of active loans: 18,637; Estimated number of seriously delinquent loans: 2,504; Estimated percentage of seriously delinquent loans: 13.43%. State: Texas; Congressional district: 11; Estimated number of active loans: 5,472; Estimated number of seriously delinquent loans: 450; Estimated percentage of seriously delinquent loans: 8.22%. State: Texas; Congressional district: 12; Estimated number of active loans: 13,779; Estimated number of seriously delinquent loans: 1,672; Estimated percentage of seriously delinquent loans: 12.13%. State: Texas; Congressional district: 13; Estimated number of active loans: 4,554; Estimated number of seriously delinquent loans: 468; Estimated percentage of seriously delinquent loans: 10.29%. State: Texas; Congressional district: 14; Estimated number of active loans: 11,070; Estimated number of seriously delinquent loans: 1,537; Estimated percentage of seriously delinquent loans: 13.88%. State: Texas; Congressional district: 15; Estimated number of active loans: 8,246; Estimated number of seriously delinquent loans: 1,002; Estimated percentage of seriously delinquent loans: 12.16%. State: Texas; Congressional district: 16; Estimated number of active loans: 8,392; Estimated number of seriously delinquent loans: 785; Estimated percentage of seriously delinquent loans: 9.35%. State: Texas; Congressional district: 17; Estimated number of active loans: 8,071; Estimated number of seriously delinquent loans: 855; Estimated percentage of seriously delinquent loans: 10.59%. State: Texas; Congressional district: 18; Estimated number of active loans: 14,554; Estimated number of seriously delinquent loans: 2,175; Estimated percentage of seriously delinquent loans: 14.95%. State: Texas; Congressional district: 19; Estimated number of active loans: 5,106; Estimated number of seriously delinquent loans: 463; Estimated percentage of seriously delinquent loans: 9.06%. State: Texas; Congressional district: 20; Estimated number of active loans: 10,036; Estimated number of seriously delinquent loans: 1,205; Estimated percentage of seriously delinquent loans: 12.00%. State: Texas; Congressional district: 21; Estimated number of active loans: 13,993; Estimated number of seriously delinquent loans: 1,480; Estimated percentage of seriously delinquent loans: 10.57%. State: Texas; Congressional district: 22; Estimated number of active loans: 18,852; Estimated number of seriously delinquent loans: 2,743; Estimated percentage of seriously delinquent loans: 14.55%. State: Texas; Congressional district: 23; Estimated number of active loans: 11,230; Estimated number of seriously delinquent loans: 1,367; Estimated percentage of seriously delinquent loans: 12.18%. State: Texas; Congressional district: 24; Estimated number of active loans: 14,862; Estimated number of seriously delinquent loans: 2,029; Estimated percentage of seriously delinquent loans: 13.65%. State: Texas; Congressional district: 25; Estimated number of active loans: 10,872; Estimated number of seriously delinquent loans: 1,015; Estimated percentage of seriously delinquent loans: 9.33%. State: Texas; Congressional district: 26; Estimated number of active loans: 17,265; Estimated number of seriously delinquent loans: 2,109; Estimated percentage of seriously delinquent loans: 12.21%. State: Texas; Congressional district: 27; Estimated number of active loans: 9,244; Estimated number of seriously delinquent loans: 1,039; Estimated percentage of seriously delinquent loans: 11.24%. State: Texas; Congressional district: 28; Estimated number of active loans: 9,775; Estimated number of seriously delinquent loans: 1,232; Estimated percentage of seriously delinquent loans: 12.60%. State: Texas; Congressional district: 29; Estimated number of active loans: 11,207; Estimated number of seriously delinquent loans: 1,472; Estimated percentage of seriously delinquent loans: 13.14%. State: Texas; Congressional district: 30; Estimated number of active loans: 14,193; Estimated number of seriously delinquent loans: 2,326; Estimated percentage of seriously delinquent loans: 16.39%. State: Texas; Congressional district: 31; Estimated number of active loans: 10,650; Estimated number of seriously delinquent loans: 1,064; Estimated percentage of seriously delinquent loans: 9.99%. State: Texas; Congressional district: 32; Estimated number of active loans: 8,257; Estimated number of seriously delinquent loans: 894; Estimated percentage of seriously delinquent loans: 10.82%. State: Utah; Congressional district: 01; Estimated number of active loans: 12,831; Estimated number of seriously delinquent loans: 1,733; Estimated percentage of seriously delinquent loans: 13.51%. State: Utah; Congressional district: 02; Estimated number of active loans: 14,794; Estimated number of seriously delinquent loans: 2,493; Estimated percentage of seriously delinquent loans: 16.85%. State: Utah; Congressional district: 03; Estimated number of active loans: 14,745; Estimated number of seriously delinquent loans: 2,406; Estimated percentage of seriously delinquent loans: 16.32%. State: Vermont; Congressional district: 00; Estimated number of active loans: 4,721; Estimated number of seriously delinquent loans: 878; Estimated percentage of seriously delinquent loans: 18.60%. State: Virginia; Congressional district: 01; Estimated number of active loans: 14,898; Estimated number of seriously delinquent loans: 2,941; Estimated percentage of seriously delinquent loans: 19.74%. State: Virginia; Congressional district: 02; Estimated number of active loans: 11,582; Estimated number of seriously delinquent loans: 1,535; Estimated percentage of seriously delinquent loans: 13.25%. State: Virginia; Congressional district: 03; Estimated number of active loans: 12,125; Estimated number of seriously delinquent loans: 2,023; Estimated percentage of seriously delinquent loans: 16.68%. State: Virginia; Congressional district: 04; Estimated number of active loans: 11,878; Estimated number of seriously delinquent loans: 1,985; Estimated percentage of seriously delinquent loans: 16.71%. State: Virginia; Congressional district: 05; Estimated number of active loans: 6,234; Estimated number of seriously delinquent loans: 764; Estimated percentage of seriously delinquent loans: 12.26%. State: Virginia; Congressional district: 06; Estimated number of active loans: 5,922; Estimated number of seriously delinquent loans: 788; Estimated percentage of seriously delinquent loans: 13.30%. State: Virginia; Congressional district: 07; Estimated number of active loans: 11,408; Estimated number of seriously delinquent loans: 1,838; Estimated percentage of seriously delinquent loans: 16.11%. State: Virginia; Congressional district: 08; Estimated number of active loans: 12,230; Estimated number of seriously delinquent loans: 1,869; Estimated percentage of seriously delinquent loans: 15.28%. State: Virginia; Congressional district: 09; Estimated number of active loans: 3,058; Estimated number of seriously delinquent loans: 358; Estimated percentage of seriously delinquent loans: 11.69%. State: Virginia; Congressional district: 10; Estimated number of active loans: 21,147; Estimated number of seriously delinquent loans: 4,282; Estimated percentage of seriously delinquent loans: 20.25%. State: Virginia; Congressional district: 11; Estimated number of active loans: 19,809; Estimated number of seriously delinquent loans: 4,351; Estimated percentage of seriously delinquent loans: 21.96%. State: Washington; Congressional district: 01; Estimated number of active loans: 13,812; Estimated number of seriously delinquent loans: 2,017; Estimated percentage of seriously delinquent loans: 14.61%. State: Washington; Congressional district: 02; Estimated number of active loans: 15,324; Estimated number of seriously delinquent loans: 2,467; Estimated percentage of seriously delinquent loans: 16.10%. State: Washington; Congressional district: 03; Estimated number of active loans: 15,426; Estimated number of seriously delinquent loans: 2,811; Estimated percentage of seriously delinquent loans: 18.22%. State: Washington; Congressional district: 04; Estimated number of active loans: 8,885; Estimated number of seriously delinquent loans: 953; Estimated percentage of seriously delinquent loans: 10.72%. State: Washington; Congressional district: 05; Estimated number of active loans: 8,316; Estimated number of seriously delinquent loans: 1,014; Estimated percentage of seriously delinquent loans: 12.20%. State: Washington; Congressional district: 06; Estimated number of active loans: 15,119; Estimated number of seriously delinquent loans: 2,594; Estimated percentage of seriously delinquent loans: 17.16%. State: Washington; Congressional district: 07; Estimated number of active loans: 11,318; Estimated number of seriously delinquent loans: 1,372; Estimated percentage of seriously delinquent loans: 12.12%. State: Washington; Congressional district: 08; Estimated number of active loans: 17,651; Estimated number of seriously delinquent loans: 2,966; Estimated percentage of seriously delinquent loans: 16.80%. State: Washington; Congressional district: 09; Estimated number of active loans: 16,478; Estimated number of seriously delinquent loans: 3,101; Estimated percentage of seriously delinquent loans: 18.82%. State: West Virginia; Congressional district: 01; Estimated number of active loans: 2,310; Estimated number of seriously delinquent loans: 343; Estimated percentage of seriously delinquent loans: 14.86%. State: West Virginia; Congressional district: 02; Estimated number of active loans: 4,329; Estimated number of seriously delinquent loans: 899; Estimated percentage of seriously delinquent loans: 20.77%. State: West Virginia; Congressional district: 03; Estimated number of active loans: 2,286; Estimated number of seriously delinquent loans: 345; Estimated percentage of seriously delinquent loans: 15.09%. State: Wisconsin; Congressional district: 01; Estimated number of active loans: 7,233; Estimated number of seriously delinquent loans: 1,758; Estimated percentage of seriously delinquent loans: 24.30%. State: Wisconsin; Congressional district: 02; Estimated number of active loans: 4,740; Estimated number of seriously delinquent loans: 1,046; Estimated percentage of seriously delinquent loans: 22.07%. State: Wisconsin; Congressional district: 03; Estimated number of active loans: 4,097; Estimated number of seriously delinquent loans: 958; Estimated percentage of seriously delinquent loans: 23.39%. State: Wisconsin; Congressional district: 04; Estimated number of active loans: 11,517; Estimated number of seriously delinquent loans: 3,299; Estimated percentage of seriously delinquent loans: 28.65%. State: Wisconsin; Congressional district: 05; Estimated number of active loans: 5,498; Estimated number of seriously delinquent loans: 1,245; Estimated percentage of seriously delinquent loans: 22.65%. State: Wisconsin; Congressional district: 06; Estimated number of active loans: 4,459; Estimated number of seriously delinquent loans: 1,010; Estimated percentage of seriously delinquent loans: 22.64%. State: Wisconsin; Congressional district: 07; Estimated number of active loans: 4,024; Estimated number of seriously delinquent loans: 863; Estimated percentage of seriously delinquent loans: 21.46%. State: Wisconsin; Congressional district: 08; Estimated number of active loans: 4,375; Estimated number of seriously delinquent loans: 984; Estimated percentage of seriously delinquent loans: 22.48%. State: Wyoming; Congressional district: 00; Estimated number of active loans: 4,823; Estimated number of seriously delinquent loans: 432; Estimated percentage of seriously delinquent loans: 8.96%. Source: GAO analysis of LP data. [End of table] [End of enclosure] Enclosure VII: GAO Contact and Staff Acknowledgments: GAO Contact: William B. Shear, (202) 512-8678 or shearw@gao.gov: Staff Acknowledgments: In addition to the individual named above, Steve Westley (Assistant Director), William Bates, Emily Chalmers, DuEwa Kamara, Jamila Kennedy, John McGrail, John Mingus, Colleen Moffatt, Marc Molino, and Bob Pollard made key contributions to this report. [End of enclosure] Footnotes: [1] Although the categories are not rigidly defined, subprime loans feature higher interest rates and fees and are generally made to borrowers who have tarnished credit histories. Alt-A loans are generally for borrowers whose credit histories are close to prime, but the loans have one or more high-risk features such as limited documentation of income or assets. [2] See Inside Mortgage Finance, The 2009 Mortgage Market Statistical Annual (Bethesda, Md., 2009), 4. [3] See GAO, Information on Recent Default and Foreclosure Trends for Home Mortgages and Associated Economic and Market Developments, [hyperlink, http://www.gao.gov/products/GAO-08-78R] (Washington, D.C.: Oct. 16, 2007). [4] LP is a unit of First American CoreLogic, Incorporated. [5] Nonagency mortgage-backed securities (MBS), also known as private- label MBS, are backed by nonconforming conventional mortgages securitized primarily by investment banks. Nonconforming mortgages are those that do not meet the purchase requirements of Fannie Mae or Freddie Mac because they are too large or do not meet their underwriting criteria. [6] The LP database has a loan-level indicator for loan class (i.e., subprime or Alt-A), but it is not well populated. We therefore used the pool-level classification. According to mortgage researchers, some of the loans in subprime pools may not be subprime loans, and some of the loans in Alt-A pools may not be Alt-A loans. [7] Unless noted otherwise, we treat delinquent loans, loans in default, and loans in the foreclosure process as mutually exclusive categories. We considered a loan to have completed the foreclosure process if it was in real estate-owned status as of March 31, 2009, or was paid off after being 90 or more days delinquent, in the foreclosure process, or in real estate-owned status. [8] A loan cohort is a group of loans originated in the same year. [9] The LP data provide the state and ZIP code of the property associated with each loan. [10] The DTI ratio is the borrower's total monthly debt service payments divided by monthly gross income. [11] In comparison, as of the first quarter of 2007, active nonprime loans originated from 2000 through 2005 had a serious delinquency rate of 7.4 percent. [12] There is no uniform definition of default across the lending industry. For purposes of this report, we use the definition provided. [13] For more information about some of these products, see GAO, Alternative Mortgage Products: Impacts on Defaults Remains Unclear, but Disclosure of Risks to Borrowers Could Be Improved, [hyperlink, http://www.gao.gov/products/GAO-06-1021] (Washington, D.C.: Sept. 16, 2006). As we reported in 2007, of the top 25 originators of nonprime loans in 2006--which accounted for over 90 percent of the dollar volume of all such originations--21 were nonbank lenders, including 14 independent lenders and 7 nonbank subsidiaries of banks, thrifts, or holding companies. See [hyperlink, http://www.gao.gov/products/GAO-08-78R]. [14] Percentage is from FHFA's purchase-only house price index. [15] As previously noted, the data we used for our analysis do not cover the entire nonprime market but do cover the large majority of nonagency securitized mortgages within that market. [16] See [hyperlink, http://www.gao.gov/products/GAO-08-78R]. [17] LTV ratio is the amount of the loan divided by the value of the home at origination. [18] The CLTV field in the LP data was frequently not populated, but the LTV field almost always was. In some cases, the CLTV field likely was blank because there was no piggyback loan associated with the mortgage, but in other cases there likely was a piggyback loan that was not captured in the data. We determined average CLTV ratios by using the CLTV field when it was populated and the LTV field when the CLTV field was blank. As a result, it is likely that the average CLTV ratios we present are somewhat lower than the actual averages. [19] The figures presented are for the 61 percent of nonprime loans for which the data contained DTI information. Twenty-nine percent of the subprime loans and 56 percent of the Alt-A loans in the LP database did not contain DTI information. [20] Our analysis of ARMs excluded balloon mortgages, which can have a fixed or adjustable interest rate. A balloon mortgage does not fully amortize over the term of the loan, leaving a balance due at maturity. The final payment is called a balloon payment because it is generally much larger than the other payments. [21] See, for example, Shane Sherlund, "The Past, Present, and Future of Subprime Mortgages," Finance and Economics Discussion Series 2008- 63, Federal Reserve Board (November 2008). See also, Christopher Foote, Kristopher Gerardi, Lorenz Goette, and Paul Willen, "Subprime Facts: What (We Think) We Know about the Subprime Crisis and What We Don't," Working Papers No. 08-2, Federal Reserve Board (May 2008). [22] See [hyperlink, http://www.gao.gov/products/GAO-06-1021]. [23] See, for example, Roberto Quercia, Michael Stegman, and Walter Davis, "The Impact of Predatory Loan Terms on Subprime Foreclosures: The Special Case of Prepayment Penalties and Balloon Payments," Housing Policy Debate, vol. 18, no. 2 (2007), 311-346. However, other research has found that prepayment penalties are not associated with higher default rates. See, for example, Sherlund, "The Past, Present, and Future of Subprime Mortgages." [24] Although typically associated with the Alt-A market, loans with low or no documentation of borrower income or assets were also offered in the subprime market, which serves borrowers with lower credit scores. [25] According to the LP data, the overwhelming majority of nonprime mortgages with less than full documentation had low documentation rather than no documentation. [26] In comparison, as of the first quarter of 2007, active nonprime loans originated from 2000 through 2005 had a serious delinquency rate of 7.4 percent. [27] Three-year foreclosure rates for the 2007 cohort will not be available until 2010. However, as of March 31, 2009, the subprime and Alt-A cumulative foreclosure rates for the 2007 cohort were 10 percent and 7 percent, respectively. [28] The nine Census divisions include Pacific (Hawaii, Alaska, Washington, Oregon, and California); Mountain (Montana, Idaho, Wyoming, Nevada, Utah, Colorado, Arizona, and New Mexico); West North Central (North Dakota, South Dakota, Minnesota, Nebraska, Iowa, Kansas, and Missouri); West South Central (Oklahoma, Arkansas, Texas, and Louisiana); East North Central (Michigan, Wisconsin, Illinois, Indiana, and Ohio); East South Central (Kentucky, Tennessee, Mississippi, and Alabama); New England (Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut); Mid Atlantic (New York, New Jersey, and Pennsylvania); and South Atlantic (Delaware, Maryland, District of Columbia, Virginia, West Virginia, North Carolina, South Carolina, Georgia, and Florida). [29] According to data from the 2000 Census, the United States has 435 congressional districts. Each congressional district elects a member to the United States House of Representatives. California has the most districts with 53, and seven states (Alaska, Delaware, Montana, North Dakota, South Dakota, Vermont, and Wyoming) have just one district. [30] As previously discussed, we defined subprime loans as loans in subprime pools and Alt-A loans as loans in Alt-A pools. [End of section] GAO's Mission: The Government Accountability Office, the audit, evaluation and investigative arm of Congress, exists to support Congress in meeting its constitutional responsibilities and to help improve the performance and accountability of the federal government for the American people. GAO examines the use of public funds; evaluates federal programs and policies; and provides analyses, recommendations, and other assistance to help Congress make informed oversight, policy, and funding decisions. GAO's commitment to good government is reflected in its core values of accountability, integrity, and reliability. 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