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GAO-10-146R: 

United States Government Accountability Office: 
Washington, DC 20548: 

December 16, 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: Loan Performance and Negative Home Equity in the Nonprime 
Mortgage Market: 

As we reported to you in July 2009, the number of nonprime mortgage 
originations (including subprime and Alt-A loans) grew rapidly from 
2000 through 2006, a period during which average house prices 
appreciated dramatically.[Footnote 1] In dollar terms, the nonprime 
share of mortgage originations rose from about 12 percent ($125 
billion) in 2000 to approximately 34 percent ($1 trillion) in 2006. 
These mortgages have been associated with what was subsequently 
recognized as a speculative housing bubble. As house prices 
subsequently fell, the subprime and Alt-A market segments contracted 
sharply, and very few nonprime originations were made after mid-2007. 
Borrowers who had obtained nonprime mortgages earlier in the decade 
increasingly fell behind on their mortgage payments, helping to push 
default and foreclosure rates to historical highs. 

Economic conditions and a weak housing market have contributed to the 
increase in troubled loans. In particular, falling house prices have 
left many borrowers in a negative equity position--that is, their 
mortgage balances exceed the current value of their homes. Negative 
equity makes borrowers more vulnerable to foreclosure by, among other 
factors, limiting their ability to sell or refinance their homes in the 
event they cannot stay current on their mortgage payments. 

To inform congressional decision making about efforts to address 
problems in the mortgage market, you requested that we examine the 
evolution and condition of the market for nonprime loans. On July 28, 
2009, we provided you with an interim report on certain characteristics 
of nonprime loans and borrowers, and the performance of nonprime 
mortgages originated from 2000 through 2007 (the last year in which 
substantial numbers of nonprime mortgages were made) as of March 31, 
2009. This report (1) provides information on the performance of these 
nonprime loans as of June 30, 2009, and describes forecasts made by 
others of future loan performance; and (2) examines the extent of 
negative home equity among nonprime borrowers in selected metropolitan 
areas and nationwide. In addition, enclosure VI describes the 
preliminary results of our analysis of the demographic characteristics 
of nonprime borrowers--including race and ethnicity--whose loans 
originated in 2005.[Footnote 2] We identified these characteristics by 
merging loan-level records from two data sources. This report also 
provides supplemental information on the performance of nonprime 
mortgages by annual loan cohort, product type, Census division, state, 
and congressional district. This supplemental information is presented 
in enclosures I through IV. 

As agreed with your offices, in a final report we will provide 
information on the influence of nonprime loan and borrower 
characteristics and economic conditions on the likelihood of mortgage 
default and foreclosure. We will also describe the features and 
limitations of primary sources of data on nonprime mortgage performance 
and borrower characteristics. In addition, the final report will update 
information on the performance of nonprime mortgages and provide 
additional analysis of the characteristics of nonprime borrowers. 

To conduct our work, we analyzed data from LoanPerformance's (LP) Asset-
backed Securities database for nonprime loans originated from 2000 
through 2007.[Footnote 3] The database contains loan-level data on the 
majority of nonagency securitized mortgages in subprime and Alt-A 
pools.[Footnote 4] 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 5] We focused our 
analysis on first-lien purchase and refinance mortgages for one-to four-
family residential units. For certain analyses, we supplemented the LP 
data with data on house prices from the Federal Housing Finance Agency 
(FHFA) and Standard & Poor's (S&P)/Case-Shiller indexes, and data on 
borrower characteristics from the Home Mortgage Disclosure Act (HMDA) 
data set. 

To examine the recent and expected 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 to 89 days behind), in default (90 or more 
days behind), in the foreclosure process, or having completed the 
foreclosure process as of June 30, 2009.[Footnote 6] We classified 
mortgages in default or in the foreclosure process as "seriously 
delinquent." We also examined mortgage performance by loan cohort, loan 
type, and geographic area, including Census divisions, states, and 
congressional districts.[Footnote 7] For detailed information on the 
performance of nonprime loans by these geographic areas, see enclosures 
III and IV. We also reviewed select studies containing forecasts of the 
performance of the mortgage market and interviewed the authors of those 
studies. We focused on four nonproprietary forecasts conducted in 2008 
or 2009 that we identified through literature searches and discussions 
with industry researchers. 

To examine the extent of negative equity among nonprime borrowers, we 
used the LP data and house price indexes from FHFA and S&P/Case- 
Shiller. More specifically, we used the indexes to adjust the appraised 
value of each home at loan origination to an estimated value as of June 
30, 2009. We then subtracted the unpaid mortgage balance as of that 
date from the house value to estimate the borrower's home equity. We 
used two different indexes for these calculations because they offer 
different advantages. To estimate negative equity nationwide, we used 
the FHFA All-Transactions House Price Index (FHFA index) because it 
provides the broadest geographic coverage.[Footnote 8] Because the FHFA 
index likely understates average house price declines experienced by 
nonprime borrowers from 2005 through 2008, our estimates of negative 
equity using this index are also likely to be understated. For 
estimates of negative equity in specific metropolitan areas, we used 
the S&P/Case-Shiller Tiered Price Indices (S&P/Case-Shiller index) 
because it uses data from a broader range of properties than the FHFA 
index and includes separate indexes for homes in different price ranges 
within a metropolitan area.[Footnote 9] See enclosure V for a detailed 
description of the methodology we used to estimate negative equity and 
key differences between the two sets of house price indexes. 

We tested the reliability of the data used in this report by reviewing 
documentation on the process the data providers use to collect and 
ensure the reliability and integrity of their data, and by conducting 
reasonableness checks on data elements to identify any missing, 
erroneous, or outlying data. We also interviewed LP representatives to 
discuss the interpretation of various data fields. We concluded that 
the data we used were sufficiently reliable for our purposes. We 
conducted this engagement in Washington, D.C., from August 2009 through 
November 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: 

The performance of mortgages in the nonprime market segment worsened 
during the second quarter of 2009 (April 1 through June 30, 2009), as 
the number of loans that completed the foreclosure process or became 
seriously delinquent increased from the previous quarter. For example, 
147,000 loans completed the foreclosure process in the second quarter, 
an increase of 9 percent from the first quarter, and the number of 
seriously delinquent loans grew by about 48,000, a 4 percent increase. 
The growth in serious delinquencies, coupled with a decline in the 
total number of active loans due to prepayments and completed 
foreclosures, increased the serious delinquency rate from 23 percent to 
26 percent during the second quarter. Although serious delinquencies 
were most prevalent among subprime borrowers and for adjustable-rate 
products, serious delinquencies in the second quarter of 2009 were 
growing most rapidly for Alt-A borrowers and fixed-rate mortgages. The 
number of nonprime loans that were seriously delinquent rose by 
approximately 2 percent (16,000) in the subprime market, compared with 
7 percent (32,000) in the Alt-A market. For fixed-rate Alt-A loans, the 
corresponding increase was 11 percent (13,000). Forecasts made by 
others suggest that weaknesses in the nonprime mortgage market will 
persist, primarily due to expected declines in home prices. 

Our analysis of borrowers with active nonprime mortgages originated 
from 2000 through 2007 indicates that a substantial proportion had 
negative equity in their homes as of June 30, 2009. Our estimates using 
the S&P/Case-Shiller index for 16 metropolitan areas showed that the 
percentage of borrowers with negative equity ranged from about 9 
percent (Denver, Colorado) to more than 90 percent (Las Vegas, Nevada). 
Our estimates also indicate that in the 16 metropolitan areas we 
reviewed, nonprime borrowers who obtained their mortgages to purchase a 
home were more likely to have negative home equity than those who 
refinanced their mortgages. Using the FHFA index, we estimated that one-
quarter of nonprime borrowers with active loans nationwide had negative 
equity in their homes as of June 30, 2009. We also found that the 
incidence of negative equity was highest among borrowers who obtained 
their mortgages in 2005, 2006, and 2007. 

Background: 

The nonprime mortgage market has two segments: 

* Subprime--Generally serves borrowers with blemished credit histories, 
and the loans feature higher interest rates and fees than prime loans. 

* Alt-A--Generally serves 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 or the option of making 
monthly payments that are lower than would be required for a fully 
amortizing loan. 

In both of these categories, two types of loans are common: fixed-rate 
mortgages, which have unchanging interest rates, and adjustable-rate 
mortgages (ARM), which have interest rates that can adjust periodically 
based on changes in a specified index. Specific types of ARMs are 
prevalent in each market segment. "Short-term hybrid ARMs" accounted 
for most subprime mortgage originations in recent years.[Footnote 10] 
These loans have a fixed interest rate for an initial period but then 
"reset" to an adjustable rate for the remaining term of the loan. In 
the Alt-A segment, "payment-option ARMs" are a common adjustable-rate 
product.[Footnote 11] 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. 

Nonprime mortgages, like all mortgages, can fall into any one of 
several payment categories: 

* 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--The borrower has been delinquent for more than 90 days, 
and the lender has elected to foreclose in what is an often lengthy 
process with several possible outcomes. For instance, the borrower may 
sell the property or the lender may repossess 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. 

In this report, we describe mortgages in default or in the foreclosure 
process as "seriously delinquent." 

The amount of equity a homeowner has in a mortgaged property may 
influence how well the mortgage performs. In general, higher levels of 
home equity are associated with lower probabilities of default and 
foreclosure. Equity is a homeowner's financial interest in a property, 
or the difference between the value of a property and the amount still 
owed on the mortgage. Typically, home equity increases over time as the 
mortgage balance is paid down and home values appreciate. However, if 
the home value falls below the amount owed on the mortgage, the 
borrower will be in a position of negative equity. Borrowers with 
nonprime loans may be especially vulnerable to negative equity because 
they typically make small down payments and, as previously discussed, 
may have loans with payment options that defer payment of accrued 
interest, thereby increasing the outstanding loan balance. 

House price appreciation or depreciation in a geographic area is 
commonly measured by changes in a house price index. Such indexes are 
based on the sales prices or appraised values for the same housing 
units over time. FHFA and S&P/Case-Shiller produce two widely used 
house price indexes that use this method. 

The Performance of Nonprime Mortgages Deteriorated into Mid-2009, and 
Continuing Deterioration Appears Likely: 

The performance of mortgages in the nonprime market segment worsened 
during the second quarter of 2009 (April 1 through June 30, 2009), as 
the number of loans that completed the foreclosure process or became 
seriously delinquent grew from the previous quarter.[Footnote 13] 
Although serious delinquencies were most prevalent among subprime 
borrowers and for adjustable-rate products, serious delinquencies in 
the second quarter of 2009 were growing most rapidly for Alt-A 
borrowers and fixed-rate mortgages. Forecasts made by others suggest 
that weaknesses in the nonprime mortgage market will persist, primarily 
due to expected declines in home prices. 

Foreclosures and Serious Delinquencies Increased Across Market Segments 
and Product Types: 

As of June 30, 2009, approximately 1.7 million of the 14.4 million 
nonprime loans (12 percent) originated from 2000 through 2007 had 
completed the foreclosure process (see figure 1). Of that 1.7 million, 
about 147,000 loans completed foreclosure in the second quarter of 
2009, an increase of 9 percent from the first quarter. Subprime 
mortgages accounted for about 89,000, or about 61 percent, of the 
completed foreclosures in the second quarter. Although foreclosures and 
serious delinquencies increased, the number of mortgage prepayments 
also grew. As of June 30, 2009, more than half of nonprime mortgages 
(54 percent or 7.8 million) were prepaid as of June 30, 2009.[Footnote 
14] Of that 7.8 million, approximately 154,000 mortgages were prepaid 
in the second quarter of 2009, an increase of about 2 percent from the 
previous quarter. 

Other measures of the performance of nonprime mortgages have also 
weakened since the first quarter of 2009. Of the 4.9 million nonprime 
loans still active as of the second quarter of 2009, approximately 3.1 
million (63 percent) were current (i.e., borrowers were meeting 
scheduled payments), down by about 328,000 (10 percent) from the 
previous quarter. During the second quarter, the number of seriously 
delinquent loans--loans either in default or in the foreclosure 
process--grew from 1,208,000 to 1,256,000 (4 percent). This growth, 
coupled with a decline in the total number of active nonprime loans due 
to prepayments and completed foreclosures, increased the serious 
delinquency rate from 23 percent to 26 percent during the second 
quarter.[Footnote 15] 

Figure 1: Percentage of All Nonprime Loans and All Active Nonprime 
Loans Originated from 2000 through 2007 by Performance Status, as of 
June 30, 2009: 

[Refer to PDF for image: 2 pie-charts] 

All nonprime loans: 
Completed foreclosure process (1,729,140): 12%; 
Active (4,916,670): 34%; 
Prepaid (7,778,577): 54%. 

Active nonprime loans: 
Delinquent (580,017): 12%. 
In default (622,000): 13%; 
In foreclosure process (634,167): 13%; 
Current (3,080,486): 63%. 

Source: GAO analysis of LP data. 

Note: We considered loans to be delinquent if borrowers were 30 to 89 
days late on their mortgage payments. We considered loans to be in 
default if borrowers were 90 or more days late. Percentages in graphs 
may not add to 100 percent due to rounding. 

[End of figure] 

Although the absolute number of seriously delinquent loans was higher 
in the subprime market than in the Alt-A market, the rate of growth in 
serious delinquencies in the second quarter was higher for Alt-A loans. 
At the end of the second quarter of 2009, about 791,000 subprime loans 
(31 percent) and 466,000 Alt-A loans (20 percent) were seriously 
delinquent. In that quarter, serious delinquencies grew by 
approximately 16,000 loans (2 percent) in the subprime market and 
32,000 loans (7 percent) in the Alt-A market. 

Additionally, while certain ARM products had the highest serious 
delinquency rates as of the end of the second quarter, the rate of 
growth in serious delinquencies was higher for fixed-rate mortgages in 
that quarter. For example, in the subprime market, 42 percent of short- 
term hybrid ARMs were seriously delinquent as of the end of the second 
quarter, compared with 16 percent of fixed-rate mortgages (see figure 
2). However, while the number of short-term hybrid ARMs that were 
seriously delinquent increased by 1 percent (from about 584,000 to 
587,000) over the quarter, the corresponding increase for subprime 
fixed-rate loans was 7 percent (from about 142,000 to 152,000). 

Figure 2: Subprime Serious Delinquency Rates as of June 30, 2009, and 
Growth of Seriously Delinquent Subprime Loans in the Second Quarter of 
2009: 

[Refer to PDF for image: illustrated table] 

Total subprime market: 
Serious delinquency rates: 31%; 
Growth of seriously delinquent loans in second quarter of 2009, 
Percentage: 2%; 
Growth of seriously delinquent loans in second quarter of 2009, 
Number: 16,090. 

Short-term hybrid ARMs: 
Serious delinquency rates: 42%; 
Growth of seriously delinquent loans in second quarter of 2009, 
Percentage: 1%; 
Growth of seriously delinquent loans in second quarter of 2009, 
Number: 3,005. 

Fixed-rate loans: 
Serious delinquency rates: 16%; 
Growth of seriously delinquent loans in second quarter of 2009, 
Percentage: 7%; 
Growth of seriously delinquent loans in second quarter of 2009, 
Number: 9,955. 

Source: GAO analysis of LP data. 

Note: We considered loans to be seriously delinquent if borrowers were 
90 days or more late on their mortgage payments or in the foreclosure 
process. 

[End of figure] 

In the Alt-A market, 33 percent of payment-option ARMs were seriously 
delinquent as of June 30, 2009, compared with 11 percent of fixed-rate 
loans (see figure 3). But while the number of payment-option ARMs that 
were seriously delinquent grew by 6 percent (from somewhat over 122,000 
to about 130,000), the corresponding increase for fixed-rate loans was 
11 percent (from about 118,000 to about 131,000). 

Figure 3: Alt-A Serious Delinquency Rates as of June 30, 2009, and 
Growth of Seriously Delinquent Alt-A Loans in the Second Quarter of 
2009: 

[Refer to PDF for image: illustrated table] 

Total Alt-A market: 
Serious delinquency rates: 20%; 
Growth of seriously delinquent loans in second quarter of 2009, 
Percentage: 7%; 
Growth of seriously delinquent loans in second quarter of 2009, 
Number: 32,420. 

Payment-option ARMs: 
Serious delinquency rates: 33%; 
Growth of seriously delinquent loans in second quarter of 2009, 
Percentage: 6%; 
Growth of seriously delinquent loans in second quarter of 2009, 
Number: 7,435. 

Fixed-rate loans: 
Serious delinquency rates: 11%; 
Growth of seriously delinquent loans in second quarter of 2009, 
Percentage: 11%; 
Growth of seriously delinquent loans in second quarter of 2009, 
Number: 13,364. 

Source: GAO analysis of LP data. 

Note: We considered loans to be seriously delinquent if borrowers were 
90 days or more late on their mortgage payments or in the foreclosure 
process. 

[End of figure] 

Enclosures I and II provide more detailed information about the 
performance of nonprime loans by cohort year and product type. For 
detailed data on the performance of nonprime loans by Census division, 
state, and congressional district see enclosures III and IV. 

Forecasters Predict That the Weak Performance of Nonprime Loans Will 
Persist, Largely Due to Declining Home Prices: 

The four studies we reviewed that sought to forecast the performance of 
the U.S. mortgage market generally predicted that elevated levels of 
default and foreclosure will persist.[Footnote 16] The studies differed 
in the methods they used to predict future performance, and none 
focused specifically on the nonprime market, although 3 included 
forecasts of the subprime segment of the nonprime market.[Footnote 17] 

Two studies of the subprime market segment estimated that the number of 
these loans entering foreclosure annually would gradually decline after 
peaking in 2008 but would likely remain in the hundreds of thousands 
per year. For example, a Credit Suisse study estimated that 1.9 million 
subprime loans would enter foreclosure between the third quarter of 
2008 and the end of 2012.[Footnote 18] (The study estimated that about 
1.1 million of these foreclosures would occur from 2010 through 2012.) 
While none of the four studies we reviewed addressed the Alt-A market 
specifically, the authors told us that default and foreclosure rates in 
that market segment have yet to peak. One author explained this 
phenomenon by noting that Alt-A borrowers often had higher levels of 
initial equity compared with subprime borrowers, which provided a 
larger cushion against falling home prices. 

Among the factors contributing to future defaults and foreclosures, 
forecasters identified declining home prices as the most important. 
Additionally, forecasters indicated that factors affecting the 
affordability of mortgages--such as unemployment, loan recasts, and 
mortgage modifications--would also affect loan performance in coming 
years. 

House Price Depreciation: 

We and others have reported on the strong statistical relationship 
between changes in house prices and the likelihood of mortgage defaults 
and foreclosures.[Footnote 19] Falling house prices can result in 
negative home equity--that is, a mortgage balance that exceeds the 
current value of the property. Homeowners with negative equity may find 
it difficult to sell or refinance the property to avoid foreclosure. 
They may also have incentives to stop making mortgage payments to 
minimize their financial losses. Prior research suggests that negative 
equity is a necessary, but not sufficient, condition for foreclosure. 
[Footnote 20] Besides having negative equity, borrowers who end up in 
foreclosure often experience a "trigger event," such as job loss or 
divorce that reduces their ability to make mortgage payments. 

Three of the four forecasts we reviewed included the assumption that 
average house prices would continue to fall appreciably into 2010, 
resulting in a higher incidence and severity of negative equity among 
nonprime borrowers.[Footnote 21] For example, one forecast assumed 
cumulative house price depreciation of 8.5 percent over the 3 year 
period ending in the last quarter of 2010, while another assumed a 
cumulative 15 percent decline over the 2 year period ending in mid- 
2010. On the basis of data from home purchases, S&P/Case-Shiller and 
FHFA have both reported that average house prices at the national level 
increased in the third quarter of 2009. However, several recent 
forecasts have projected house price declines in 2010.[Footnote 22] 

All of the forecasters indicated that house price changes will play a 
key role in future mortgage performance. For example, a study that 
simulated subprime mortgage performance found that the number of 
subprime defaults was more sensitive to house price trends than other 
explanatory variables. Similarly, the authors of a study addressing the 
entire mortgage market told us that anticipated house price declines 
accounted for about 80 percent of the defaults they were forecasting. 

Factors Affecting Mortgage Affordability: 

Forecasters we spoke with noted several factors affecting the 
affordability of mortgage payments will influence the number of 
nonprime loans that will end in foreclosure over the next few years. 
These factors include job loss, mortgage recasts, and federal loan 
modification efforts. 

* Job loss--Loss of employment is a common event that can lead to 
foreclosure because of its direct impact on a borrower's ability to 
make mortgage payments. All of the forecasts we reviewed acknowledged 
job loss as a contributor to mortgage defaults and foreclosures. 
However, three forecasts noted that the impacts of unemployment may be 
difficult to capture for several reasons, including the fact that 
unemployment data are aggregated and do not capture the effects of job 
losses on individual households. Further, the forecasts used older 
projections of unemployment in their analysis, many of which had 
predicted lower peaks, such as 8 percent unemployment by the end of 
2009. Some more recent estimates suggest that unemployment rates will 
peak at around 10 percent in 2010, a level that one of the forecasts 
included in its worst-case scenario. As of November 2009, the 
unemployment rate was 10 percent. 

* Mortgage recasts--Payment-option ARMs, a common Alt-A product, allow 
borrowers to make minimum payments for an initial period that are lower 
than 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 borrower was making only the minimum 
payment. Although none of the forecasts we reviewed specifically 
attempted to model the impact of payment-option ARM recasts, the 
authors told us that recasts would likely lead to additional 
foreclosures for many Alt-A borrowers who may not be able to afford the 
higher payments. Large numbers of payment-option ARMs are scheduled to 
recast beginning in 2010. 

* Federal loan modification efforts--Loan modifications involve making 
temporary or permanent changes to the term of the existing loan 
agreement and can include reducing the interest rate charged, extending 
the loan term, or implementing forbearance plans.[Footnote 23] Loan 
modifications may prevent or delay foreclosures on nonprime mortgages 
by making mortgage payments more affordable. Under the Home Affordable 
Modification Program (HAMP), the Department of the Treasury (Treasury), 
Fannie Mae, and Freddie Mac will use up to $75 billion to encourage 
loan modifications. The authors of the studies we reviewed agreed that 
loan modifications had the potential to reduce future nonprime 
foreclosures, but some noted the difficulty of predicting an exact 
number. Treasury has estimated that up to 3 to 4 million borrowers who 
were at risk of default and foreclosure could be offered a loan 
modification under HAMP. However, as we reported in July 2009, 
Treasury's estimate reflects uncertainty created by data gaps and the 
need to make numerous assumptions, and therefore may be overstated. 
[Footnote 24] 

A Substantial Proportion of Nonprime Mortgage Borrowers Have Negative 
Home Equity: 

Our analysis of borrowers with active nonprime mortgages originated 
from 2000 through 2007 indicates that a substantial proportion had 
negative equity in their homes as of June 30, 2009. Our estimates using 
the S&P/Case-Shiller Tiered Price Indices (S&P Case-Shiller index) for 
16 metropolitan areas showed that the percentage of borrowers with 
negative equity ranged from about 9 percent to more than 90 percent. 
Using the FHFA All-Transactions Index (FHFA index), we estimated that 
about one-quarter of nonprime borrowers with active loans nationwide 
had negative equity in their homes as of June 30, 2009.[Footnote 25] 

Estimates of Negative Equity in 16 Metropolitan Areas: 

To estimate the extent of negative equity among nonprime borrowers, we 
compared borrowers' outstanding balances on first-lien loans with the 
estimated values of their homes as of June 30, 2009.[Footnote 26] 
Because of data limitations, we could not identify borrowers with 
multiple mortgaged properties. To the extent that some borrowers had 
more than one mortgaged property, our results may overstate the actual 
number of individual borrowers with negative home equity. For our 
estimates of negative equity for specific metropolitan areas, we used 
the S&P/Case-Shiller index--which includes separate indexes for homes 
in low, middle, and high price ranges within a metropolitan area--to 
adjust the appraised value of each home to an updated market value. The 
S&P/Case-Shiller index is available for 17 metropolitan areas. 

We estimated the extent of negative home equity for nonprime borrowers 
with active loans in 16 of the 17 metropolitan areas covered by the 
S&P/Case-Shiller index.[Footnote 27] As shown in table 1, we estimate 
that the metropolitan areas with the highest percentage of nonprime 
borrowers with negative home equity as of June 30, 2009, were Las 
Vegas, Nevada (94.3 percent); Phoenix, Arizona (89.4 percent); Miami, 
Florida (85.8 percent); and Minneapolis, Minnesota (80.6 percent). The 
metropolitan areas with the lowest percentages included Denver, 
Colorado (9.3 percent) and Portland, Oregon (12.7 percent). It is 
important to note that the 17 metropolitan areas covered by the S&P/ 
Case-Shiller index may represent areas with higher proportions of 
negative equity than is generally found across the country. Seven of 
the 17 metropolitan areas are in states (California, Florida, Nevada, 
and Arizona) that in recent years experienced the most dramatic 
declines in house prices. 

Table 1: Estimates of Negative Equity in Selected Metropolitan Areas 
Using the S&P/Case-Shiller Index, as of June 30, 2009: 

Metropolitan area: Las Vegas, NV; 
Number of nonprime borrowers with active loans: 92,949; 
Estimated number with negative equity: 87,685; 
Estimated percentage with negative equity: 94.3. 

Metropolitan area: Phoenix, AZ; 
Number of nonprime borrowers with active loans: 131,069; 
Estimated number with negative equity: 117,185; 
Estimated percentage with negative equity: 89.4. 

Metropolitan area: Miami, FL; 
Number of nonprime borrowers with active loans: 225,355; 
Estimated number with negative equity: 193,360; 
Estimated percentage with negative equity: 85.8. 

Metropolitan area: Minneapolis, MN; 
Number of nonprime borrowers with active loans: 49,435; 
Estimated number with negative equity: 39,841; 
Estimated percentage with negative equity: 80.6. 

Metropolitan area: Tampa, FL; 
Number of nonprime borrowers with active loans: 85,641; 
Estimated number with negative equity: 67,343; 
Estimated percentage with negative equity: 78.6. 

Metropolitan area: San Diego, CA; 
Number of nonprime borrowers with active loans: 86,499; 
Estimated number with negative equity: 62,160; 
Estimated percentage with negative equity: 71.9. 

Metropolitan area: Chicago, IL; 
Number of nonprime borrowers with active loans: 128,929; 
Estimated number with negative equity: 86,523; 
Estimated percentage with negative equity: 67.1. 

Metropolitan area: Washington, DC; 
Number of nonprime borrowers with active loans: 130,760; 
Estimated number with negative equity: 83,682; 
Estimated percentage with negative equity: 64.0. 

Metropolitan area: Los Angeles, CA; 
Number of nonprime borrowers with active loans: 315,289; 
Estimated number with negative equity: 201,009; 
Estimated percentage with negative equity: 63.8. 

Metropolitan area: Atlanta, GA; 
Number of nonprime borrowers with active loans: 122,302; 
Estimated number with negative equity: 73,001; 
Estimated percentage with negative equity: 59.7. 

Metropolitan area: San Francisco, CA; 
Number of nonprime borrowers with active loans: 103,369; 
Estimated number with negative equity: 61,652; 
Estimated percentage with negative equity: 59.6. 

Metropolitan area: New York, NY; 
Number of nonprime borrowers with active loans: 295,932; 
Estimated number with negative equity: 76,204; 
Estimated percentage with negative equity: 25.8. 

Metropolitan area: Seattle, WA; 
Number of nonprime borrowers with active loans: 69,353; 
Estimated number with negative equity: 17,327; 
Estimated percentage with negative equity: 25.0. 

Metropolitan area: Boston, MA; 
Number of nonprime borrowers with active loans: 54,844; 
Estimated number with negative equity: 12,670; 
Estimated percentage with negative equity: 23.1. 

Metropolitan area: Portland, OR; 
Number of nonprime borrowers with active loans: 42,014; 
Estimated number with negative equity: 5,323; 
Estimated percentage with negative equity: 12.7. 

Metropolitan area: Denver, CO; 
Number of nonprime borrowers with active loans: 60,280; 
Estimated number with negative equity: 5,583; 
Estimated percentage with negative equity: 9.3. 

Metropolitan area: Total; 
Number of nonprime borrowers with active loans: 1,994,020; 
Estimated number with negative equity: 1,190,548; 
Estimated percentage with negative equity: 59.7. 

Source: GAO analysis of LP data and S&P/Case-Shiller index. 

Note: As of November 2009, the S&P/Case-Shiller index did not include 
2009 data for the Cleveland metropolitan area. As a result, we did not 
estimate negative equity for that area. 

[End of table] 

Estimates of Negative Equity by Loan and Borrower Type: 

For the same 16 metropolitan areas examined above, we estimated the 
extent of negative home equity by loan class (subprime or Alt-A), loan 
purpose, loan product, and borrower type (owner occupant or nonowner 
occupant) using the S&P/Case-Shiller index. Our estimates of negative 
equity are as of June 30, 2009, and are for nonprime borrowers in the 
16 metropolitan areas whose loans were active as of that date. We found 
that: 

* Subprime borrowers were more likely than Alt-A borrowers to be in a 
negative equity position. We estimate that about 63 percent of subprime 
borrowers had negative home equity, compared with 57 percent of Alt-A 
borrowers. 

* Borrowers who obtained a mortgage to purchase a home were more likely 
to have negative equity than those who refinanced an existing loan. 
Additionally, borrowers who refinanced their mortgages to convert their 
home equity into money for personal use (cash-out refinancings) were 
more likely to have negative equity than borrowers who refinanced 
without taking cash out. More specifically, we estimate that 68 percent 
of borrowers with purchase loans had negative home equity, compared 
with 55 percent of borrowers with cash-out refinance loans, and 50 
percent of borrowers with no-cash-out refinance loans. 

* Borrowers with adjustable-rate loans were more likely to have 
negative equity than borrowers with fixed-rate loans. For example, we 
estimate that 80 percent of borrowers with payment-option ARMs and 75 
percent of borrowers with short-term hybrid ARMs were in a negative 
equity position. By comparison, an estimated 39 percent of borrowers 
with fixed-rate mortgages had negative home equity. 

* Borrowers who were owner-occupants were somewhat more likely to have 
negative home equity than borrowers who were not owner-occupants (e.g., 
investors). More specifically, we estimate that 60 percent of owner- 
occupants were in a negative equity position, compared with 56 percent 
of non-owner-occupants. 

Estimates of Negative Equity Nationwide: 

To estimate the extent of negative home equity nationwide, we used the 
FHFA index because it comprises separate indexes for 384 metropolitan 
areas covering approximately 84 percent of the U.S. population. 
[Footnote 28] The FHFA index does not include data for homes with 
certain types of financing, including subprime mortgages. Partly for 
this reason, the FHFA index shows more modest declines in average house 
prices from 2005 through 2008, compared with the S&P/Case-Shiller 
index. As a result, our estimates using the FHFA index likely 
understate the extent of negative equity among nonprime 
borrowers.[Footnote 29] See enclosure V for additional information 
about the major differences between the FHFA and S&P/Case-Shiller 
indexes and how using different indexes can affect estimates of 
negative equity. 

Nationwide, we estimate that 25 percent of the borrowers who obtained 
nonprime mortgages from 2000 through 2007 and whose loans were active 
as of June 30, 2009, had negative home equity as of that date. The 
estimated proportion of nonprime borrowers in a negative equity 
position varied by location. We estimated that this proportion ranged 
from no negative equity in 20 metropolitan areas to more than 80 
percent in 5 (see figure 4).[Footnote 30] The 35 metropolitan areas 
with proportions greater than 50 percent were located in five states: 
Arizona, California, Florida, Michigan, and Nevada. 

Figure 4: Estimated Percentage of Nonprime Borrowers with Negative Home 
Equity by Metropolitan Area Using the FHFA Index as of June 30, 2009: 

[Refer to PDF for image: U.S. map] 

Depicted on the map are Estimated Percentage of Nonprime Borrowers with 
Negative Home Equity by Metropolitan Area in the following categories: 

Positive equity; 
Greater than 0 to 9.9%; 
10 to 19.9%; 
20 to 29.9%; 
30 to 39.9%; 
40 to 49.9%; 
50% or more. 

Source: GAO analysis of LP data and FHFA's All-Transactions Index, 
Memphis. 

[End of figure] 

Additionally, we estimate that 5.5 percent of borrowers with active 
nonprime loans had "near negative equity"--that is, home equity of 0 to 
5 percent. Borrowers with near negative equity face similar challenges 
to borrowers with negative equity when selling or refinancing their 
homes because mortgage closing costs (e.g., lender fees and title 
charges) are generally between 3 to 5 percent of the value of the home. 

Nationwide, we estimate that the total amount of negative equity (i.e., 
the difference between mortgage balances and estimated property values) 
was about $54.8 billion. Among borrowers in a negative equity position, 
the median borrower had negative equity of approximately $36,274. We 
estimate that 75 percent of borrowers in a negative equity position had 
negative home equity of more than $15,615 and 25 percent had negative 
home equity of more than $67,335. Another measure of negative equity is 
the ratio of the current loan balance to the current value of the 
property (current loan-to-value ratio). A current loan-to-value (LTV) 
ratio of more than 100 percent indicates negative equity in the 
property, with a higher ratio representing greater negative equity as a 
percentage of the property value.[Footnote 31] As of June 30, 2009, we 
estimate nearly 63 percent of nonprime borrowers with negative home 
equity had current LTV ratios of 101 to 119 percent, while about 5 
percent had current LTV ratios of 150 percent or higher (see figure 5). 

Figure 5: Estimated Current LTV Ratios of Nonprime Borrowers with 
Active Loans Who Had Negative Home Equity as of June 30, 2009: 

[Refer to PDF for image: vertical bar graph] 

Current loan-to-value ratio: 101 to 109; 
Percentage of negative equity borrowers: 36%. 

Current loan-to-value ratio: 110 to 119; 
Percentage of negative equity borrowers: 26.7%. 

Current loan-to-value ratio: 120 to 129; 
Percentage of negative equity borrowers: 16.1%. 

Current loan-to-value ratio: 130 to 139; 
Percentage of negative equity borrowers: 11.1%. 

Current loan-to-value ratio: 140 to 149; 
Percentage of negative equity borrowers: 5.2%. 

Current loan-to-value ratio: 150 or greater; 
Percentage of negative equity borrowers: 4.9%. 

Source: GAO analysis of LP data and FHFA All-Transactions Index. 

[End of figure] 

We also found that borrowers who obtained their loans later in the 
decade were more likely to have negative home equity than borrowers who 
obtained their loans earlier. This pattern reflects the greater home 
equity that earlier borrowers accumulated by paying down their loan 
balances and experiencing the home price appreciation that occurred in 
most of the country during the first half of the decade. We estimate 
that no more than 1 percent of borrowers with loans that originated 
from 2000 through 2003 and whose loans were still active as of June 30, 
2009, were in a negative equity position as of that date (see figure 
6). In contrast, we estimate that 37 percent of borrowers with active 
loans that originated in 2007 had negative home equity as of that date. 

Figure 6: Estimated Percentage of Nonprime Borrowers with Active Loans 
Who Had Negative Home Equity as of June 30, 2009, by Loan Origination 
Year: 

[Refer to PDF for image: vertical bar graph] 

Cohort year: 2000; 
Percentage of borrowers with negative equity: 0%. 

Cohort year: 2001; 
Percentage of borrowers with negative equity: 1%. 

Cohort year: 2002; 
Percentage of borrowers with negative equity: 1%. 

Cohort year: 2003; 
Percentage of borrowers with negative equity: 1%. 

Cohort year: 2004; 
Percentage of borrowers with negative equity: 5%. 

Cohort year: 2005; 
Percentage of borrowers with negative equity: 21%. 

Cohort year: 2006; 
Percentage of borrowers with negative equity: 37%. 

Cohort year: 2007; 
Percentage of borrowers with negative equity: 38%. 

Source: GAO analysis of LP data and FHFA All-Transactions Index. 

[End of figure] 

As agreed with your offices, unless you publicly announce its contents 
earlier, we plan no further distribution of this report until 30 days 
from the report date. At that time, we will send 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 [hyperlink, 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 VIII. 

Signed by: 

William B. Shear: 
Director, Financial Markets and Community Investment: 

Enclosures: 

[End of section] 

Enclosure I: 

Status of Nonprime Loans Originated from 2000 through 2007 by Cohort 
Year and Product Type, as of June 30, 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 June 30, 2009. Tables 2 and 3 provide information 
in percentages and total numbers, respectively. 

Table 2: Percentage of Nonprime Loans in Different Status Categories by 
Cohort Year as of June 30, 2009: 

Subprime: ARM: 

Cohort year: 2000; 
Prepaid: 68%; 
Current: 9%; 
Delinquent: 3%; 
In default: 2%; 
In foreclosure process: 1%; 
Completed foreclosure process: 17%; 
Total: 100%. 

Cohort year: 2001; 
Prepaid: 80%; 
Current: 5%; 
Delinquent: 2%; 
In default: 1%; 
In foreclosure process: 1%; 
Completed foreclosure process: 12%; 
Total: 100%. 

Cohort year: 2002; 
Prepaid: 82%; 
Current: 5%; 
Delinquent: 2%; 
In default: 1%; 
In foreclosure process: 1%; 
Completed foreclosure process: 9%; 
Total: 100%. 

Cohort year: 2003; 
Prepaid: 82%; 
Current: 8%; 
Delinquent: 1%; 
In default: 1%; 
In foreclosure process: 1%; 
Completed foreclosure process: 7%; 
Total: 100%. 

Cohort year: 2004; 
Prepaid: 72%; 
Current: 14%; 
Delinquent: 3%; 
In default: 2%; 
In foreclosure process: 2%; 
Completed foreclosure process: 7%; 
Total: 100%. 

Cohort year: 2005; 
Prepaid: 47%; 
Current: 28%; 
Delinquent: 5%; 
In default: 4%; 
In foreclosure process: 5%; 
Completed foreclosure process: 11%; 
Total: 100%. 

Cohort year: 2006; 
Prepaid: 23%; 
Current: 32%; 
Delinquent: 8%; 
In default: 10%; 
In foreclosure process: 10%; 
Completed foreclosure process: 16%; 
Total: 100%. 

Cohort year: 2007; 
Prepaid: 15%; 
Current: 37%; 
Delinquent: 11%; 
In default: 16%; 
In foreclosure process: 11%; 
Completed foreclosure process: 10%; 
Total: 100%. 

Cohort year: Total; 
Prepaid: 56%; 
Current: 20%; 
Delinquent: 4%; 
In default: 5%; 
In foreclosure process: 5%; 
Completed foreclosure process: 11%; 
Total: 100%. 

Subprime: Fixed rate: 

Cohort year: 2000; 
Prepaid: 65%; 
Current: 12%; 
Delinquent: 3%; 
In default: 2%; 
In foreclosure process: 1%; 
Completed foreclosure process: 17%; 
Total: 100%. 

Cohort year: 2001; 
Prepaid: 70%; 
Current: 11%; 
Delinquent: 3%; 
In default: 2%; 
In foreclosure process: 1%; 
Completed foreclosure process: 14%; 
Total: 100%. 

Cohort year: 2002; 
Prepaid: 72%; 
Current: 14%; 
Delinquent: 3%; 
In default: 1%; 
In foreclosure process: 1%; 
Completed foreclosure process: 9%; 
Total: 100%. 

Cohort year: 2003; 
Prepaid: 66%; 
Current: 23%; 
Delinquent: 3%; 
In default: 2%; 
In foreclosure process: 1%; 
Completed foreclosure process: 6%; 
Total: 100%. 

Cohort year: 2004; 
Prepaid: 52%; 
Current: 32%; 
Delinquent: 5%; 
In default: 3%; 
In foreclosure process: 2%; 
Completed foreclosure process: 6%; 
Total: 100%. 

Cohort year: 2005; 
Prepaid: 35%; 
Current: 41%; 
Delinquent: 8%; 
In default: 5%; 
In foreclosure process: 4%; 
Completed foreclosure process: 7%; 
Total: 100%. 

Cohort year: 2006; 
Prepaid: 22%; 
Current: 44%; 
Delinquent: 11%; 
In default: 9%; 
In foreclosure process: 6%; 
Completed foreclosure process: 8%; 
Total: 100%. 

Cohort year: 2007; 
Prepaid: 14%; 
Current: 47%; 
Delinquent: 14%; 
In default: 12%; 
In foreclosure process: 7%; 
Completed foreclosure process: 6%; 
Total: 100%. 

Cohort year: Total; 
Prepaid: 49%; 
Current: 30%; 
Delinquent: 6%; 
In default: 4%; 
In foreclosure process: 3%; 
Completed foreclosure process: 8%; 
Total: 100%. 

Subprime: Short-term hybrid ARM: 

Cohort year: 2000; 
Prepaid: 71%; 
Current: 4%; 
Delinquent: 1%; 
In default: 1%; 
In foreclosure process: 1%; 
Completed foreclosure process: 22%; 
Total: 100%. 

Cohort year: 2001; 
Prepaid: 77%; 
Current: 3%; 
Delinquent: 1%; 
In default: 1%; 
In foreclosure process: 0%; 
Completed foreclosure process: 18%; 
Total: 100%. 

Cohort year: 2002; 
Prepaid: 82%; 
Current: 3%; 
Delinquent: 1%; 
In default: 1%; 
In foreclosure process: 0%; 
Completed foreclosure process: 13%; 
Total: 100%. 

Cohort year: 2003; 
Prepaid: 84%; 
Current: 3%; 
Delinquent: 1%; 
In default: 1%; 
In foreclosure process: 1%; 
Completed foreclosure process: 11%; 
Total: 100%. 

Cohort year: 2004; 
Prepaid: 78%; 
Current: 5%; 
Delinquent: 2%; 
In default: 2%; 
In foreclosure process: 1%; 
Completed foreclosure process: 12%; 
Total: 100%. 

Cohort year: 2005; 
Prepaid: 56%; 
Current: 10%; 
Delinquent: 4%; 
In default: 5%; 
In foreclosure process: 5%; 
Completed foreclosure process: 19%; 
Total: 100%. 

Cohort year: 2006; 
Prepaid: 29%; 
Current: 18%; 
Delinquent: 8%; 
In default: 11%; 
In foreclosure process: 11%; 
Completed foreclosure process: 23%; 
Total: 100%. 

Cohort year: 2007; 
Prepaid: 17%; 
Current: 28%; 
Delinquent: 11%; 
In default: 15%; 
In foreclosure process: 14%; 
Completed foreclosure process: 15%; 
Total: 100%. 

Cohort year: Total; 
Prepaid: 61%; 
Current: 9%; 
Delinquent: 4%; 
In default: 5%; 
In foreclosure process: 5%; 
Completed foreclosure process: 17%; 
Total: 100%. 

Subprime: Other: 

Cohort year: 2000; 
Prepaid: 59%; 
Current: 10%; 
Delinquent: 3%; 
In default: 2%; 
In foreclosure process: 1%; 
Completed foreclosure process: 25%; 
Total: 100%. 

Cohort year: 2001; 
Prepaid: 68%; 
Current: 8%; 
Delinquent: 2%; 
In default: 1%; 
In foreclosure process: 1%; 
Completed foreclosure process: 20%; 
Total: 100%. 

Cohort year: 2002; 
Prepaid: 70%; 
Current: 13%; 
Delinquent: 2%; 
In default: 1%; 
In foreclosure process: 1%; 
Completed foreclosure process: 13%; 
Total: 100%. 

Cohort year: 2003; 
Prepaid: 65%; 
Current: 19%; 
Delinquent: 4%; 
In default: 2%; 
In foreclosure process: 1%; 
Completed foreclosure process: 9%; 
Total: 100%. 

Cohort year: 2004; 
Prepaid: 54%; 
Current: 33%; 
Delinquent: 4%; 
In default: 2%; 
In foreclosure process: 2%; 
Completed foreclosure process: 5%; 
Total: 100%. 

Cohort year: 2005; 
Prepaid: 32%; 
Current: 34%; 
Delinquent: 8%; 
In default: 7%; 
In foreclosure process: 7%; 
Completed foreclosure process: 13%; 
Total: 100%. 

Cohort year: 2006; 
Prepaid: 18%; 
Current: 34%; 
Delinquent: 11%; 
In default: 10%; 
In foreclosure process: 11%; 
Completed foreclosure process: 16%; 
Total: 100%. 

Cohort year: 2007; 
Prepaid: 11%; 
Current: 39%; 
Delinquent: 14%; 
In default: 12%; 
In foreclosure process: 13%; 
Completed foreclosure process: 11%; 
Total: 100%. 

Cohort year: Total; 
Prepaid: 36%; 
Current: 26%; 
Delinquent: 8%; 
In default: 7%; 
In foreclosure process: 7%; 
Completed foreclosure process: 16%; 
Total: 100%. 

Alt-A: ARM: 

Cohort year: 2000; 
Prepaid: 87%; 
Current: 8%; 
Delinquent: 1%; 
In default: 0%; 
In foreclosure process: 0%; 
Completed foreclosure process: 3%; 
Total: 100%. 

Cohort year: 2001; 
Prepaid: 91%; 
Current: 4%; 
Delinquent: 0%; 
In default: 0%; 
In foreclosure process: 0%; 
Completed foreclosure process: 3%; 
Total: 100%. 

Cohort year: 2002; 
Prepaid: 90%; 
Current: 7%; 
Delinquent: 0%; 
In default: 0%; 
In foreclosure process: 0%; 
Completed foreclosure process: 3%; 
Total: 100%. 

Cohort year: 2003; 
Prepaid: 82%; 
Current: 13%; 
Delinquent: 1%; 
In default: 1%; 
In foreclosure process: 1%; 
Completed foreclosure process: 3%; 
Total: 100%. 

Cohort year: 2004; 
Prepaid: 72%; 
Current: 19%; 
Delinquent: 2%; 
In default: 1%; 
In foreclosure process: 2%; 
Completed foreclosure process: 5%; 
Total: 100%. 

Cohort year: 2005; 
Prepaid: 46%; 
Current: 31%; 
Delinquent: 3%; 
In default: 4%; 
In foreclosure process: 6%; 
Completed foreclosure process: 11%; 
Total: 100%. 

Cohort year: 2006; 
Prepaid: 24%; 
Current: 36%; 
Delinquent: 5%; 
In default: 7%; 
In foreclosure process: 11%; 
Completed foreclosure process: 16%; 
Total: 100%. 

Cohort year: 2007; 
Prepaid: 12%; 
Current: 47%; 
Delinquent: 7%; 
In default: 10%; 
In foreclosure process: 12%; 
Completed foreclosure process: 12%; 
Total: 100%. 

Cohort year: Total; 
Prepaid: 46%; 
Current: 29%; 
Delinquent: 4%; 
In default: 4%; 
In foreclosure process: 6%; 
Completed foreclosure process: 10%; 
Total: 100%. 

Alt-A: Fixed rate: 

Cohort year: 2000; 
Prepaid: 83%; 
Current: 9%; 
Delinquent: 1%; 
In default: 0%; 
In foreclosure process: 0%; 
Completed foreclosure process: 7%; 
Total: 100%. 

Cohort year: 2001; 
Prepaid: 85%; 
Current: 9%; 
Delinquent: 1%; 
In default: 0%; 
In foreclosure process: 0%; 
Completed foreclosure process: 5%; 
Total: 100%. 

Cohort year: 2002; 
Prepaid: 79%; 
Current: 15%; 
Delinquent: 1%; 
In default: 0%; 
In foreclosure process: 0%; 
Completed foreclosure process: 4%; 
Total: 100%. 

Cohort year: 2003; 
Prepaid: 59%; 
Current: 36%; 
Delinquent: 1%; 
In default: 1%; 
In foreclosure process: 1%; 
Completed foreclosure process: 2%; 
Total: 100%. 

Cohort year: 2004; 
Prepaid: 49%; 
Current: 44%; 
Delinquent: 2%; 
In default: 1%; 
In foreclosure process: 1%; 
Completed foreclosure process: 2%; 
Total: 100%. 

Cohort year: 2005; 
Prepaid: 33%; 
Current: 53%; 
Delinquent: 4%; 
In default: 3%; 
In foreclosure process: 4%; 
Completed foreclosure process: 5%; 
Total: 100%. 

Cohort year: 2006; 
Prepaid: 24%; 
Current: 50%; 
Delinquent: 6%; 
In default: 5%; 
In foreclosure process: 7%; 
Completed foreclosure process: 8%; 
Total: 100%. 

Cohort year: 2007; 
Prepaid: 14%; 
Current: 61%; 
Delinquent: 6%; 
In default: 6%; 
In foreclosure process: 7%; 
Completed foreclosure process: 5%; 
Total: 100%. 

Cohort year: Total; 
Prepaid: 41%; 
Current: 45%; 
Delinquent: 4%; 
In default: 3%; 
In foreclosure process: 4%; 
Completed foreclosure process: 5%; 
Total: 100%. 

Alt-A: Payment-option ARM: 

Cohort year: 2000; 
Prepaid: 63%; 
Current: 30%; 
Delinquent: 2%; 
In default: 2%; 
In foreclosure process: 1%; 
Completed foreclosure process: 3%; 
Total: 100%. 

Cohort year: 2001; 
Prepaid: 94%; 
Current: 4%; 
Delinquent: 0%; 
In default: 0%; 
In foreclosure process: 0%; 
Completed foreclosure process: 1%; 
Total: 100%. 

Cohort year: 2002; 
Prepaid: 92%; 
Current: 7%; 
Delinquent: 0%; 
In default: 0%; 
In foreclosure process: 0%; 
Completed foreclosure process: 0%; 
Total: 100%. 

Cohort year: 2003; 
Prepaid: 85%; 
Current: 11%; 
Delinquent: 1%; 
In default: 1%; 
In foreclosure process: 1%; 
Completed foreclosure process: 1%; 
Total: 100%. 

Cohort year: 2004; 
Prepaid: 77%; 
Current: 15%; 
Delinquent: 2%; 
In default: 2%; 
In foreclosure process: 2%; 
Completed foreclosure process: 2%; 
Total: 100%. 

Cohort year: 2005; 
Prepaid: 54%; 
Current: 23%; 
Delinquent: 3%; 
In default: 7%; 
In foreclosure process: 6%; 
Completed foreclosure process: 8%; 
Total: 100%. 

Cohort year: 2006; 
Prepaid: 26%; 
Current: 34%; 
Delinquent: 6%; 
In default: 11%; 
In foreclosure process: 11%; 
Completed foreclosure process: 12%; 
Total: 100%. 

Cohort year: 2007; 
Prepaid: 12%; 
Current: 7%; 
Delinquent: 8%; 
In default: 12%; 
In foreclosure process: 13%; 
Completed foreclosure process: 9%; 
Total: 100%. 

Cohort year: Total; 
Prepaid: 44%; 
Current: 28%; 
Delinquent: 4%; 
In default: 8%; 
In foreclosure process: 8%; 
Completed foreclosure process: 8%; 
Total: 100%. 

Alt-A: Other: 

Cohort year: 2000; 
Prepaid: 74%; 
Current: 14%; 
Delinquent: 2%; 
In default: 1%; 
In foreclosure process: 0%; 
Completed foreclosure process: 9%; 
Total: 100%. 

Cohort year: 2001; 
Prepaid: 82%; 
Current: 6%; 
Delinquent: 1%; 
In default: 0%; 
In foreclosure process: 0%; 
Completed foreclosure process: 10%; 
Total: 100%. 

Cohort year: 2002; 
Prepaid: 83%; 
Current: 7%; 
Delinquent: 1%; 
In default: 1%; 
In foreclosure process: 1%; 
Completed foreclosure process: 8%; 
Total: 100%. 

Cohort year: 2003; 
Prepaid: 75%; 
Current: 20%; 
Delinquent: 1%; 
In default: 1%; 
In foreclosure process: 1%; 
Completed foreclosure process: 3%; 
Total: 100%. 

Cohort year: 2004; 
Prepaid: 67%; 
Current: 27%; 
Delinquent: 1%; 
In default: 1%; 
In foreclosure process: 1%; 
Completed foreclosure process: 3%; 
Total: 100%. 

Cohort year: 2005; 
Prepaid: 37%; 
Current: 31%; 
Delinquent: 4%; 
In default: 5%; 
In foreclosure process: 8%; 
Completed foreclosure process: 16%; 
Total: 100%. 

Cohort year: 2006; 
Prepaid: 19%; 
Current: 36%; 
Delinquent: 7%; 
In default: 9%; 
In foreclosure process: 14%; 
Completed foreclosure process: 15%; 
Total: 100%. 

Cohort year: 2007; 
Prepaid: 9%; 
Current: 49%; 
Delinquent: 8%; 
In default: 8%; 
In foreclosure process: 15%; 
Completed foreclosure process: 11%; 
Total: 100%. 

Cohort year: Total; 
Prepaid: 40%; 
Current: 30%; 
Delinquent: 5%; 
In default: 6%; 
In foreclosure process: 9%; 
Completed foreclosure process: 10%; 
Total: 100%. 

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 3: Number of Nonprime Loans in Different Status Categories by 
Cohort Year as of June 30, 2009: 

Subprime: ARM: 

Cohort year: 2000; 
Prepaid: 2,938; 
Current: 384; 
Delinquent: 137; 
In default: 80; 
In foreclosure process: 29; 
Completed foreclosure process: 751; 
Total: 4,319. 

Cohort year: 2001; 
Prepaid: 4,393; 
Current: 268; 
Delinquent: 89; 
In default: 69; 
In foreclosure process: 30; 
Completed foreclosure process: 669; 
Total: 5,518. 

Cohort year: 2002; 
Prepaid: 15,664; 
Current: 979; 
Delinquent: 320; 
In default: 182; 
In foreclosure process: 137; 
Completed foreclosure process: 1,800; 
Total: 19,082. 

Cohort year: 2003; 
Prepaid: 34,035; 
Current: 3,283; 
Delinquent: 596; 
In default: 439; 
In foreclosure process: 339; 
Completed foreclosure process: 2,942; 
Total: 41,634. 

Cohort year: 2004; 
Prepaid: 37,734; 
Current: 7,258; 
Delinquent: 1,344; 
In default: 1,084; 
In foreclosure process: 967; 
Completed foreclosure process: 3,680; 
Total: 52,067. 

Cohort year: 2005; 
Prepaid: 25,891; 
Current: 15,416; 
Delinquent: 2,651; 
In default: 2,352; 
In foreclosure process: 2,922; 
Completed foreclosure process: 6,290; 
Total: 55,522. 

Cohort year: 2006; 
Prepaid: 11,034; 
Current: 15,398; 
Delinquent: 3,937; 
In default: 4,643; 
In foreclosure process: 5,001; 
Completed foreclosure process: 7,867; 
Total: 47,880. 

Cohort year: 2007; 
Prepaid: 2,360; 
Current: 5,665; 
Delinquent: 1,647; 
In default: 2,509; 
In foreclosure process: 1,699; 
Completed foreclosure process: 1,483; 
Total: 15,363. 

Cohort year: Total; 
Prepaid: 134,049; 
Current: 48,651; 
Delinquent: 10,721; 
In default: 11,358; 
In foreclosure process: 11,124; 
Completed foreclosure process: 25,482; 
Total: 241,385. 

Subprime: Fixed rate: 

Cohort year: 2000; 
Prepaid: 52,748; 
Current: 10,036; 
Delinquent: 2,611; 
In default: 1,545; 
In foreclosure process: 709; 
Completed foreclosure process: 13,777; 
Total: 81,426. 

Cohort year: 2001; 
Prepaid: 104,214; 
Current: 16,662; 
Delinquent: 4,201; 
In default: 2,337; 
In foreclosure process: 1,219; 
Completed foreclosure process: 21,043; 
Total: 149,676. 

Cohort year: 2002; 
Prepaid: 157,887; 
Current: 29,867; 
Delinquent: 5,859; 
In default: 2,983; 
In foreclosure process: 1,734; 
Completed foreclosure process: 19,467; 
Total: 217,797. 

Cohort year: 2003; 
Prepaid: 277,845; 
Current: 95,924; 
Delinquent: 13,674; 
In default: 6,410; 
In foreclosure process: 4,527; 
Completed foreclosure process: 25,086; 
Total: 423,466. 

Cohort year: 2004; 
Prepaid: 240,186; 
Current: 146,996; 
Delinquent: 23,207; 
In default: 12,807; 
In foreclosure process: 8,112; 
Completed foreclosure process: 27,467; 
Total: 458,775. 

Cohort year: 2005; 
Prepaid: 148,171; 
Current: 171,157; 
Delinquent: 34,222; 
In default: 23,063; 
In foreclosure process: 15,199; 
Completed foreclosure process: 30,300; 
Total: 422,112. 

Cohort year: 2006; 
Prepaid: 76,144; 
Current: 153,669; 
Delinquent: 39,451; 
In default: 32,834; 
In foreclosure process: 21,238; 
Completed foreclosure process: 29,291; 
Total: 352,627. 

Cohort year: 2007; 
Prepaid: 12,807; 
Current: 42,108; 
Delinquent: 12,997; 
In default: 10,686; 
In foreclosure process: 6,535; 
Completed foreclosure process: 5,252; 
Total: 90,385. 

Cohort year: Total; 
Prepaid: 1,070,002; 
Current: 666,419; 
Delinquent: 136,222; 
In default: 92,665; 
In foreclosure process: 59,273; 
Completed foreclosure process: 171,683; 
Total: 2,196,264. 

Subprime: Short-term hybrid ARM: 

Cohort year: 2000; 
Prepaid: 72,585; 
Current: 3,875; 
Delinquent: 1,413; 
In default: 1,015; 
In foreclosure process: 530; 
Completed foreclosure process: 22,476; 
Total: 101,894. 

Cohort year: 2001; 
Prepaid: 192,301; 
Current: 6,769; 
Delinquent: 2,881; 
In default: 2,097; 
In foreclosure process: 1,114; 
Completed foreclosure process: 46,120; 
Total: 251,282. 

Cohort year: 2002; 
Prepaid: 369,144; 
Current: 11,512; 
Delinquent: 4,533; 
In default: 3,520; 
In foreclosure process: 2,015; 
Completed foreclosure process: 59,343; 
Total: 450,067. 

Cohort year: 2003; 
Prepaid: 649,201; 
Current: 21,929; 
Delinquent: 8,664; 
In default: 6,973; 
In foreclosure process: 5,079; 
Completed foreclosure process: 82,686; 
Total: 774,532. 

Cohort year: 2004; 
Prepaid: 1,098,481; 
Current: 66,817; 
Delinquent: 27,042; 
In default: 30,669; 
In foreclosure process: 20,504; 
Completed foreclosure process: 168,469; 
Total: 1,411,982. 

Cohort year: 2005; 
Prepaid: 994,744; 
Current: 182,424; 
Delinquent: 73,282; 
In default: 90,087; 
In foreclosure process: 89,013; 
Completed foreclosure process: 338,498; 
Total: 1,768,048. 

Cohort year: 2006; 
Prepaid: 367,770; 
Current: 232,563; 
Delinquent: 98,227; 
In default: 136,406; 
In foreclosure process: 142,140; 
Completed foreclosure process: 297,974; 
Total: 1,275,080. 

Cohort year: 2007; 
Prepaid: 33,869; 
Current: 54,504; 
Delinquent: 22,359; 
In default: 29,260; 
In foreclosure process: 27,054; 
Completed foreclosure process: 29,690; 
Total: 196,736. 

Cohort year: Total; 
Prepaid: 3,778,095; 
Current: 580,393; 
Delinquent: 238,401; 
In default: 300,027; 
In foreclosure process: 287,449; 
Completed foreclosure process: 1,045,256; 
Total: 6,229,621. 

Subprime: Other: 

Cohort year: 2000; 
Prepaid: 13,847; 
Current: 2,359; 
Delinquent: 609; 
In default: 350; 
In foreclosure process: 266; 
Completed foreclosure process: 5,873; 
Total: 23,304. 

Cohort year: 2001; 
Prepaid: 18,270; 
Current: 2,131; 
Delinquent: 550; 
In default: 317; 
In foreclosure process: 200; 
Completed foreclosure process: 5,321; 
Total: 26,789. 

Cohort year: 2002; 
Prepaid: 12,472; 
Current: 2,246; 
Delinquent: 431; 
In default: 267; 
In foreclosure process: 173; 
Completed foreclosure process: 2,313; 
Total: 17,902. 

Cohort year: 2003; 
Prepaid: 6,660; 
Current: 1,921; 
Delinquent: 391; 
In default: 171; 
In foreclosure process: 142; 
Completed foreclosure process: 924; 
Total: 10,209. 

Cohort year: 2004; 
Prepaid: 1,878; 
Current: 1,134; 
Delinquent: 131; 
In default: 83; 
In foreclosure process: 65; 
Completed foreclosure process: 174; 
Total: 3,465. 

Cohort year: 2005; 
Prepaid: 5,060; 
Current: 5,281; 
Delinquent: 1,255; 
In default: 1,026; 
In foreclosure process: 1,039; 
Completed foreclosure process: 1,974; 
Total: 15,635. 

Cohort year: 2006; 
Prepaid: 15,906; 
Current: 30,012; 
Delinquent: 9,454; 
In default: 8,729; 
In foreclosure process: 9,327; 
Completed foreclosure process: 14,149; 
Total: 87,577. 

Cohort year: 2007; 
Prepaid: 2,814; 
Current: 10,056; 
Delinquent: 3,704; 
In default: 3,130; 
In foreclosure process: 3,467; 
Completed foreclosure process: 2,838; 
Total: 26,009. 

Cohort year: Total; 
Prepaid: 76,907; 
Current: 55,140; 
Delinquent: 16,525; 
In default: 14,073; 
In foreclosure process: 14,679; 
Completed foreclosure process: 33,566; 
Total: 210,890. 

Alt-A: ARM: 

Cohort year: 2000; 
Prepaid: 3,426; 
Current: 329; 
Delinquent: 42; 
In default: 15; 
In foreclosure process: 12; 
Completed foreclosure process: 120; 
Total: 3,944. 

Cohort year: 2001; 
Prepaid: 11,935; 
Current: 587; 
Delinquent: 61; 
In default: 45; 
In foreclosure process: 49; 
Completed foreclosure process: 402; 
Total: 13,079. 

Cohort year: 2002; 
Prepaid: 27,631; 
Current: 2,020; 
Delinquent: 129; 
In default: 111; 
In foreclosure process: 91; 
Completed foreclosure process: 837; 
Total: 30,819. 

Cohort year: 2003; 
Prepaid: 72,281; 
Current: 11,780; 
Delinquent: 692; 
In default: 655; 
In foreclosure process: 540; 
Completed foreclosure process: 2,349; 
Total: 88,297. 

Cohort year: 2004; 
Prepaid: 328,301; 
Current: 84,957; 
Delinquent: 7,026; 
In default: 5,810; 
In foreclosure process: 7,706; 
Completed foreclosure process: 21,342; 
Total: 455,142. 

Cohort year: 2005; 
Prepaid: 264,851; 
Current: 179,972; 
Delinquent: 19,317; 
In default: 20,503; 
In foreclosure process: 31,858; 
Completed foreclosure process: 61,388; 
Total: 577,889. 

Cohort year: 2006; 
Prepaid: 114,076; 
Current: 171,781; 
Delinquent: 25,047; 
In default: 35,300; 
In foreclosure process: 53,030; 
Completed foreclosure process: 77,404; 
Total: 476,638. 

Cohort year: 2007; 
Prepaid: 23,266; 
Current: 88,062; 
Delinquent: 12,767; 
In default: 17,827; 
In foreclosure process: 22,533; 
Completed foreclosure process: 22,060; 
Total: 186,515. 

Cohort year: Total; 
Prepaid: 845,767; 
Current: 539,488; 
Delinquent: 65,081; 
In default: 80,266; 
In foreclosure process: 115,819; 
Completed foreclosure process: 185,902; 
Total: 1,832,323. 

Alt-A: Fixed rate: 

Cohort year: 2000; 
Prepaid: 11,168; 
Current: 1,182; 
Delinquent: 119; 
In default: 52; 
In foreclosure process: 53; 
Completed foreclosure process: 957; 
Total: 13,531. 

Cohort year: 2001; 
Prepaid: 45,838; 
Current: 4,840; 
Delinquent: 455; 
In default: 262; 
In foreclosure process: 149; 
Completed foreclosure process: 2,668; 
Total: 54,212. 

Cohort year: 2002; 
Prepaid: 123,357; 
Current: 23,042; 
Delinquent: 1,442; 
In default: 735; 
In foreclosure process: 610; 
Completed foreclosure process: 6,482; 
Total: 155,668. 

Cohort year: 2003; 
Prepaid: 181,113; 
Current: 110,535; 
Delinquent: 4,041; 
In default: 1,991; 
In foreclosure process: 1,798; 
Completed foreclosure process: 6,454; 
Total: 305,932. 

Cohort year: 2004; 
Prepaid: 167,828; 
Current: 152,619; 
Delinquent: 7,754; 
In default: 4,515; 
In foreclosure process: 4,515; 
Completed foreclosure process: 8,621; 
Total: 345,852. 

Cohort year: 2005; 
Prepaid: 179,441; 
Current: 292,614; 
Delinquent: 20,616; 
In default: 13,862; 
In foreclosure process: 19,612; 
Completed foreclosure process: 25,634; 
Total: 551,779. 

Cohort year: 2006; 
Prepaid: 116,613; 
Current: 248,495; 
Delinquent: 27,959; 
In default: 23,214; 
In foreclosure process: 36,519; 
Completed foreclosure process: 39,745; 
Total: 492,545. 

Cohort year: 2007; 
Prepaid: 25,378; 
Current: 109,407; 
Delinquent: 11,188; 
In default: 10,081; 
In foreclosure process: 13,299; 
Completed foreclosure process: 9,848; 
Total: 179,201. 

Cohort year: Total; 
Prepaid: 850,736; 
Current: 942,734; 
Delinquent: 73,574; 
In default: 54,712; 
In foreclosure process: 76,555; 
Completed foreclosure process: 100,409; 
Total: 2,098,720. 

Alt-A: Payment-option ARM: 

Cohort year: 2000; 
Prepaid: 190; 
Current: 90; 
Delinquent: 5; 
In default: 6; 
In foreclosure process: 2; 
Completed foreclosure process: 9; 
Total: 302. 

Cohort year: 2001; 
Prepaid: 640; 
Current: 28; 
Delinquent: 1; 
In default: 1; 
In foreclosure process: 2; 
Completed foreclosure process: 7; 
Total: 679. 

Cohort year: 2002; 
Prepaid: 4,207; 
Current: 308; 
Delinquent: 11; 
In default: 4; 
In foreclosure process: 9; 
Completed foreclosure process: 22; 
Total: 4,561. 

Cohort year: 2003; 
Prepaid: 6,209; 
Current: 823; 
Delinquent: 96; 
In default: 42; 
In foreclosure process: 87; 
Completed foreclosure process: 89; 
Total: 7,346. 

Cohort year: 2004; 
Prepaid: 94,750; 
Current: 18,188; 
Delinquent: 2,067; 
In default: 2,662; 
In foreclosure process: 2,356; 
Completed foreclosure process: 2,987; 
Total: 123,010. 

Cohort year: 2005; 
Prepaid: 166,771; 
Current: 71,096; 
Delinquent: 10,100; 
In default: 20,243; 
In foreclosure process: 17,707; 
Completed foreclosure process: 23,622; 
Total: 309,539. 

Cohort year: 2006; 
Prepaid: 83,428; 
Current: 111,633; 
Delinquent: 19,723; 
In default: 35,713; 
In foreclosure process: 36,487; 
Completed foreclosure process: 38,627; 
Total: 325,611. 

Cohort year: 2007; 
Prepaid: 7,381; 
Current: 28,351; 
Delinquent: 4,799; 
In default: 6,977; 
In foreclosure process: 7,598; 
Completed foreclosure process: 5,284; 
Total: 60,390. 

Cohort year: Total; 
Prepaid: 363,576; 
Current: 230,517; 
Delinquent: 36,802; 
In default: 65,648; 
In foreclosure process: 64,248; 
Completed foreclosure process: 70,647; 
Total: 831,438. 

Alt-A: Other: 

Cohort year: 2000; 
Prepaid: 398; 
Current: 74; 
Delinquent: 12; 
In default: 4; 
In foreclosure process: 2; 
Completed foreclosure process: 51; 
Total: 541. 

Cohort year: 2001; 
Prepaid: 1,997; 
Current: 141; 
Delinquent: 28; 
In default: 8; 
In foreclosure process: 7; 
Completed foreclosure process: 240; 
Total: 2,421. 

Cohort year: 2002; 
Prepaid: 2,582; 
Current: 225; 
Delinquent: 36; 
In default: 19; 
In foreclosure process: 17; 
Completed foreclosure process: 249; 
Total: 3,128. 

Cohort year: 2003; 
Prepaid: 7,278; 
Current: 1,938; 
Delinquent: 111; 
In default: 72; 
In foreclosure process: 79; 
Completed foreclosure process: 291; 
Total: 9,769. 

Cohort year: 2004; 
Prepaid: 4,125; 
Current: 1,650; 
Delinquent: 74; 
In default: 64; 
In foreclosure process: 63; 
Completed foreclosure process: 158; 
Total: 6,134. 

Cohort year: 2005; 
Prepaid: 482; 
Current: 405; 
Delinquent: 56; 
In default: 59; 
In foreclosure process: 99; 
Completed foreclosure process: 209; 
Total: 1,310. 

Cohort year: 2006; 
Prepaid: 4,958; 
Current: 9,296; 
Delinquent: 1,795; 
In default: 2,464; 
In foreclosure process: 3,693; 
Completed foreclosure process: 3,811; 
Total: 26,017. 

Cohort year: 2007; 
Prepaid: 621; 
Current: 3,415; 
Delinquent: 579; 
In default: 561; 
In foreclosure process: 1,060; 
Completed foreclosure process: 735; 
Total: 6,971. 

Cohort year: Total; 
Prepaid: 22,441; 
Current: 17,144; 
Delinquent: 2,691; 
In default: 3,251; 
In foreclosure process: 5,020; 
Completed foreclosure process: 5,744; 
Total: 56,291. 

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] 

[End of Enclosure I] 

Enclosure II: 

Status of Nonprime Loans Originated from 2004 through 2007 by Year and 
Quarter, as of June 30, 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 June 30, 2009. Tables 4 and 5 
provide information in percentages and total numbers, respectively. 

Table 4: Percentage of Nonprime Loans Originated in 2004 through 2007 
in Different Status Categories as of June 30, 2009: 

2007 Cohort: Subprime: 

Status date: December 31, 2007; 
Prepaid (cumulative): 5%; 
Current: 71%; 
Delinquent: 15%; 
In default: 4%; 
In foreclosure process: 4%; 
Completed foreclosure process (cumulative): 1%; 
Total: 100%. 

Status date: December 31, 2008; 
Prepaid (cumulative): 13%; 
Current: 41%; 
Delinquent: 16%; 
In default: 11%; 
In foreclosure process: 10%; 
Completed foreclosure process (cumulative): 8%; 
Total: 100%. 

Status date: June 30, 2009; 
Prepaid (cumulative): 16%; 
Current: 34%; 
Delinquent: 12%; 
In default: 14%; 
In foreclosure process: 12%; 
Completed foreclosure process (cumulative): 12%; 
Total: 100%. 

2007 Cohort: Alt-A: 

Status date: December 31, 2007; 
Prepaid (cumulative): 5%; 
Current: 87%; 
Delinquent: 5%; 
In default: 1%; 
In foreclosure process: 2%; 
Completed foreclosure process (cumulative): 0%; 
Total: 100%. 

Status date: December 31, 2008; 
Prepaid (cumulative): 11%; 
Current: 63%; 
Delinquent: 8%; 
In default: 6%; 
In foreclosure process: 7%; 
Completed foreclosure process (cumulative): 5%; 
Total: 100%. 

Status date: June 30, 2009; 
Prepaid (cumulative): 13%; 
Current: 53%; 
Delinquent: 7%; 
In default: 8%; 
In foreclosure process: 10%; 
Completed foreclosure process (cumulative): 9%; 
Total: 100%. 

2006 Cohort: Subprime: 

Status date: December 31, 2006; 
Prepaid (cumulative): 7%; 
Current: 78%; 
Delinquent: 11%; 
In default: 2%; 
In foreclosure process: 2%; 
Completed foreclosure process (cumulative): 0%; 
Total: 100%. 

Status date: December 31, 2007; 
Prepaid (cumulative): 18%; 
Current: 50%; 
Delinquent: 13%; 
In default: 6%; 
In foreclosure process: 7%; 
Completed foreclosure process (cumulative): 6%; 
Total: 100%. 

Status date: December 31, 2008; 
Prepaid (cumulative): 25%; 
Current: 28%; 
Delinquent: 11%; 
In default: 9%; 
In foreclosure process: 10%; 
Completed foreclosure process (cumulative): 16%; 
Total: 100%. 

Status date: June 30, 2009; 
Prepaid (cumulative): 27%; 
Current: 24%; 
Delinquent: 9%; 
In default: 10%; 
In foreclosure process: 10%; 
Completed foreclosure process (cumulative): 20%; 
Total: 100%. 

2006 Cohort: Alt-A: 

Status date: December 31, 2006; 
Prepaid (cumulative): 6%; 
Current: 90%; 
Delinquent: 3%; 
In default: 0%; 
In foreclosure process: 0%; 
Completed foreclosure process (cumulative): 0%; 
Total: 100%. 

Status date: December 31, 2007; 
Prepaid (cumulative): 17%; 
Current: 70%; 
Delinquent: 6%; 
In default: 2%; 
In foreclosure process: 3%; 
Completed foreclosure process (cumulative): 2%; 
Total: 100%. 

Status date: December 31, 2008; 
Prepaid (cumulative): 22%; 
Current: 48%; 
Delinquent: 7%; 
In default: 6%; 
In foreclosure process: 8%; 
Completed foreclosure process (cumulative): 8%; 
Total: 100%. 

Status date: June 30, 2009; 
Prepaid (cumulative): 24%; 
Current: 41%; 
Delinquent: 6%; 
In default: 7%; 
In foreclosure process: 10%; 
Completed foreclosure process (cumulative): 12%; 
Total: 100%. 

2005 Cohort: Subprime: 

Status date: December 31, 2005: 
Prepaid (cumulative): 7%; 
Current: 83%; 
Delinquent: 8%; 
In default: 1%; 
In foreclosure process: 1%; 
Completed foreclosure process (cumulative): 0%; 
Total: 100%. 

Status date: December 31, 2006; 
Prepaid (cumulative): 28%; 
Current: 54%; 
Delinquent: 9%; 
In default: 3%; 
In foreclosure process: 3%; 
Completed foreclosure process (cumulative): 3%; 
Total: 100%. 

Status date: December 31, 2007; 
Prepaid (cumulative): 46%; 
Current: 28%; 
Delinquent: 8%; 
In default: 4%; 
In foreclosure process: 5%; 
Completed foreclosure process (cumulative): 8%; 
Total: 100%. 

Status date: December 31, 2008; 
Prepaid (cumulative): 51%; 
Current: 19%; 
Delinquent: 6%; 
In default: 5%; 
In foreclosure process: 5%; 
Completed foreclosure process (cumulative): 15%; 
Total: 100%. 

Status date: June 30, 2009; 
Prepaid (cumulative): 52%; 
Current: 17%; 
Delinquent: 5%; 
In default: 5%; 
In foreclosure process: 5%; 
Completed foreclosure process (cumulative): 17%; 
Total: 100%. 

2006 Cohort: Alt-A: 

Status date: December 31, 2005: 
Prepaid (cumulative): 6%; 
Current: 92%; 
Delinquent: 2%; 
In default: 0%; 
In foreclosure process: 0%; 
Completed foreclosure process (cumulative): 0%; 
Total: 100%. 

Status date: December 31, 2006; 
Prepaid (cumulative): 23%; 
Current: 72%; 
Delinquent: 3%; 
In default: 0%; 
In foreclosure process: 1%; 
Completed foreclosure process (cumulative): 0%; 
Total: 100%. 

Status date: December 31, 2007; 
Prepaid (cumulative): 36%; 
Current: 55%; 
Delinquent: 4%; 
In default: 1%; 
In foreclosure process: 2%; 
Completed foreclosure process (cumulative): 2%; 
Total: 100%. 

Status date: December 31, 2008; 
Prepaid (cumulative): 40%; 
Current: 43%; 
Delinquent: 4%; 
In default: 3%; 
In foreclosure process: 4%; 
Completed foreclosure process (cumulative): 6%; 
Total: 100%. 

Status date: June 30, 2009; 
Prepaid (cumulative): 42%; 
Current: 38%; 
Delinquent: 3%; 
In default: 4%; 
In foreclosure process: 5%; 
Completed foreclosure process (cumulative): 8%; 
Total: 100%. 

2004 Cohort: Subprime: 

Status date: December 31, 2004: 
Prepaid (cumulative): 6%; 
Current: 86%; 
Delinquent: 6%; 
In default: 1%; 
In foreclosure process: 1%; 
Completed foreclosure process (cumulative): 0%; 
Total: 100%. 

Status date: December 31, 2005: 
Prepaid (cumulative): 34%; 
Current: 52%; 
Delinquent: 7%; 
In default: 2%; 
In foreclosure process: 2%; 
Completed foreclosure process (cumulative): 2%; 
Total: 100%. 

Status date: December 31, 2006; 
Prepaid (cumulative): 60%; 
Current: 26%; 
Delinquent: 5%; 
In default: 2%; 
In foreclosure process: 2%; 
Completed foreclosure process (cumulative): 5%; 
Total: 100%. 

Status date: December 31, 2007; 
Prepaid (cumulative): 69%; 
Current: 16%; 
Delinquent: 4%; 
In default: 2%; 
In foreclosure process: 2%; 
Completed foreclosure process (cumulative): 8%; 
Total: 100%. 

Status date: December 31, 2008; 
Prepaid (cumulative): 71%; 
Current: 12%; 
Delinquent: 3%; 
In default: 2%; 
In foreclosure process: 1%; 
Completed foreclosure process (cumulative): 12%; 
Total: 100%. 

Status date: June 30, 2009; 
Prepaid (cumulative): 72%; 
Current: 12%; 
Delinquent: 3%; 
In default: 2%; 
In foreclosure process: 2%; 
Completed foreclosure process (cumulative): 10%; 
Total: 100%. 

2006 Cohort: Alt-A: 

Status date: December 31, 2004: 
Prepaid (cumulative): 5%; 
Current: 93%; 
Delinquent: 2%; 
In default: 0%; 
In foreclosure process: 0%; 
Completed foreclosure process (cumulative): 0%; 
Total: 100%. 

Status date: December 31, 2005: 
Prepaid (cumulative): 28%; 
Current: 69%; 
Delinquent: 2%; 
In default: 0%; 
In foreclosure process: 0%; 
Completed foreclosure process (cumulative): 0%; 
Total: 100%. 

Status date: December 31, 2006; 
Prepaid (cumulative): 47%; 
Current: 50%; 
Delinquent: 2%; 
In default: 0%; 
In foreclosure process: 0%; 
Completed foreclosure process (cumulative): 1%; 
Total: 100%. 

Status date: December 31, 2007; 
Prepaid (cumulative): 58%; 
Current: 37%; 
Delinquent: 2%; 
In default: 1%; 
In foreclosure process: 1%; 
Completed foreclosure process (cumulative): 2%; 
Total: 100%. 

Status date: December 31, 2008; 
Prepaid (cumulative): 62%; 
Current: 30%; 
Delinquent: 2%; 
In default: 1%; 
In foreclosure process: 1%; 
Completed foreclosure process (cumulative): 3%; 
Total: 100%. 

Status date: June 30, 2009; 
Prepaid (cumulative): 64%; 
Current: 28%; 
Delinquent: 2%; 
In default: 1%; 
In foreclosure process: 2%; 
Completed foreclosure process (cumulative): 4%; 
Total: 100%. 

[End of table] 

Source: GAO analysis of LP data. 

Table 5: Number of Nonprime Loans Originated in 2004 through 2007 in 
Different Status Categories as of June 30, 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 III: 

Status of Nonprime Loans Originated from 2000 through 2007 by Census 
Division and State as of June 30, 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 June 30, 2009. Tables 6 and 7 provide information in percentages 
and total numbers, respectively. 

Table 6: Percentage of 2000 through 2007 Nonprime Loans in Different 
Status Categories State and Census division, as of June 30, 2009: 

State: Connecticut; 
Market segment: Subprime; 
Prepaid: 62.93%; 
Current: 14.67%; 
Delinquent: 4.56%; 
In default: 3.91%; 
In foreclosure process: 4.16%; 
Completed foreclosure process: 9.69%; 
Unknown: 0.09%; 
Total: 123,038. 

State: Connecticut; 
Market segment: Alt-A; 
Prepaid: 48.26%; 
Current: 36.79%; 
Delinquent: 4.05%; 
In default: 2.86%; 
In foreclosure process: 4.21%; 
Completed foreclosure process: 3.78%; 
Unknown: 0.06%; 
Total: 44,726. 

State: Maine; 
Market segment: Subprime; 
Prepaid: 64.01%; 
Current: 14.71%; 
Delinquent: 4.39%; 
In default: 3.00%; 
In foreclosure process: 4.84%; 
Completed foreclosure process: 8.96%; 
Unknown: 0.09%; 
Total: 36,309. 

State: Maine; 
Market segment: Alt-A; 
Prepaid: 48.98%; 
Current: 36.40%; 
Delinquent: 3.54%; 
In default: 2.07%; 
In foreclosure process: 5.05%; 
Completed foreclosure process: 3.90%; 
Unknown: 0.05%; 
Total: 9,697. 

State: Massachusetts; 
Market segment: Subprime; 
Prepaid: 67.19%; 
Current: 10.66%; 
Delinquent: 3.49%; 
In default: 4.92%; 
In foreclosure process: 3.13%; 
Completed foreclosure process: 10.45%; 
Unknown: 0.16%; 
Total: 202,214. 

State: Massachusetts; 
Market segment: Alt-A; 
Prepaid: 52.89%; 
Current: 31.27%; 
Delinquent: 3.52%; 
In default: 3.42%; 
In foreclosure process: 3.82%; 
Completed foreclosure process: 4.96%; 
Unknown: 0.12%; 
Total: 85,212. 

State: New Hampshire; 
Market segment: Subprime; 
Prepaid: 62.24%; 
Current: 14.69%; 
Delinquent: 5.11%; 
In default: 4.33%; 
In foreclosure process: 2.06%; 
Completed foreclosure process: 11.51%; 
Unknown: 0.07%; 
Total: 41,429. 

State: New Hampshire; 
Market segment: Alt-A; 
Prepaid: 48.73%; 
Current: 36.28%; 
Delinquent: 3.93%; 
In default: 2.81%; 
In foreclosure process: 1.87%; 
Completed foreclosure process: 6.29%; 
Unknown: 0.10%; 
Total: 15,586. 

State: Rhode Island; 
Market segment: Subprime; 
Prepaid: 70.42%; 
Current: 9.43%; 
Delinquent: 3.10%; 
In default: 2.85%; 
In foreclosure process: 2.40%; 
Completed foreclosure process: 11.61%; 
Unknown: 0.18%; 
Total: 52,814. 

State: Rhode Island; 
Market segment: Alt-A; 
Prepaid: 51.74%; 
Current: 30.08%; 
Delinquent: 3.92%; 
In default: 2.92%; 
In foreclosure process: 3.56%; 
Completed foreclosure process: 7.67%; 
Unknown: 0.10%; 
Total: 15,746. 

State: Vermont; 
Market segment: Subprime; 
Prepaid: 65.86%; 
Current: 15.93%; 
Delinquent: 4.15%; 
In default: 2.99%; 
In foreclosure process: 4.31%; 
Completed foreclosure process: 6.64%; 
Unknown: 0.11%; 
Total: 9,754. 

State: Vermont; 
Market segment: Alt-A; 
Prepaid: 51.93%; 
Current: 37.26%; 
Delinquent: 3.35%; 
In default: 1.79%; 
In foreclosure process: 3.37%; 
Completed foreclosure process: 2.25%; 
Unknown: 0.05%; 
Total: 3,913. 

State: New England; 
Market segment: Subprime; 
Prepaid: 65.71%; 
Current: 12.37%; 
Delinquent: 3.96%; 
In default: 4.18%; 
In foreclosure process: 3.38%; 
Completed foreclosure process: 10.28%; 
Unknown: 0.13%; 
Total: 465,558. 

State: New England; 
Market segment: Alt-A; 
Prepaid: 50.99%; 
Current: 33.44%; 
Delinquent: 3.72%; 
In default: 3.06%; 
In foreclosure process: 3.78%; 
Completed foreclosure process: 4.90%; 
Unknown: 0.09%; 
Total: 174,880. 

State: New Jersey; 
Market segment: Subprime; 
Prepaid: 69.61%; 
Current: 10.20%; 
Delinquent: 3.44%; 
In default: 3.92%; 
In foreclosure process: 5.55%; 
Completed foreclosure process: 7.15%; 
Unknown: 0.13%; 
Total: 264,675. 

State: New Jersey; 
Market segment: Alt-A; 
Prepaid: 52.84%; 
Current: 30.14%; 
Delinquent: 3.57%; 
In default: 3.22%; 
In foreclosure process: 6.78%; 
Completed foreclosure process: 3.35%; 
Unknown: 0.10%; 
Total: 143,696. 

State: New York; 
Market segment: Subprime; 
Prepaid: 59.26%; 
Current: 16.95%; 
Delinquent: 4.71%; 
In default: 5.06%; 
In foreclosure process: 5.94%; 
Completed foreclosure process: 7.99%; 
Unknown: 0.09%; 
Total: 384,847. 

State: New York; 
Market segment: Alt-A; 
Prepaid: 43.17%; 
Current: 39.45%; 
Delinquent: 4.16%; 
In default: 4.67%; 
In foreclosure process: 5.52%; 
Completed foreclosure process: 2.99%; 
Unknown: 0.04%; 
Total: 165,959. 

State: Pennsylvania; 
Market segment: Subprime; 
Prepaid: 53.01%; 
Current: 21.94%; 
Delinquent: 6.21%; 
In default: 5.25%; 
In foreclosure process: 3.63%; 
Completed foreclosure process: 9.90%; 
Unknown: 0.07%; 
Total: 262,666. 

State: Pennsylvania; 
Market segment: Alt-A; 
Prepaid: 44.81%; 
Current: 42.87%; 
Delinquent: 3.73%; 
In default: 2.54%; 
In foreclosure process: 2.74%; 
Completed foreclosure process: 3.25%; 
Unknown: 0.07%; 
Total: 81,596. 

State: Mid Atlantic; 
Market segment: Subprime; 
Prepaid: 60.46%; 
Current: 16.43%; 
Delinquent: 4.77%; 
In default: 4.78%; 
In foreclosure process: 5.16%; 
Completed foreclosure process: 8.30%; 
Unknown: 0.10%; 
Total: 912,188. 

State: Mid Atlantic; 
Market segment: Alt-A; 
Prepaid: 47.06%; 
Current: 36.74%; 
Delinquent: 3.86%; 
In default: 3.69%; 
In foreclosure process: 5.40%; 
Completed foreclosure process: 3.18%; 
Unknown: 0.07%; 
Total: 391,251. 

State: Illinois; 
Market segment: Subprime; 
Prepaid: 63.36%; 
Current: 11.30%; 
Delinquent: 3.84%; 
In default: 4.15%; 
In foreclosure process: 3.95%; 
Completed foreclosure process: 13.26%; 
Unknown: 0.14%; 
Total: 450,107. 

State: Illinois; 
Market segment: Alt-A; 
Prepaid: 52.31%; 
Current: 29.94%; 
Delinquent: 3.34%; 
In default: 3.41%; 
In foreclosure process: 4.91%; 
Completed foreclosure process: 6.02%; 
Unknown: 0.06%; 
Total: 147,516. 

State: Indiana; 
Market segment: Subprime; 
Prepaid: 43.63%; 
Current: 18.32%; 
Delinquent: 5.35%; 
In default: 4.59%; 
In foreclosure process: 4.12%; 
Completed foreclosure process: 23.87%; 
Unknown: 0.12%; 
Total: 176,207. 

State: Indiana; 
Market segment: Alt-A; 
Prepaid: 39.56%; 
Current: 39.43%; 
Delinquent: 3.60%; 
In default: 2.78%; 
In foreclosure process: 4.09%; 
Completed foreclosure process: 10.52%; 
Unknown: 0.02%; 
Total: 38,356. 

State: Michigan; 
Market segment: Subprime; 
Prepaid: 48.97%; 
Current: 12.56%; 
Delinquent: 4.73%; 
In default: 4.82%; 
In foreclosure process: 1.82%; 
Completed foreclosure process: 26.97%; 
Unknown: 0.13%; 
Total: 373,287. 

State: Michigan; 
Market segment: Alt-A; 
Prepaid: 37.59%; 
Current: 37.48%; 
Delinquent: 4.33%; 
In default: 3.41%; 
In foreclosure process: 2.59%; 
Completed foreclosure process: 14.57%; 
Unknown: 0.03%; 
Total: 94,666. 

State: Ohio; 
Market segment: Subprime; 
Prepaid: 45.49%; 
Current: 17.64%; 
Delinquent: 5.02%; 
In default: 4.58%; 
In foreclosure process: 4.31%; 
Completed foreclosure process: 22.84%; 
Unknown: 0.12%; 
Total: 319,380. 

State: Ohio; 
Market segment: Alt-A; 
Prepaid: 36.65%; 
Current: 43.20%; 
Delinquent: 3.76%; 
In default: 2.87%; 
In foreclosure process: 4.29%; 
Completed foreclosure process: 9.19%; 
Unknown: 0.04%; 
Total: 73,562. 

State: Wisconsin; 
Market segment: Subprime; 
Prepaid: 63.70%; 
Current: 11.45%; 
Delinquent: 3.81%; 
In default: 3.34%; 
In foreclosure process: 3.92%; 
Completed foreclosure process: 13.67%; 
Unknown: 0.10%; 
Total: 131,059. 

State: Wisconsin; 
Market segment: Alt-A; 
Prepaid: 48.35%; 
Current: 36.45%; 
Delinquent: 3.41%; 
In default: 2.28%; 
In foreclosure process: 3.88%; 
Completed foreclosure process: 5.59%; 
Unknown: 0.04%; 
Total: 29,600. 

State: East North Central; 
Market segment: Subprime; 
Prepaid: 53.35%; 
Current: 13.89%; 
Delinquent: 4.51%; 
In default: 4.40%; 
In foreclosure process: 3.50%; 
Completed foreclosure process: 20.22%; 
Unknown: 0.13%; 
Total: 1,450,040. 

State: East North Central; 
Market segment: Alt-A; 
Prepaid: 44.10%; 
Current: 35.79%; 
Delinquent: 3.70%; 
In default: 3.16%; 
In foreclosure process: 4.06%; 
Completed foreclosure process: 9.15%; 
Unknown: 0.05%; 
Total: 383,700. 

State: Iowa; 
Market segment: Subprime; 
Prepaid: 57.25%; 
Current: 15.49%; 
Delinquent: 4.32%; 
In default: 2.86%; 
In foreclosure process: 3.31%; 
Completed foreclosure process: 16.68%; 
Unknown: 0.08%; 
Total: 52,626. 

State: Iowa; 
Market segment: Alt-A; 
Prepaid: 44.39%; 
Current: 43.21%; 
Delinquent: 3.13%; 
In default: 1.45%; 
In foreclosure process: 2.46%; 
Completed foreclosure process: 5.34%; 
Unknown: 0.02%; 
Total: 10,534. 

State: Kansas; 
Market segment: Subprime; 
Prepaid: 56.27%; 
Current: 16.81%; 
Delinquent: 4.66%; 
In default: 3.38%; 
In foreclosure process: 2.11%; 
Completed foreclosure process: 16.68%; 
Unknown: 0.09%; 
Total: 49,747. 

State: Kansas; 
Market segment: Alt-A; 
Prepaid: 44.44%; 
Current: 44.50%; 
Delinquent: 2.72%; 
In default: 1.51%; 
In foreclosure process: 1.60%; 
Completed foreclosure process: 5.22%; 
Unknown: 0.01%; 
Total: 16,847. 

State: Minnesota; 
Market segment: Subprime; 
Prepaid: 60.75%; 
Current: 10.67%; 
Delinquent: 3.28%; 
In default: 3.20%; 
In foreclosure process: 2.57%; 
Completed foreclosure process: 19.41%; 
Unknown: 0.13%; 
Total: 162,899. 

State: Minnesota; 
Market segment: Alt-A; 
Prepaid: 38.59%; 
Current: 37.84%; 
Delinquent: 3.79%; 
In default: 3.14%; 
In foreclosure process: 3.77%; 
Completed foreclosure process: 12.83%; 
Unknown: 0.05%; 
Total: 67,315. 

State: Missouri; 
Market segment: Subprime; 
Prepaid: 55.18%; 
Current: 14.14%; 
Delinquent: 4.89%; 
In default: 4.10%; 
In foreclosure process: 1.47%; 
Completed foreclosure process: 0.11%; 
Unknown: 0.11%; 
Total: 180,297. 

State: Missouri; 
Market segment: Alt-A; 
Prepaid: 45.60%; 
Current: 38.83%; 
Delinquent: 3.21%; 
In default: 2.23%; 
In foreclosure process: 1.45%; 
Completed foreclosure process: 8.64%; 
Unknown: 0.05%; 
Total: 48,821. 

State: Nebraska; 
Market segment: Subprime; 
Prepaid: 51.68%; 
Current: 19.84%; 
Delinquent: 5.09%; 
In default: 3.90%; 
In foreclosure process: 2.33%; 
Completed foreclosure process: 17.10%; 
Unknown: 0.07%; 
Total: 29,599. 

State: Nebraska; 
Market segment: Alt-A; 
Prepaid: 41.88%; 
Current: 45.53%; 
Delinquent: 3.08%; 
In default: 2.12%; 
In foreclosure process: 1.66%; 
Completed foreclosure process: 5.74%; 
Unknown: 0.00%; 
Total: 6,987. 

State: North Dakota; 
Market segment: Subprime; 
Prepaid: 60.04%; 
Current: 19.78%; 
Delinquent: 4.79%; 
In default: 3.07%; 
In foreclosure process: 2.40%; 
Completed foreclosure process: 9.90%; 
Unknown: 0.02%; 
Total: 4,464. 

State: North Dakota; 
Market segment: Alt-A; 
Prepaid: 44.63%; 
Current: 46.37%; 
Delinquent: 2.55%; 
In default: 1.19%; 
In foreclosure process: 1.79%; 
Completed foreclosure process: 3.42%; 
Unknown: 0.05%; 
Total: 1,844. 

State: South Dakota; 
Market segment: Subprime; 
Prepaid: 57.63%; 
Current: 17.35%; 
Delinquent: 4.71%; 
In default: 2.81%; 
In foreclosure process: 3.06%; 
Completed foreclosure process: 14.42%; 
Unknown: 0.01%; 
Total: 7,321. 

State: South Dakota; 
Market segment: Alt-A; 
Prepaid: 45.04%; 
Current: 42.85%; 
Delinquent: 2.65%; 
In default: 2.03%; 
In foreclosure process: 2.32%; 
Completed foreclosure process: 5.09%; 
Unknown: 0.04%; 
Total: 2,418. 

State: West North Central; 
Market segment: Subprime; 
Prepaid: 57.25%; 
Current: 13.84%; 
Delinquent: 4.27%; 
In default: 3.55%; 
In foreclosure process: 2.19%; 
Completed foreclosure process: 18.79%; 
Unknown: 0.10%; 
Total: 486,953. 

State: West North Central; 
Market segment: Alt-A; 
Prepaid: 42.15%; 
Current: 39.77%; 
Delinquent: 3.38%; 
In default: 2.47%; 
In foreclosure process: 2.57%; 
Completed foreclosure process: 9.61%; 
Unknown: 0.04%; 
Total: 154,766. 

State: Delaware; 
Market segment: Subprime; 
Prepaid: 60.20%; 
Current: 16.92%; 
Delinquent: 5.41%; 
In default: 4.72%; 
In foreclosure process: 5.06%; 
Completed foreclosure process: 7.62%; 
Unknown: 0.06%; 
Total: 24,643. 

State: Delaware; 
Market segment: Alt-A; 
Prepaid: 47.55%; 
Current: 38.96%; 
Delinquent: 3.67%; 
In default: 2.64%; 
In foreclosure process: 3.81%; 
Completed foreclosure process: 3.31%; 
Unknown: 0.06%; 
Total: 11,752. 

State: District of Columbia; 
Market segment: Subprime; 
Prepaid: 71.05%; 
Current: 10.51%; 
Delinquent: 3.30%; 
In default: 3.89%; 
In foreclosure process: 2.53%; 
Completed foreclosure process: 8.56%; 
Unknown: 0.17%; 
Total: 17,369. 

State: District of Columbia;
Market segment: Alt-A; 
Prepaid: 51.62%; 
Current: 35.67%; 
Delinquent: 3.28%; 
In default: 2.75%; 
In foreclosure process: 2.40%; 
Completed foreclosure process: 4.23%; 
Unknown: 0.05%; 
Total: 15,458. 

State: Florida; 
Market segment: Subprime; 
Prepaid: 56.24%; 
Current: 13.03%; 
Delinquent: 4.07%; 
In default: 4.83%; 
In foreclosure process: 10.45%; 
Completed foreclosure process: 11.31%; 
Unknown: 0.08%; 
Total: 935,137. 

State: Florida; 
Market segment: Alt-A; 
Prepaid: 37.31%; 
Current: 32.21%; 
Delinquent: 3.93%; 
In default: 5.04%; 
In foreclosure process: 14.99%; 
Completed foreclosure process: 6.45%; 
Unknown: 0.07%; 
Total: 528,148. 

State: Georgia; 
Market segment: Subprime; 
Prepaid: 48.93%; 
Current: 15.31%; 
Delinquent: 5.85%; 
In default: 6.31%; 
In foreclosure process: 2.73%; 
Completed foreclosure process: 20.77%; 
Unknown: 0.10%; 
Total: 267,324. 

State: Georgia; 
Market segment: Alt-A; 
Prepaid: 38.79%; 
Current: 40.27%; 
Delinquent: 4.57%; 
In default: 3.36%; 
In foreclosure process: 2.73%; 
Completed foreclosure process: 10.22%; 
Unknown: 0.06%; 
Total: 157,912. 

State: Maryland; 
Market segment: Subprime; 
Prepaid: 70.19%; 
Current: 11.05%; 
Delinquent: 3.86%; 
In default: 4.43%; 
In foreclosure process: 3.06%; 
Completed foreclosure process: 7.30%; 
Unknown: 0.11%; 
Total: 255,100. 

State: Maryland; 
Market segment: Alt-A; 
Prepaid: 49.36%; 
Current: 33.73%; 
Delinquent: 3.94%; 
In default: 4.11%; 
In foreclosure process: 4.40%; 
Completed foreclosure process: 4.37%; 
Unknown: 0.10%; 
Total: 135,828. 

State: North Carolina; 
Market segment: Subprime; 
Prepaid: 53.79%; 
Current: 17.56%; 
Delinquent: 6.22%; 
In default: 5.12%; 
In foreclosure process: 2.04%; 
Completed foreclosure process: 15.17%; 
Unknown: 0.10%; 
Total: 179,429. 

State: North Carolina; 
Market segment: Alt-A; 
Prepaid: 45.86%; 
Current: 40.80%; 
Delinquent: 3.66%; 
In default: 2.53%; 
In foreclosure process: 1.81%; 
Completed foreclosure process: 5.29%; 
Unknown: 0.04%; 
Total: 86,516. 

State: South Carolina; 
Market segment: Subprime; 
Prepaid: 51.05%; 
Current: 18.18%; 
Delinquent: 5.95%; 
In default: 4.19%; 
In foreclosure process: 3.69%; 
Completed foreclosure process: 16.84%; 
Unknown: 0.11%; 
Total: 94,131. 

State: South Carolina; 
Market segment: Alt-A; 
Prepaid: 46.33%; 
Current: 38.42%; 
Delinquent: 3.47%; 
In default: 2.29%; 
In foreclosure process: 3.73%; 
Completed foreclosure process: 5.70%; 
Unknown: 0.06%; 
Total: 48,869. 

State: Virginia; 
Market segment: Subprime; 
Prepaid: 65.27%; 
Current: 13.10%; 
Delinquent: 4.21%; 
In default: 4.19%; 
In foreclosure process: 1.99%; 
Completed foreclosure process: 11.15%; 
Unknown: 0.09%; 
Total: 213,173. 

State: Virginia;
Market segment: Alt-A; 
Prepaid: 44.66%; 
Current: 35.19%; 
Delinquent: 3.44%; 
In default: 3.50%; 
In foreclosure process: 2.93%; 
Completed foreclosure process: 10.18%; 
Unknown: 0.09%; 
Total: 162,456. 

State: West Virginia; 
Market segment: Subprime; 
Prepaid: 53.22%; 
Current: 19.87%; 
Delinquent: 6.48%; 
In default: 4.90%; 
In foreclosure process: 2.39%; 
Completed foreclosure process: 12.97%; 
Unknown: 0.18%; 
Total: 16,904. 

State: West Virginia; 
Market segment: Alt-A; 
Prepaid: 40.10%; 
Current: 40.22%; 
Delinquent: 5.11%; 
In default: 2.89%; 
In foreclosure process: 3.14%; 
Completed foreclosure process: 8.41%; 
Unknown: 0.12%; 
Total: 4,813. 

State: South Atlantic; 
Market segment: Subprime; 
Prepaid: 57.69%; 
Current: 13.82%; 
Delinquent: 4.61%; 
In default: 4.89%; 
In foreclosure process: 6.30%; 
Completed foreclosure process: 12.59%; 
Unknown: 0.09%; 
Total: 2,003,210. 

State: South Atlantic; 
Market segment: Alt-A; 
Prepaid: 41.30%; 
Current: 34.97%; 
Delinquent: 3.90%; 
In default: 4.12%; 
In foreclosure process: 8.56%; 
Completed foreclosure process: 7.08%; 
Unknown: 0.07%; 
Total: 1,151,752. 

State: Alabama; 
Market segment: Subprime; 
Prepaid: 50.02%; 
Current: 19.34%; 
Delinquent: 6.65%; 
In default: 6.39%; 
In foreclosure process: 1.88%; 
Completed foreclosure process: 15.68%; 
Unknown: 0.04%; 
Total: 84,277. 

State: Alabama; 
Market segment: Alt-A; 
Prepaid: 43.98%; 
Current: 41.21%; 
Delinquent: 3.84%; 
In default: 2.53%; 
In foreclosure process: 1.66%; 
Completed foreclosure process: 6.75%; 
Unknown: 0.03%; 
Total: 27,191. 

State: Kentucky; 
Market segment: Subprime; 
Prepaid: 49.53%; 
Current: 18.94%; 
Delinquent: 5.39%; 
In default: 3.96%; 
In foreclosure process: 3.64%; 
Completed foreclosure process: 18.44%; 
Unknown: 0.10%; 
Total: 71,582. 

State: Kentucky; 
Market segment: Alt-A; 
Prepaid: 41.80%; 
Current: 43.09%; 
Delinquent: 3.43%; 
In default: 2.14%; 
In foreclosure process: 2.96%; 
Completed foreclosure process: 6.57%; 
Unknown: 0.02%; 
Total: 18,423. 

State: Mississippi; 
Market segment: Subprime; 
Prepaid: 43.35%; 
Current: 20.94%; 
Delinquent: 7.62%; 
In default: 7.62%; 
In foreclosure process: 2.34%; 
Completed foreclosure process: 18.05%; 
Unknown: 0.08%; 
Total: 52,116. 

State: Mississippi; 
Market segment: Alt-A; 
Prepaid: 41.74%; 
Current: 41.89%; 
Delinquent: 4.42%; 
In default: 2.79%; 
In foreclosure process: 1.94%; 
Completed foreclosure process: 7.18%; 
Unknown: 0.03%; 
Total: 9,374. 

State: Tennessee; 
Market segment: Subprime; 
Prepaid: 46.71%; 
Current: 19.50%; 
Delinquent: 6.36%; 
In default: 6.93%; 
In foreclosure process: 1.77%; 
Completed foreclosure process: 18.65%; 
Unknown: 0.07%; 
Total: 168,260. 

State: Tennessee; 
Market segment: Alt-A; 
Prepaid: 42.00%; 
Current: 43.41%; 
Delinquent: 3.70%; 
In default: 2.54%; 
In foreclosure process: 1.39%; 
Completed foreclosure process: 6.94%; 
Unknown: 0.02%; 
Total: 46,029. 

State: East South Central; 
Market segment: Subprime; 
Prepaid: 47.52%; 
Current: 19.56%; 
Delinquent: 6.41%; 
In default: 6.34%; 
In foreclosure process: 2.23%; 
Completed foreclosure process: 17.86%; 
Unknown: 0.07%; 
Total: 376,235. 

State: East South Central; 
Market segment: Alt-A; 
Prepaid: 42.47%; 
Current: 42.62%; 
Delinquent: 3.75%; 
In default: 2.49%; 
In foreclosure process: 1.80%; 
Completed foreclosure process: 6.84%; 
Unknown: 0.02%; 
Total: 101,017. 

State: Arkansas; 
Market segment: Subprime; 
Prepaid: 47.12%; 
Current: 23.65%; 
Delinquent: 6.53%; 
In default: 5.31%; 
In foreclosure process: 2.05%; 
Completed foreclosure process: 15.31%; 
Unknown: 0.03%; 
Total: 37,683. 

State: Arkansas; 
Market segment: Alt-A; 
Prepaid: 38.59%; 
Current: 47.16%; 
Delinquent: 3.30%; 
In default: 2.39%; 
In foreclosure process: 1.68%; 
Completed foreclosure process: 6.89%; 
Unknown: 0.00%; 
Total: 11,341. 

State: Louisiana; 
Market segment: Subprime; 
Prepaid: 52.49%; 
Current: 21.54%; 
Delinquent: 6.42%; 
In default: 5.08%; 
In foreclosure process: 3.25%; 
Completed foreclosure process: 11.12%; 
Unknown: 0.10%; 
Total: 89,804. 

State: Louisiana; 
Market segment: Alt-A; 
Prepaid: 47.34%; 
Current: 40.58%; 
Delinquent: 3.55%; 
In default: 2.09%; 
In foreclosure process: 2.50%; 
Completed foreclosure process: 3.91%; 
Unknown: 0.03%; 
Total: 19,371. 

State: Oklahoma; 
Market segment: Subprime; 
Prepaid: 45.32%; 
Current: 23.79%; 
Delinquent: 5.69%; 
In default: 3.76%; 
In foreclosure process: 3.54%; 
Completed foreclosure process: 17.85%; 
Unknown: 0.05%; 
Total: 66,156. 

State: Oklahoma; 
Market segment: Alt-A; 
Prepaid: 37.99%; 
Current: 49.96%; 
Delinquent: 2.95%; 
In default: 1.46%; 
In foreclosure process: 2.39%; 
Completed foreclosure process: 5.23%; 
Unknown: 0.01%; 
Total: 18,229. 

State: Texas; 
Market segment: Subprime; 
Prepaid: 41.67%; 
Current: 28.45%; 
Delinquent: 7.27%; 
In default: 5.05%; 
In foreclosure process: 2.18%; 
Completed foreclosure process: 15.35%; 
Unknown: 0.04%; 
Total: 569,956. 

State: Texas; 
Market segment: Alt-A; 
Prepaid: 37.42%; 
Current: 48.73%; 
Delinquent: 3.30%; 
In default: 2.01%; 
In foreclosure process: 1.35%; 
Completed foreclosure process: 7.18%; 
Unknown: 0.02%; 
Total: 185,902. 

State: West South Central; 
Market segment: Subprime; 
Prepaid: 43.53%; 
Current: 26.99%; 
Delinquent: 6.99%; 
In default: 4.95%; 
In foreclosure process: 2.41%; 
Completed foreclosure process: 15.07%; 
Unknown: 0.05%; 
Total: 763,599. 

State: West South Central;
Market segment: Alt-A; 
Prepaid: 38.34%; 
Current: 48.08%; 
Delinquent: 3.29%; 
In default: 1.99%; 
In foreclosure process: 1.54%; 
Completed foreclosure process: 6.74%; 
Unknown: 0.02%; 
Total: 234,843. 

State: Arizona; 
Market segment: Subprime; 
Prepaid: 61.22%; 
Current: 11.28%; 
Delinquent: 3.48%; 
In default: 4.78%; 
In foreclosure process: 3.76%; 
Completed foreclosure process: 15.39%; 
Unknown: 0.08%; 
Total: 300,651. 

State: Arizona; 
Market segment: Alt-A; 
Prepaid: 46.70%; 
Current: 30.78%; 
Delinquent: 3.39%; 
In default: 3.73%; 
In foreclosure process: 3.12%; 
Completed foreclosure process: 10.84%; 
Unknown: 0.06%; 
Total: 233,384. 

State: Colorado; 
Market segment: Subprime; 
Prepaid: 55.20%; 
Current: 14.03%; 
Delinquent: 3.44%; 
In default: 3.12%; 
In foreclosure process: 2.34%; 
Completed foreclosure process: 21.78%; 
Unknown: 0.09%; 
Total: 188,746. 

State: Colorado; 
Market segment: Alt-A; 
Prepaid: 46.48%; 
Current: 38.85%; 
Delinquent: 2.63%; 
In default: 1.90%; 
In foreclosure process: 2.26%; 
Completed foreclosure process: 7.84%; 
Unknown: 0.04%; 
Total: 138,461. 

State: Idaho; 
Market segment: Subprime; 
Prepaid: 61.54%; 
Current: 14.77%; 
Delinquent: 4.20%; 
In default: 4.02%; 
In foreclosure process: 3.40%; 
Completed foreclosure process: 12.01%; 
Unknown: 0.04%; 
Total: 38,244. 

State: Idaho; 
Market segment: Alt-A; 
Prepaid: 47.94%; 
Current: 37.41%; 
Delinquent: 3.09%; 
In default: 2.61%; 
In foreclosure process: 3.90%; 
Completed foreclosure process: 5.03%; 
Unknown: 0.03%; 
Total: 31,987. 

State: Montana; 
Market segment: Subprime; 
Prepaid: 64.48%; 
Current: 15.06%; 
Delinquent: 3.91%; 
In default: 3.71%; 
In foreclosure process: 2.69%; 
Completed foreclosure process: 10.13%; 
Unknown: 0.02%; 
Total: 12,971. 

State: Montana; 
Market segment: Alt-A; 
Prepaid: 53.74%; 
Current: 37.09%; 
Delinquent: 2.58%; 
In default: 1.86%; 
In foreclosure process: 2.02%; 
Completed foreclosure process: 2.70%; 
Unknown: 0.00%; 
Total: 8,848. 

State: Nevada; 
Market segment: Subprime; 
Prepaid: 57.90%; 
Current: 10.47%; 
Delinquent: 3.19%; 
In default: 5.41%; 
In foreclosure process: 4.60%; 
Completed foreclosure process: 18.36%; 
Unknown: 0.07%; 
Total: 152,571. 

State: Nevada; 
Market segment: Alt-A; 
Prepaid: 37.47%; 
Current: 30.49%; 
Delinquent: 4.17%; 
In default: 6.30%; 
In foreclosure process: 7.16%; 
Completed foreclosure process: 14.36%; 
Unknown: 0.05%; 
Total: 152,067. 

State: New Mexico; 
Market segment: Subprime; 
Prepaid: 64.51%; 
Current: 15.09%; 
Delinquent: 4.12%; 
In default: 2.81%; 
In foreclosure process: 2.74%; 
Completed foreclosure process: 10.60%; 
Unknown: 0.12%; 
Total: 40,487. 

State: New Mexico; 
Market segment: Alt-A; 
Prepaid: 50.82%; 
Current: 38.34%; 
Delinquent: 2.69%; 
In default: 1.66%; 
In foreclosure process: 3.30%; 
Completed foreclosure process: 3.13%; 
Unknown: 0.06%; 
Total: 22,322. 

State: Utah; 
Market segment: Subprime; 
Prepaid: 66.35%; 
Current: 11.77%; 
Delinquent: 3.46%; 
In default: 3.15%; 
In foreclosure process: 2.40%; 
Completed foreclosure process: 12.80%; 
Unknown: 0.07%; 
Total: 80,321. 

State: Utah; 
Market segment: Alt-A; 
Prepaid: 55.47%; 
Current: 31.60%; 
Delinquent: 2.59%; 
In default: 2.08%; 
In foreclosure process: 2.88%; 
Completed foreclosure process: 5.34%; 
Unknown: 0.04%; 
Total: 56,951. 

State: Wyoming; 
Market segment: Subprime; 
Prepaid: 65.73%; 
Current: 17.40%; 
Delinquent: 4.25%; 
In default: 2.96%; 
In foreclosure process: 1.44%; 
Completed foreclosure process: 8.21%; 
Unknown: 0.02%; 
Total: 9,745. 

State: Wyoming; 
Market segment: Alt-A; 
Prepaid: 55.57%; 
Current: 38.10%; 
Delinquent: 2.13%; 
In default: 1.24%; 
In foreclosure process: 0.75%; 
Completed foreclosure process: 2.21%; 
Unknown: 0.00%; 
Total: 4,517. 

State: Mountain; 
Market segment: Subprime; 
Prepaid: 60.01%; 
Current: 12.29%; 
Delinquent: 3.49%; 
In default: 4.19%; 
In foreclosure process: 3.35%; 
Completed foreclosure process: 16.59%; 
Unknown: 0.08%; 
Total: 823,736. 

State: Mountain; 
Market segment: Alt-A; 
Prepaid: 45.62%; 
Current: 33.23%; 
Delinquent: 3.28%; 
In default: 3.63%; 
In foreclosure process: 4.37%; 
Completed foreclosure process: 9.82%; 
Unknown: 0.05%; 
Total: 648,537. 

State: Alaska; 
Market segment: Subprime; 
Prepaid: 63.45%; 
Current: 16.79%; 
Delinquent: 4.54%; 
In default: 3.73%; 
In foreclosure process: 2.24%; 
Completed foreclosure process: 9.23%; 
Unknown: 0.02%; 
Total: 9,433. 

State: Alaska; 
Market segment: Alt-A; 
Prepaid: 47.68%; 
Current: 41.99%; 
Delinquent: 2.90%; 
In default: 1.73%; 
In foreclosure process: 1.70%; 
Completed foreclosure process: 4.01%; 
Unknown: 0.00%; 
Total: 3,937. 

State: California; 
Market segment: Subprime; 
Prepaid: 67.39%; 
Current: 9.34%; 
Delinquent: 2.40%; 
In default: 3.78%; 
In foreclosure process: 3.21%; 
Completed foreclosure process: 13.76%; 
Unknown: 0.12%; 
Total: 1,745,440. 

State: California; 
Market segment: Alt-A; 
Prepaid: 48.43%; 
Current: 29.68%; 
Delinquent: 3.37%; 
In default: 5.46%; 
In foreclosure process: 4.85%; 
Completed foreclosure process: 8.18%; 
Unknown: 0.03%; 
Total: 1,530,336. 

State: Hawaii; 
Market segment: Subprime; 
Prepaid: 65.82%; 
Current: 17.60%; 
Delinquent: 3.35%; 
In default: 3.66%; 
In foreclosure process: 4.59%; 
Completed foreclosure process: 4.91%; 
Unknown: 0.07%; 
Total: 42,053. 

State: Hawaii; 
Market segment: Alt-A; 
Prepaid: 48.67%; 
Current: 38.89%; 
Delinquent: 3.12%; 
In default: 2.90%; 
In foreclosure process: 4.42%; 
Completed foreclosure process: 1.97%; 
Unknown: 0.04%; 
Total: 28,459. 

State: Oregon; 
Market segment: Subprime; 
Prepaid: 63.72%; 
Current: 15.09%; 
Delinquent: 3.67%; 
In default: 3.77%; 
In foreclosure process: 3.17%; 
Completed foreclosure process: 10.51%; 
Unknown: 0.06%; 
Total: 106,917. 

State: Oregon; 
Market segment: Alt-A; 
Prepaid: 49.73%; 
Current: 38.12%; 
Delinquent: 2.79%; 
In default: 2.50%; 
In foreclosure process: 2.80%; 
Completed foreclosure process: 4.03%; 
Unknown: 0.03%; 
Total: 78,473. 

State: Washington; 
Market segment: Subprime; 
Prepaid: 65.58%; 
Current: 13.79%; 
Delinquent: 3.62%; 
In default: 3.85%; 
In foreclosure process: 2.96%; 
Completed foreclosure process: 10.15%; 
Unknown: 0.05%; 
Total: 204,684. 

State: Washington; 
Market segment: Alt-A; 
Prepaid: 50.95%; 
Current: 37.49%; 
Delinquent: 2.99%; 
In default: 2.47%; 
In foreclosure process: 2.86%; 
Completed foreclosure process: 3.22%; 
Unknown: 0.03%; 
Total: 144,133. 

State: Pacific; 
Market segment: Subprime; 
Prepaid: 66.98%; 
Current: 10.26%; 
Delinquent: 2.61%; 
In default: 3.78%; 
In foreclosure process: 3.21%; 
Completed foreclosure process: 13.05%; 
Unknown: 0.11%; 
Total: 2,108,527. 

State: Pacific; 
Market segment: Alt-A; 
Prepaid: 48.69%; 
Current: 30.85%; 
Delinquent: 3.31%; 
In default: 5.04%; 
In foreclosure process: 4.59%; 
Completed foreclosure process: 7.49%; 
Unknown: 0.03%; 
Total: 1,785,338. 

State: United States; 
Market segment: Subprime; 
Prepaid: 58.39%; 
Current: 14.38%; 
Delinquent: 4.28%; 
In default: 4.45%; 
In foreclosure process: 3.97%; 
Completed foreclosure process: 14.43%; 
Unknown: 0.10%; 
Total: 9,390,046. 

State: United States; 
Market segment: Alt-A; 
Prepaid: 45.39%; 
Current: 34.34%; 
Delinquent: 3.54%; 
In default: 4.05%; 
In foreclosure process: 5.20%; 
Completed foreclosure process: 7.41%; 
Unknown: 0.05%; 
Total: 5,026,084. 

State: United States; 
Total Nonprime; 
Prepaid: 53.86%; 
Current: 21.34%; 
Delinquent: 4.02%; 
In default: 4.31%; 
In foreclosure process: 4.40%; 
Completed foreclosure process: 11.98%; 
Unknown: 0.08%; 
Total: 14,416,130. 

Source: GAO analysis of LP data. 

Note: Some data were insufficient to classify loans into a status 
category but these "unknown" loans are included in the total number of 
loans. This table does not include data for Guam, Puerto Rico, and the 
Virgin Islands. 

[End of table] 

Table 7: Number of 2000 through 2007 Nonprime Loans in Different Status 
Categories by Census Division and State, as of June 30, 2009: 

State: Connecticut; 
Market segment: Subprime; 
Prepaid: 77,422; 
Current: 18,054; 
Delinquent: 5,608; 
In default: 4,806; 
In foreclosure process: 5,124; 
Completed foreclosure process: 11,918; 
Unknown: 106; 
Total: 123,038. 

State: Connecticut; 
Market segment: Alt-A; 
Prepaid: 21,585; 
Current: 16,455; 
Delinquent: 1,811; 
In default: 1,278; 
In foreclosure process: 1,881; 
Completed foreclosure process: 1,690; 
Unknown: 26; 
Total: 44,726. 

State: Maine; 
Market segment: Subprime; 
Prepaid: 23,243; 
Current: 5,341; 
Delinquent: 1,593; 
In default: 1,089; 
In foreclosure process: 1,758; 
Completed foreclosure process: 3,253; 
Unknown: 32; 
Total: 36,309. 

State: Maine; 
Market segment: Alt-A; 
Prepaid: 4,750; 
Current: 3,530; 
Delinquent: 343; 
In default: 201; 
In foreclosure process: 490; 
Completed foreclosure process: 378; 
Unknown: 5; 
Total: 9,697. 

State: Massachusetts; 
Market segment: Subprime; 
Prepaid: 135,866; 
Current: 21,560; 
Delinquent: 7,065; 
In default: 9,953; 
In foreclosure process: 6,325; 
Completed foreclosure process: 21,128; 
Unknown: 317; 
Total: 202,214. 

State: Massachusetts; 
Market segment: Alt-A; 
Prepaid: 45,071; 
Current: 26,645; 
Delinquent: 2,996; 
In default: 2,912; 
In foreclosure process: 3,259; 
Completed foreclosure process: 4,229; 
Unknown: 100; 
Total: 85,212. 

State: New Hampshire; 
Market segment: Subprime; 
Prepaid: 25,785; 
Current: 6,085; 
Delinquent: 2,115; 
In default: 1,793; 
In foreclosure process: 855; 
Completed foreclosure process: 4,769; 
Unknown: 27; 
Total: 41,429. 

State: New Hampshire; 
Market segment: Alt-A; 
Prepaid: 7,595; 
Current: 5,654; 
Delinquent: 613; 
In default: 438; 
In foreclosure process: 291; 
Completed foreclosure process: 980; 
Unknown: 15; 
Total: 15,586. 

State: Rhode Island; 
Market segment: Subprime; 
Prepaid: 37,192; 
Current: 4,979; 
Delinquent: 1,639; 
In default: 1,507; 
In foreclosure process: 1,269; 
Completed foreclosure process: 6,134; 
Unknown: 94; 
Total: 52,814. 

State: Rhode Island; 
Market segment: Alt-A; 
Prepaid: 8,147; 
Current: 4,737; 
Delinquent: 618; 
In default: 460; 
In foreclosure process: 561; 
Completed foreclosure process: 1,207; 
Unknown: 16; 
Total: 15,746. 

State: Vermont; 
Market segment: Subprime; 
Prepaid: 6,424; 
Current: 1,554; 
Delinquent: 405; 
In default: 292; 
In foreclosure process: 420; 
Completed foreclosure process: 648; 
Unknown: 11; 
Total: 9,754. 

State: Vermont; 
Market segment: Alt-A; 
Prepaid: 2,032; 
Current: 1,458; 
Delinquent: 131; 
In default: 70; 
In foreclosure process: 132; 
Completed foreclosure process: 88; 
Unknown: 2; 
Total: 3,913. 

State: New England; 
Market segment: Subprime; 
Prepaid: 305,932; 
Current: 57,573; 
Delinquent: 18,425; 
In default: 19,440; 
In foreclosure process: 15,751; 
Completed foreclosure process: 47,850; 
Unknown: 587; 
Total: 465,558. 

State: New England; 
Market segment: Alt-A; 
Prepaid: 89,180; 
Current: 58,479; 
Delinquent: 6,512; 
In default: 5,359; 
In foreclosure process: 6,614; 
Completed foreclosure process: 8,572; 
Unknown: 164; 
Total: 174,880. 

State: New Jersey; 
Market segment: Subprime; 
Prepaid: 184,231; 
Current: 27,004; 
Delinquent: 9,100; 
In default: 10,376; 
In foreclosure process: 14,702; 
Completed foreclosure process: 18,912; 
Unknown: 350; 
Total: 264,675. 

State: New Jersey; 
Market segment: Alt-A; 
Prepaid: 75,925; 
Current: 43,311; 
Delinquent: 5,134; 
In default: 4,634; 
In foreclosure process: 9,737; 
Completed foreclosure process: 4,818; 
Unknown: 137; 
Total: 143,696. 

State: New York; 
Market segment: Subprime; 
Prepaid: 228,070; 
Current: 65,232; 
Delinquent: 18,120; 
In default: 19,475; 
In foreclosure process: 22,856; 
Completed foreclosure process: 30,752; 
Unknown: 342; 
Total: 384,847. 

State: New York; 
Market segment: Alt-A; 
Prepaid: 71,643; 
Current: 65,464; 
Delinquent: 6,910; 
In default: 7,745; 
In foreclosure process: 9,163; 
Completed foreclosure process: 4,963; 
Unknown: 71; 
Total: 165,959. 

State: Pennsylvania; 
Market segment: Subprime; 
Prepaid: 139,227; 
Current: 57,617; 
Delinquent: 16,311; 
In default: 13,780; 
In foreclosure process: 9,522; 
Completed foreclosure process: 26,015; 
Unknown: 194; 
Total: 262,666. 

State: Pennsylvania; 
Market segment: Alt-A; 
Prepaid: 36,561; 
Current: 34,977; 
Delinquent: 3,047; 
In default: 2,070; 
In foreclosure process: 2,239; 
Completed foreclosure process: 2,648; 
Unknown: 54; 
Total: 81,596. 

State: Mid Atlantic; 
Market segment: Subprime; 
Prepaid: 551,528; 
Current: 149,853; 
Delinquent: 43,531; 
In default: 43,631; 
In foreclosure process: 47,080; 
Completed foreclosure process: 75,679; 
Unknown: 886; 
Total: 912,188. 

State: Mid Atlantic; 
Market segment: Alt-A; 
Prepaid: 184,129; 
Current: 143,752; 
Delinquent: 15,091; 
In default: 14,449; 
In foreclosure process: 21,139; 
Completed foreclosure process: 12,429; 
Unknown: 262; 
Total: 391,251. 

State: Illinois; 
Market segment: Subprime; 
Prepaid: 285,197; 
Current: 50,873; 
Delinquent: 17,279; 
In default: 18,687; 
In foreclosure process: 17,767; 
Completed foreclosure process: 59,676; 
Unknown: 628; 
Total: 450,107. 

State: Illinois; 
Market segment: Alt-A; 
Prepaid: 77,168; 
Current: 44,165; 
Delinquent: 4,929; 
In default: 5,035; 
In foreclosure process: 7,245; 
Completed foreclosure process: 8,885; 
Unknown: 89; 
Total: 147,516. 

State: Indiana; 
Market segment: Subprime; 
Prepaid: 76,880; 
Current: 32,273; 
Delinquent: 9,431; 
In default: 8,089; 
In foreclosure process: 7,260; 
Completed foreclosure process: 42,066; 
Unknown: 208; 
Total: 176,207. 

State: Indiana;
Market segment: Alt-A; 
Prepaid: 15,175; 
Current: 15,122; 
Delinquent: 1,380; 
In default: 1,065; 
In foreclosure process: 1,570; 
Completed foreclosure process: 4,035; 
Unknown: 9; 
Total: 38,356. 

State: Michigan; 
Market segment: Subprime; 
Prepaid: 182,786; 
Current: 46,901; 
Delinquent: 17,668; 
In default: 17,989; 
In foreclosure process: 6,799; 
Completed foreclosure process: 100,669; 
Unknown: 475; 
Total: 373,287. 

State: Michigan; 
Market segment: Alt-A; 
Prepaid: 35,589; 
Current: 35,478; 
Delinquent: 4,096; 
In default: 3,229; 
In foreclosure process: 2,448; 
Completed foreclosure process: 13,793; 
Unknown: 33; 
Total: 94,666. 

State: Ohio; 
Market segment: Subprime; 
Prepaid: 145,272; 
Current: 56,344; 
Delinquent: 16,025; 
In default: 14,626; 
In foreclosure process: 13,781; 
Completed foreclosure process: 72,944; 
Unknown: 388; 
Total: 319,380. 

State: Ohio; 
Market segment: Alt-A; 
Prepaid: 26,962; 
Current: 31,776; 
Delinquent: 2,769; 
In default: 2,114; 
In foreclosure process: 3,154; 
Completed foreclosure process: 6,757; 
Unknown: 30; 
Total: 73,562. 

State: Wisconsin; 
Market segment: Subprime; 
Prepaid: 83,480; 
Current: 15,012; 
Delinquent: 4,992; 
In default: 4,383; 
In foreclosure process: 5,143; 
Completed foreclosure process: 17,913; 
Unknown: 136; 
Total: 131,059. 

State: Wisconsin; 
Market segment: Alt-A; 
Prepaid: 14,311; 
Current: 10,790; 
Delinquent: 1,010; 
In default: 674; 
In foreclosure process: 1,149; 
Completed foreclosure process: 1,654; 
Unknown: 12; 
Total: 29,600. 

State: East North Central; 
Market segment: Subprime; 
Prepaid: 773,615; 
Current: 201,403; 
Delinquent: 65,395; 
In default: 63,774; 
In foreclosure process: 50,750; 
Completed foreclosure process: 293,268; 
Unknown: 1,835; 
Total: 1,450,040. 

State: East North Central; 
Market segment: Alt-A; 
Prepaid: 169,205; 
Current: 137,331; 
Delinquent: 14,184; 
In default: 12,117; 
In foreclosure process: 15,566; 
Completed foreclosure process: 35,124; 
Unknown: 173; 
Total: 383,700. 

State: Iowa; 
Market segment: Subprime; 
Prepaid: 30,130; 
Current: 8,151; 
Delinquent: 2,275; 
In default: 1,505; 
In foreclosure process: 1,742; 
Completed foreclosure process: 8,780; 
Unknown: 43; 
Total: 52,626. 

State: Iowa; 
Market segment: Alt-A; 
Prepaid: 4,676; 
Current: 4,552; 
Delinquent: 330; 
In default: 153; 
In foreclosure process: 259; 
Completed foreclosure process: 562; 
Unknown: 2; 
Total: 10,534. 

State: Kansas; 
Market segment: Subprime; 
Prepaid: 27,994; 
Current: 8,361; 
Delinquent: 2,320; 
In default: 1,680; 
In foreclosure process: 1,051; 
Completed foreclosure process: 8,298; 
Unknown: 43; 
Total: 49,747. 

State: Kansas; 
Market segment: Alt-A; 
Prepaid: 7,487; 
Current: 7,497; 
Delinquent: 459; 
In default: 254; 
In foreclosure process: 269; 
Completed foreclosure process: 879; 
Unknown: 2; 
Total: 16,847. 

State: Minnesota; 
Market segment: Subprime; 
Prepaid: 98,957; 
Current: 17,374; 
Delinquent: 5,337; 
In default: 5,218; 
In foreclosure process: 4,185; 
Completed foreclosure process: 31,622; 
Unknown: 206; 
Total: 162,899. 

State: Minnesota; 
Market segment: Alt-A; 
Prepaid: 25,976; 
Current: 25,470; 
Delinquent: 2,548; 
In default: 2,115; 
In foreclosure process: 2,540; 
Completed foreclosure process: 8,634; 
Unknown: 32; 
Total: 67,315. 

State: Missouri; 
Market segment: Subprime; 
Prepaid: 99,485; 
Current: 25,495; 
Delinquent: 8,814; 
In default: 7,399; 
In foreclosure process: 2,654; 
Completed foreclosure process: 36,259; 
Unknown: 191; 
Total: 180,297. 

State: Missouri; 
Market segment: Alt-A; 
Prepaid: 22,260; 
Current: 18,959; 
Delinquent: 1,568; 
In default: 1,089; 
In foreclosure process: 706; 
Completed foreclosure process: 4,217; 
Unknown: 22; 
Total: 48,821. 

State: Nebraska; 
Market segment: Subprime; 
Prepaid: 15,298; 
Current: 5,873; 
Delinquent: 1,506; 
In default: 1,153; 
In foreclosure process: 689; 
Completed foreclosure process: 5,060; 
Unknown: 20; 
Total: 29,599. 

State: Nebraska; 
Market segment: Alt-A; 
Prepaid: 2,926; 
Current: 3,181; 
Delinquent: 215; 
In default: 148; 
In foreclosure process: 116; 
Completed foreclosure process: 401; 
Unknown: 0; 
Total: 6,987. 

State: North Dakota; 
Market segment: Subprime; 
Prepaid: 2,680; 
Current: 883; 
Delinquent: 214; 
In default: 137; 
In foreclosure process: 107; 
Completed foreclosure process: 442; 
Unknown: 1; 
Total: 4,464. 

State: North Dakota; 
Market segment: Alt-A; 
Prepaid: 823; 
Current: 855; 
Delinquent: 47; 
In default: 22; 
In foreclosure process: 33; 
Completed foreclosure process: 63; 
Unknown: 1; 
Total: 1,844. 

State: South Dakota; 
Market segment: Subprime; 
Prepaid: 4,219; 
Current: 1,270; 
Delinquent: 345; 
In default: 206; 
In foreclosure process: 224; 
Completed foreclosure process: 1,056; 
Unknown: 1; 
Total: 7,321. 

State: South Dakota; 
Market segment: Alt-A; 
Prepaid: 1,089; 
Current: 1,036; 
Delinquent: 64; 
In default: 49; 
In foreclosure process: 56; 
Completed foreclosure process: 123; 
Unknown: 1; 
Total: 2,418. 

State: West North Central; 
Market segment: Subprime; 
Prepaid: 278,763; 
Current: 67,407; 
Delinquent: 20,811; 
In default: 17,298; 
In foreclosure process: 10,652; 
Completed foreclosure process: 91,517; 
Unknown: 505; 
Total: 486,953. 

State: West North Central; 
Market segment: Alt-A; 
Prepaid: 65,237; 
Current: 61,550; 
Delinquent: 5,231; 
In default: 3,830; 
In foreclosure process: 3,979; 
Completed foreclosure process: 14,879; 
Unknown: 60; 
Total: 154,766. 

State: Delaware; 
Market segment: Subprime; 
Prepaid: 14,836; 
Current: 4,170; 
Delinquent: 1,333; 
In default: 1,163; 
In foreclosure process: 1,246; 
Completed foreclosure process: 1,879; 
Unknown: 16; 
Total: 24,643. 

State: Delaware; 
Market segment: Alt-A; 
Prepaid: 5,588; 
Current: 4,579; 
Delinquent: 431; 
In default: 310; 
In foreclosure process: 448; 
Completed foreclosure process: 389; 
Unknown: 7; 
Total: 11,752. 

State: District of Columbia; 
Market segment: Subprime; 
Prepaid: 12,340; 
Current: 1,826; 
Delinquent: 573; 
In default: 676; 
In foreclosure process: 439; 
Completed foreclosure process: 1,486; 
Unknown: 29; 
Total: 17,369. 

State: District of Columbia; 
Market segment: Alt-A; 
Prepaid: 7,979; 
Current: 5,514; 
Delinquent: 507; 
In default: 425; 
In foreclosure process: 371; 
Completed foreclosure process: 654; 
Unknown: 8; 
Total: 15,458. 

State: Florida; 
Market segment: Subprime; 
Prepaid: 525,935; 
Current: 121,841; 
Delinquent: 38,065; 
In default: 45,142; 
In foreclosure process: 97,683; 
Completed foreclosure process: 105,722; 
Unknown: 749; 
Total: 935,137. 

State: Florida; 
Market segment: Alt-A; 
Prepaid: 197,050; 
Current: 170,109; 
Delinquent: 20,746; 
In default: 26,634; 
In foreclosure process: 79,149; 
Completed foreclosure process: 34,088; 
Unknown: 372; 
Total: 528,148. 

State: Georgia; 
Market segment: Subprime; 
Prepaid: 130,795; 
Current: 40,930; 
Delinquent: 15,643; 
In default: 16,876; 
In foreclosure process: 7,285; 
Completed foreclosure process: 55,516; 
Unknown: 279; 
Total: 267,324. 

State: Georgia; 
Market segment: Alt-A; 
Prepaid: 61,260; 
Current: 63,589; 
Delinquent: 7,219; 
In default: 5,308; 
In foreclosure process: 4,312; 
Completed foreclosure process: 16,134; 
Unknown: 90; 
Total: 157,912. 

State: Maryland; 
Market segment: Subprime; 
Prepaid: 179,054; 
Current: 28,200; 
Delinquent: 9,846; 
In default: 11,301; 
In foreclosure process: 7,802; 
Completed foreclosure process: 18,613; 
Unknown: 284; 
Total: 255,100. 

State: Maryland; 
Market segment: Alt-A; 
Prepaid: 67,038; 
Current: 45,811; 
Delinquent: 5,357; 
In default: 5,583; 
In foreclosure process: 5,979; 
Completed foreclosure process: 5,930; 
Unknown: 130; 
Total: 135,828. 

State: North Carolina; 
Market segment: Subprime; 
Prepaid: 96,509; 
Current: 31,510; 
Delinquent: 11,162; 
In default: 9,181; 
In foreclosure process: 3,658; 
Completed foreclosure process: 27,228; 
Unknown: 181; 
Total: 179,429. 

State: North Carolina; 
Market segment: Alt-A; 
Prepaid: 39,678; 
Current: 35,302; 
Delinquent: 3,169; 
In default: 2,191; 
In foreclosure process: 1,565; 
Completed foreclosure process: 4,575; 
Unknown: 36; 
Total: 86,516. 

State: South Carolina; 
Market segment: Subprime; 
Prepaid: 48,052; 
Current: 17,109; 
Delinquent: 5,598; 
In default: 3,941; 
In foreclosure process: 3,478; 
Completed foreclosure process: 15,854; 
Unknown: 99; 
Total: 94,131. 

State: South Carolina; 
Market segment: Alt-A; 
Prepaid: 22,642; 
Current: 18,777; 
Delinquent: 1,694; 
In default: 1,119; 
In foreclosure process: 1,821; 
Completed foreclosure process: 2,786; 
Unknown: 30; 
Total: 48,869. 

State: Virginia; 
Market segment: Subprime; 
Prepaid: 139,146; 
Current: 27,922; 
Delinquent: 8,973; 
In default: 8,931; 
In foreclosure process: 4,252; 
Completed foreclosure process: 23,764; 
Unknown: 185; 
Total: 213,173. 

State: Virginia; 
Market segment: Alt-A; 
Prepaid: 72,554; 
Current: 57,166; 
Delinquent: 5,594; 
In default: 5,690; 
In foreclosure process: 4,765; 
Completed foreclosure process: 16,542; 
Unknown: 145; 
Total: 162,456. 

State: West Virginia; 
Market segment: Subprime; 
Prepaid: 8,997; 
Current: 3,358; 
Delinquent: 1,095; 
In default: 828; 
In foreclosure process: 404; 
Completed foreclosure process: 2,192; 
Unknown: 30; 
Total: 16,904. 

State: West Virginia; 
Market segment: Alt-A; 
Prepaid: 1,930; 
Current: 1,936; 
Delinquent: 246; 
In default: 139; 
In foreclosure process: 151; 
Completed foreclosure process: 405; 
Unknown: 6; 
Total: 4,813. 

State: South Atlantic; 
Market segment: Subprime; 
Prepaid: 1,155,664; 
Current: 276,866; 
Delinquent: 92,288; 
In default: 98,039; 
In foreclosure process: 126,247; 
Completed foreclosure process: 252,254; 
Unknown: 1,852; 
Total: 2,003,210. 

State: South Atlantic; 
Market segment: Alt-A; 
Prepaid: 475,719; 
Current: 402,783; 
Delinquent: 44,963; 
In default: 47,399; 
In foreclosure process: 98,561; 
Completed foreclosure process: 81,503; 
Unknown: 824; 
Total: 1,151,752. 

State: Alabama; 
Market segment: Subprime; 
Prepaid: 42,155; 
Current: 16,296; 
Delinquent: 5,601; 
In default: 5,388; 
In foreclosure process: 1,587; 
Completed foreclosure process: 13,216; 
Unknown: 34; 
Total: 84,277. 

State: Alabama; 
Market segment: Alt-A; 
Prepaid: 11,959; 
Current: 11,206; 
Delinquent: 1,043; 
In default: 689; 
In foreclosure process: 451; 
Completed foreclosure process: 1,836; 
Unknown: 7; 
Total: 27,191. 

State: Kentucky; 
Market segment: Subprime; 
Prepaid: 35,454; 
Current: 13,555; 
Delinquent: 3,858; 
In default: 2,836; 
In foreclosure process: 2,604; 
Completed foreclosure process: 13,200; 
Unknown: 75; 
Total: 71,582. 

State: Kentucky; 
Market segment: Alt-A; 
Prepaid: 7,701; 
Current: 7,938; 
Delinquent: 632; 
In default: 394; 
In foreclosure process: 545; 
Completed foreclosure process: 1,210; 
Unknown: 3; 
Total: 18,423. 

State: Mississippi; 
Market segment: Subprime; 
Prepaid: 22,594; 
Current: 10,914; 
Delinquent: 3,970; 
In default: 3,972; 
In foreclosure process: 1,217; 
Completed foreclosure process: 9,409; 
Unknown: 40; 
Total: 52,116. 

State: Mississippi; 
Market segment: Alt-A; 
Prepaid: 3,913; 
Current: 3,927; 
Delinquent: 414; 
In default: 262; 
In foreclosure process: 182; 
Completed foreclosure process: 673; 
Unknown: 3; 
Total: 9,374. 

State: Tennessee; 
Market segment: Subprime; 
Prepaid: 78,602; 
Current: 32,810; 
Delinquent: 10,704; 
In default: 11,659; 
In foreclosure process: 2,985; 
Completed foreclosure process: 31,378; 
Unknown: 122; 
Total: 168,260. 

State: Tennessee;
Market segment: Alt-A; 
Prepaid: 19,332; 
Current: 19,983; 
Delinquent: 1,704; 
In default: 1,168; 
In foreclosure process: 641; 
Completed foreclosure process: 3,193; 
Unknown: 8; 
Total: 46,029. 

State: East South Central; 
Market segment: Subprime; 
Prepaid: 178,805; 
Current: 73,575; 
Delinquent: 24,133; 
In default: 23,855; 
In foreclosure process: 8,393; 
Completed foreclosure process: 67,203; 
Unknown: 271; 
Total: 376,235. 

State: East South Central; 
Market segment: Alt-A; 
Prepaid: 42,905; 
Current: 43,054; 
Delinquent: 3,793; 
In default: 2,513; 
In foreclosure process: 1,819; 
Completed foreclosure process: 6,912; 
Unknown: 21; 
Total: 101,017. 

State: Arkansas; 
Market segment: Subprime; 
Prepaid: 17,755; 
Current: 8,911; 
Delinquent: 2,461; 
In default: 2,002; 
In foreclosure process: 774; 
Completed foreclosure process: 5,768; 
Unknown: 12; 
Total: 37,683. 

State: Arkansas; 
Market segment: Alt-A; 
Prepaid: 4,377; 
Current: 5,348; 
Delinquent: 374; 
In default: 271; 
In foreclosure process: 190; 
Completed foreclosure process: 781; 
Unknown: 0; 
Total: 11,341. 

State: Louisiana; 
Market segment: Subprime; 
Prepaid: 47,141; 
Current: 19,344; 
Delinquent: 5,761; 
In default: 4,563; 
In foreclosure process: 2,916; 
Completed foreclosure process: 9,988; 
Unknown: 91; 
Total: 89,804. 

State: Louisiana; 
Market segment: Alt-A; 
Prepaid: 9,171; 
Current: 7,861; 
Delinquent: 687; 
In default: 404; 
In foreclosure process: 485; 
Completed foreclosure process: 758; 
Unknown: 5; 
Total: 19,371. 

State: Oklahoma; 
Market segment: Subprime; 
Prepaid: 29,984; 
Current: 15,739; 
Delinquent: 3,767; 
In default: 2,487; 
In foreclosure process: 2,343; 
Completed foreclosure process: 11,806; 
Unknown: 30; 
Total: 66,156. 

State: Oklahoma; 
Market segment: Alt-A; 
Prepaid: 6,925; 
Current: 9,108; 
Delinquent: 538; 
In default: 267; 
In foreclosure process: 435; 
Completed foreclosure process: 954; 
Unknown: 2; 
Total: 18,229. 

State: Texas; 
Market segment: Subprime; 
Prepaid: 237,490; 
Current: 162,136; 
Delinquent: 41,418; 
In default: 28,779; 
In foreclosure process: 12,401; 
Completed foreclosure process: 87,504; 
Unknown: 228; 
Total: 569,956. 

State: Texas; 
Market segment: Alt-A; 
Prepaid: 69,560; 
Current: 90,589; 
Delinquent: 6,134; 
In default: 3,728; 
In foreclosure process: 2,517; 
Completed foreclosure process: 13,341; 
Unknown: 33; 
Total: 185,902. 

State: West South Central; 
Market segment: Subprime; 
Prepaid: 332,370; 
Current: 206,130; 
Delinquent: 53,407; 
In default: 37,831; 
In foreclosure process: 18,434; 
Completed foreclosure process: 115,066; 
Unknown: 361; 
Total: 763,599. 

State: West South Central; 
Market segment: Alt-A; 
Prepaid: 90,033; 
Current: 112,906; 
Delinquent: 7,733; 
In default: 4,670; 
In foreclosure process: 3,627; 
Completed foreclosure process: 15,834; 
Unknown: 40; 
Total: 234,843. 

State: Arizona; 
Market segment: Subprime; 
Prepaid: 184,070; 
Current: 33,918; 
Delinquent: 10,453; 
In default: 14,385; 
In foreclosure process: 11,318; 
Completed foreclosure process: 46,259; 
Unknown: 248; 
Total: 300,651. 

State: Arizona; 
Market segment: Alt-A; 
Prepaid: 108,995; 
Current: 71,847; 
Delinquent: 7,914; 
In default: 8,710; 
In foreclosure process: 10,489; 
Completed foreclosure process: 25,289; 
Unknown: 140; 
Total: 233,384. 

State: Colorado; 
Market segment: Subprime; 
Prepaid: 104,186; 
Current: 26,477; 
Delinquent: 6,495; 
In default: 5,886; 
In foreclosure process: 4,415; 
Completed foreclosure process: 41,115; 
Unknown: 172; 
Total: 188,746. 

State: Colorado; 
Market segment: Alt-A; 
Prepaid: 64,355; 
Current: 53,790; 
Delinquent: 3,645; 
In default: 2,629; 
In foreclosure process: 3,129; 
Completed foreclosure process: 10,862; 
Unknown: 51; 
Total: 138,461. 

State: Idaho; 
Market segment: Subprime; 
Prepaid: 23,536; 
Current: 5,648; 
Delinquent: 1,608; 
In default: 1,539; 
In foreclosure process: 1,302; 
Completed foreclosure process: 4,595; 
Unknown: 16; 
Total: 38,244. 

State: Idaho; 
Market segment: Alt-A; 
Prepaid: 15,335; 
Current: 11,966; 
Delinquent: 988; 
In default: 834; 
In foreclosure process: 1,246; 
Completed foreclosure process: 1,609; 
Unknown: 9; 
Total: 31,987. 

State: Montana; 
Market segment: Subprime; 
Prepaid: 8,364; 
Current: 1,954; 
Delinquent: 507; 
In default: 481; 
In foreclosure process: 349; 
Completed foreclosure process: 1,314; 
Unknown: 2; 
Total: 12,971. 

State: Montana; 
Market segment: Alt-A; 
Prepaid: 4,755; 
Current: 3,282; 
Delinquent: 228; 
In default: 165; 
In foreclosure process: 179; 
Completed foreclosure process: 239; 
Unknown: 0; 
Total: 8,848. 

State: Nevada; 
Market segment: Subprime; 
Prepaid: 88,344; 
Current: 15,973; 
Delinquent: 4,861; 
In default: 8,253; 
In foreclosure process: 7,014; 
Completed foreclosure process: 28,016; 
Unknown: 110; 
Total: 152,571. 

State: Nevada; 
Market segment: Alt-A; 
Prepaid: 56,985; 
Current: 46,361; 
Delinquent: 6,344; 
In default: 9,573; 
In foreclosure process: 10,881; 
Completed foreclosure process: 21,843; 
Unknown: 80; 
Total: 152,067. 

State: New Mexico; 
Market segment: Subprime; 
Prepaid: 26,117; 
Current: 6,111; 
Delinquent: 1,670; 
In default: 1,137; 
In foreclosure process: 1,111; 
Completed foreclosure process: 4,292; 
Unknown: 49; 
Total: 40,487. 

State: New Mexico; 
Market segment: Alt-A; 
Prepaid: 11,345; 
Current: 8,558; 
Delinquent: 600; 
In default: 371; 
In foreclosure process: 737; 
Completed foreclosure process: 698; 
Unknown: 13; 
Total: 22,322. 

State: Utah; 
Market segment: Subprime; 
Prepaid: 53,294; 
Current: 9,456; 
Delinquent: 2,778; 
In default: 2,528; 
In foreclosure process: 1,928; 
Completed foreclosure process: 10,280; 
Unknown: 57; 
Total: 80,321. 

State: Utah; 
Market segment: Alt-A; 
Prepaid: 31,593; 
Current: 17,997; 
Delinquent: 1,477; 
In default: 1,184; 
In foreclosure process: 1,638; 
Completed foreclosure process: 3,040; 
Unknown: 22; 
Total: 56,951. 

State: Wyoming; 
Market segment: Subprime; 
Prepaid: 6,405; 
Current: 1,696; 
Delinquent: 414; 
In default: 288; 
In foreclosure process: 140; 
Completed foreclosure process: 800; 
Unknown: 2; 
Total: 9,745. 

State: Wyoming; 
Market segment: Alt-A; 
Prepaid: 2,510; 
Current: 1,721; 
Delinquent: 96; 
In default: 56; 
In foreclosure process: 34; 
Completed foreclosure process: 100; 
Unknown: 0; 
Total: 4,517. 

State: Mountain; 
Market segment: Subprime; 
Prepaid: 494,316; 
Current: 101,233; 
Delinquent: 28,786; 
In default: 34,497; 
In foreclosure process: 27,577; 
Completed foreclosure process: 136,671; 
Unknown: 656; 
Total: 823,736. 

State: Mountain; 
Market segment: Alt-A; 
Prepaid: 295,873; 
Current: 215,522; 
Delinquent: 21,292; 
In default: 23,522; 
In foreclosure process: 28,333; 
Completed foreclosure process: 63,680; 
Unknown: 315; 
Total: 648,537. 

State: Alaska; 
Market segment: Subprime; 
Prepaid: 5,985; 
Current: 1,584; 
Delinquent: 428; 
In default: 352; 
In foreclosure process: 211; 
Completed foreclosure process: 871; 
Unknown: 2; 
Total: 9,433. 

State: Alaska; 
Market segment: Alt-A; 
Prepaid: 1,877; 
Current: 1,653; 
Delinquent: 114; 
In default: 68; 
In foreclosure process: 67; 
Completed foreclosure process: 158; 
Unknown: 0; 
Total: 3,937. 

State: California; 
Market segment: Subprime; 
Prepaid: 1,176,213; 
Current: 163,064; 
Delinquent: 41,897; 
In default: 65,942; 
In foreclosure process: 56,041; 
Completed foreclosure process: 240,228; 
Unknown: 2,055; 
Total: 1,745,440. 

State: California; 
Market segment: Alt-A; 
Prepaid: 741,079; 
Current: 454,170; 
Delinquent: 51,601; 
In default: 83,496; 
In foreclosure process: 74,288; 
Completed foreclosure process: 125,175; 
Unknown: 527; 
Total: 1,530,336. 

State: Hawaii; 
Market segment: Subprime; 
Prepaid: 27,679; 
Current: 7,403; 
Delinquent: 1,407; 
In default: 1,541; 
In foreclosure process: 1,929; 
Completed foreclosure process: 2,063; 
Unknown: 31; 
Total: 42,053. 

State: Hawaii; 
Market segment: Alt-A; 
Prepaid: 13,850; 
Current: 11,067; 
Delinquent: 889; 
In default: 825; 
In foreclosure process: 1,257; 
Completed foreclosure process: 560; 
Unknown: 11; 
Total: 28,459. 

State: Oregon; 
Market segment: Subprime; 
Prepaid: 68,127; 
Current: 16,133; 
Delinquent: 3,924; 
In default: 4,036; 
In foreclosure process: 3,393; 
Completed foreclosure process: 11,235; 
Unknown: 69; 
Total: 106,917. 

State: Oregon; 
Market segment: Alt-A; 
Prepaid: 39,021; 
Current: 29,910; 
Delinquent: 2,192; 
In default: 1,963; 
In foreclosure process: 2,194; 
Completed foreclosure process: 3,166; 
Unknown: 27; 
Total: 78,473. 

State: Washington; 
Market segment: Subprime; 
Prepaid: 134,225; 
Current: 28,227; 
Delinquent: 7,411; 
In default: 7,874; 
In foreclosure process: 6,058; 
Completed foreclosure process: 20,784; 
Unknown: 105; 
Total: 204,684. 

State: Washington; 
Market segment: Alt-A; 
Prepaid: 73,434; 
Current: 54,031; 
Delinquent: 4,304; 
In default: 3,567; 
In foreclosure process: 4,116; 
Completed foreclosure process: 4,639; 
Unknown: 42; 
Total: 144,133. 

State: Pacific; 
Market segment: Subprime; 
Prepaid: 1,412,229; 
Current: 216,411; 
Delinquent: 55,067; 
In default: 79,745; 
In foreclosure process: 67,632; 
Completed foreclosure process: 275,181; 
Unknown: 2,262; 
Total: 2,108,527. 

State: Pacific; 
Market segment: Alt-A; 
Prepaid: 869,261; 
Current: 550,831; 
Delinquent: 59,100; 
In default: 89,919; 
In foreclosure process: 81,922; 
Completed foreclosure process: 133,698; 
Unknown: 607; 
Total: 1,785,338. 

State: United States; 
Market segment: Subprime; 
Prepaid: 5,483,222; 
Current: 1,350,451; 
Delinquent: 401,843; 
In default: 418,110; 
In foreclosure process: 372,516; 
Completed foreclosure process: 1,354,689; 
Unknown: 9,215; 
Total: 9,390,046. 

State: United States; 
Market segment: Alt-A; 
Prepaid: 2,281,542; 
Current: 1,726,208; 
Delinquent: 177,899; 
In default: 203,778; 
In foreclosure process: 261,560; 
Completed foreclosure process: 372,631; 
Unknown: 2,466; 
Total: 5,026,084. 

State: United States; 
Total Nonprime; 
Prepaid: 7,764,764; 
Current: 3,076,659; 
Delinquent: 579,742; 
In default: 621,888; 
In foreclosure process: 634,076; 
Completed foreclosure process: 1,727,320; 
Unknown: 11,681; 
Total: 14,416,130. 

Source: GAO analysis of LP data. 

Note: Some data were insufficient to classify loans into a status 
category but these "unknown" loans are included in the total number of 
loans. This table does not include data for Guam, Puerto Rico, and the 
Virgin Islands. 

[End of table] 

[End of Enclosure III] 

Enclosure IV: 

Status of Nonprime Loans Originated from 2000 through 2007 by 
Congressional District as of June 30, 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 June 30, 2009. All figures reported are estimated. 

Table 8: Estimated Percentage of 2000 through 2007 Active Nonprime 
Loans In Default and In the Foreclosure Process by Congressional 
District as of June 30, 2009: 

State: Alabama; 
Congressional District: 01; 
Estimated number of active loans: 7,831; 
Estimated percentage of active loans in default: 16.62; 
Estimated percentage of active loans in the foreclosure process: 5.73; 
Estimated percentage of active loans that are seriously delinquent: 
22.35. 

Congressional District: 02; 
Estimated number of active loans: 4,168; 
Estimated percentage of active loans in default: 13.60; 
Estimated percentage of active loans in the foreclosure process: 4.63; 
Estimated percentage of active loans that are seriously delinquent: 
18.23. 

Congressional District: 03; 
Estimated number of active loans: 5,231; 
Estimated percentage of active loans in default: 14.47; 
Estimated percentage of active loans in the foreclosure process: 4.29; 
Estimated percentage of active loans that are seriously delinquent: 
18.77. 

Congressional District: 04; 
Estimated number of active loans: 3,667; 
Estimated percentage of active loans in default: 11.87; 
Estimated percentage of active loans in the foreclosure process: 4.03; 
Estimated percentage of active loans that are seriously delinquent: 
15.90. 

Congressional District: 05; 
Estimated number of active loans: 5,177; 
Estimated percentage of active loans in default: 10.87; 
Estimated percentage of active loans in the foreclosure process: 4.15; 
Estimated percentage of active loans that are seriously delinquent: 
15.03. 

Congressional District: 06; 
Estimated number of active loans: 8,902; 
Estimated percentage of active loans in default: 13.75; 
Estimated percentage of active loans in the foreclosure process: 4.91; 
Estimated percentage of active loans that are seriously delinquent: 
18.66. 

Congressional District: 07; 
Estimated number of active loans: 7,228; 
Estimated percentage of active loans in default: 16.86; 
Estimated percentage of active loans in the foreclosure process: 5.12; 
Estimated percentage of active loans that are seriously delinquent: 
21.97. 

State: Alaska; 
Congressional District: 00; 
Estimated number of active loans: 4,478; 
Estimated percentage of active loans in default: 9.38; 
Estimated percentage of active loans in the foreclosure process: 6.16; 
Estimated percentage of active loans that are seriously delinquent: 
15.54. 

State: Arizona; 
Congressional District: 01; 
Estimated number of active loans: 11,932; 
Estimated percentage of active loans in default: 11.30; 
Estimated percentage of active loans in the foreclosure process: 10.01; 
Estimated percentage of active loans that are seriously delinquent: 
21.30. 

Congressional District: 02; 
Estimated number of active loans: 30,366; 
Estimated percentage of active loans in default: 14.33; 
Estimated percentage of active loans in the foreclosure process: 13.76; 
Estimated percentage of active loans that are seriously delinquent: 
28.09. 

Congressional District: 03; 
Estimated number of active loans: 22,150; 
Estimated percentage of active loans in default: 12.90; 
Estimated percentage of active loans in the foreclosure process: 12.56; 
Estimated percentage of active loans that are seriously delinquent: 
25.46. 

Congressional District: 04; 
Estimated number of active loans: 20,464; 
Estimated percentage of active loans in default: 19.66; 
Estimated percentage of active loans in the foreclosure process: 17.15; 
Estimated percentage of active loans that are seriously delinquent: 
36.80. 

Congressional District: 05; 
Estimated number of active loans: 18,041; 
Estimated percentage of active loans in default: 9.88; 
Estimated percentage of active loans in the foreclosure process: 10.59; 
Estimated percentage of active loans that are seriously delinquent: 
20.47. 

Congressional District: 06; 
Estimated number of active loans: 28,325; 
Estimated percentage of active loans in default: 13.40; 
Estimated percentage of active loans in the foreclosure process: 13.69; 
Estimated percentage of active loans that are seriously delinquent: 
27.09. 

Congressional District: 07; 
Estimated number of active loans: 24,793; 
Estimated percentage of active loans in default: 14.76; 
Estimated percentage of active loans in the foreclosure process: 14.05; 
Estimated percentage of active loans that are seriously delinquent: 
28.81. 

Congressional District: 08; 
Estimated number of active loans: 12,915; 
Estimated percentage of active loans in default: 9.96; 
Estimated percentage of active loans in the foreclosure process: 6.70; 
Estimated percentage of active loans that are seriously delinquent: 
16.66. 

State: Arkansas; 
Congressional District: 01; 
Estimated number of active loans: 3,801; 
Estimated percentage of active loans in default: 10.69; 
Estimated percentage of active loans in the foreclosure process: 4.65; 
Estimated percentage of active loans that are seriously delinquent: 
15.34. 

Congressional District: 02; 
Estimated number of active loans: 6,882; 
Estimated percentage of active loans in default: 11.72; 
Estimated percentage of active loans in the foreclosure process: 4.49; 
Estimated percentage of active loans that are seriously delinquent: 
16.22. 

Congressional District: 03; 
Estimated number of active loans: 5,781; 
Estimated percentage of active loans in default: 10.25; 
Estimated percentage of active loans in the foreclosure process: 5.66; 
Estimated percentage of active loans that are seriously delinquent: 
15.90. 

Congressional District: 04; 
Estimated number of active loans: 3,620; 
Estimated percentage of active loans in default: 12.00; 
Estimated percentage of active loans in the foreclosure process: 3.55; 
Estimated percentage of active loans that are seriously delinquent: 
15.55. 

State: California; 
Congressional District: 01; 
Estimated number of active loans: 15,556; 
Estimated percentage of active loans in default: 10.65; 
Estimated percentage of active loans in the foreclosure process: 8.80; 
Estimated percentage of active loans that are seriously delinquent: 
19.45. 

Congressional District: 02; 
Estimated number of active loans: 16,851; 
Estimated percentage of active loans in default: 12.71; 
Estimated percentage of active loans in the foreclosure process: 11.48; 
Estimated percentage of active loans that are seriously delinquent: 
24.19. 

Congressional District: 03; 
Estimated number of active loans: 25,868; 
Estimated percentage of active loans in default: 16.48; 
Estimated percentage of active loans in the foreclosure process: 13.52; 
Estimated percentage of active loans that are seriously delinquent: 
30.00. 

Congressional District: 04; 
Estimated number of active loans: 23,109; 
Estimated percentage of active loans in default: 12.55; 
Estimated percentage of active loans in the foreclosure process: 10.05; 
Estimated percentage of active loans that are seriously delinquent: 
22.60. 

Congressional District: 05; 
Estimated number of active loans: 19,357; 
Estimated percentage of active loans in default: 16.79; 
Estimated percentage of active loans in the foreclosure process: 15.52; 
Estimated percentage of active loans that are seriously delinquent: 
32.32. 

Congressional District: 06; 
Estimated number of active loans: 18,354; 
Estimated percentage of active loans in default: 9.08; 
Estimated percentage of active loans in the foreclosure process: 7.77; 
Estimated percentage of active loans that are seriously delinquent: 
16.85. 

Congressional District: 07; 
Estimated number of active loans: 21,675; 
Estimated percentage of active loans in default: 16.89; 
Estimated percentage of active loans in the foreclosure process: 15.20; 
Estimated percentage of active loans that are seriously delinquent: 
32.08. 

Congressional District: 08; 
Estimated number of active loans: 8,840; 
Estimated percentage of active loans in default: 6.85; 
Estimated percentage of active loans in the foreclosure process: 5.35; 
Estimated percentage of active loans that are seriously delinquent: 
12.19. 

Congressional District: 09; 
Estimated number of active loans: 13,814; 
Estimated percentage of active loans in default: 13.60; 
Estimated percentage of active loans in the foreclosure process: 11.96; 
Estimated percentage of active loans that are seriously delinquent: 
25.56. 

Congressional District: 10; 
Estimated number of active loans: 24,462; 
Estimated percentage of active loans in default: 15.02; 
Estimated percentage of active loans in the foreclosure process: 12.98; 
Estimated percentage of active loans that are seriously delinquent: 
28.01. 

Congressional District: 11; 
Estimated number of active loans: 28,949; 
Estimated percentage of active loans in default: 16.65; 
Estimated percentage of active loans in the foreclosure process: 14.75; 
Estimated percentage of active loans that are seriously delinquent: 
31.41. 

Congressional District: 12; 
Estimated number of active loans: 13,918; 
Estimated percentage of active loans in default: 9.66; 
Estimated percentage of active loans in the foreclosure process: 7.67; 
Estimated percentage of active loans that are seriously delinquent: 
17.34. 

Congressional District: 13; 
Estimated number of active loans: 15,745; 
Estimated percentage of active loans in default: 15.42; 
Estimated percentage of active loans in the foreclosure process: 13.14; 
Estimated percentage of active loans that are seriously delinquent: 
28.56. 

Congressional District: 14; 
Estimated number of active loans: 13,071; 
Estimated percentage of active loans in default: 8.17; 
Estimated percentage of active loans in the foreclosure process: 6.47; 
Estimated percentage of active loans that are seriously delinquent: 
14.64. 

Congressional District: 15; 
Estimated number of active loans: 11,195; 
Estimated percentage of active loans in default: 11.21; 
Estimated percentage of active loans in the foreclosure process: 9.40; 
Estimated percentage of active loans that are seriously delinquent: 
20.62. 

Congressional District: 16; 
Estimated number of active loans: 17,392; 
Estimated percentage of active loans in default: 16.25; 
Estimated percentage of active loans in the foreclosure process: 13.83; 
Estimated percentage of active loans that are seriously delinquent: 
30.08. 

Congressional District: 17; 
Estimated number of active loans: 14,356; 
Estimated percentage of active loans in default: 15.43; 
Estimated percentage of active loans in the foreclosure process: 13.67; 
Estimated percentage of active loans that are seriously delinquent: 
29.10. 

Congressional District: 18; 
Estimated number of active loans: 16,536; 
Estimated percentage of active loans in default: 19.42; 
Estimated percentage of active loans in the foreclosure process: 18.86; 
Estimated percentage of active loans that are seriously delinquent: 
38.29. 

Congressional District: 19; 
Estimated number of active loans: 20,940; 
Estimated percentage of active loans in default: 16.51; 
Estimated percentage of active loans in the foreclosure process: 14.10; 
Estimated percentage of active loans that are seriously delinquent: 
30.62. 

Congressional District: 20; 
Estimated number of active loans: 12,236; 
Estimated percentage of active loans in default: 15.57; 
Estimated percentage of active loans in the foreclosure process: 13.30; 
Estimated percentage of active loans that are seriously delinquent: 
28.88. 

Congressional District: 21; 
Estimated number of active loans: 20,715; 
Estimated percentage of active loans in default: 14.69; 
Estimated percentage of active loans in the foreclosure process: 11.86; 
Estimated percentage of active loans that are seriously delinquent: 
26.56. 

Congressional District: 22; 
Estimated number of active loans: 27,674; 
Estimated percentage of active loans in default: 16.12; 
Estimated percentage of active loans in the foreclosure process: 14.36; 
Estimated percentage of active loans that are seriously delinquent: 
30.48. 

Congressional District: 23; 
Estimated number of active loans: 11,541; 
Estimated percentage of active loans in default: 12.45; 
Estimated percentage of active loans in the foreclosure process: 10.71; 
Estimated percentage of active loans that are seriously delinquent: 
23.16. 

Congressional District: 24; 
Estimated number of active loans: 24,176; 
Estimated percentage of active loans in default: 12.45; 
Estimated percentage of active loans in the foreclosure process: 10.18; 
Estimated percentage of active loans that are seriously delinquent: 
22.63. 

Congressional District: 25; 
Estimated number of active loans: 33,661; 
Estimated percentage of active loans in default: 19.55; 
Estimated percentage of active loans in the foreclosure process: 17.65; 
Estimated percentage of active loans that are seriously delinquent: 
37.20. 

Congressional District: 26; 
Estimated number of active loans: 20,024; 
Estimated percentage of active loans in default: 13.63; 
Estimated percentage of active loans in the foreclosure process: 11.39; 
Estimated percentage of active loans that are seriously delinquent: 
25.01. 

Congressional District: 27; 
Estimated number of active loans: 18,883; 
Estimated percentage of active loans in default: 16.98; 
Estimated percentage of active loans in the foreclosure process: 14.87; 
Estimated percentage of active loans that are seriously delinquent: 
31.84. 

Congressional District: 28; 
Estimated number of active loans: 14,886; 
Estimated percentage of active loans in default: 16.01; 
Estimated percentage of active loans in the foreclosure process: 14.51; 
Estimated percentage of active loans that are seriously delinquent: 
30.52. 

Congressional District: 29; 
Estimated number of active loans: 12,886; 
Estimated percentage of active loans in default: 10.80; 
Estimated percentage of active loans in the foreclosure process: 9.42; 
Estimated percentage of active loans that are seriously delinquent: 
20.22. 

Congressional District: 30; 
Estimated number of active loans: 14,869; 
Estimated percentage of active loans in default: 9.28; 
Estimated percentage of active loans in the foreclosure process: 7.71; 
Estimated percentage of active loans that are seriously delinquent: 
17.00. 

Congressional District: 31; 
Estimated number of active loans: 8,865; 
Estimated percentage of active loans in default: 14.69; 
Estimated percentage of active loans in the foreclosure process: 12.75; 
Estimated percentage of active loans that are seriously delinquent: 
27.43. 

Congressional District: 32; 
Estimated number of active loans: 13,389; 
Estimated percentage of active loans in default: 15.61; 
Estimated percentage of active loans in the foreclosure process: 12.87; 
Estimated percentage of active loans that are seriously delinquent: 
28.49. 

Congressional District: 33; 
Estimated number of active loans: 12,868; 
Estimated percentage of active loans in default: 15.27; 
Estimated percentage of active loans in the foreclosure process: 11.66; 
Estimated percentage of active loans that are seriously delinquent: 
26.94. 

Congressional District: 34; 
Estimated number of active loans: 10,377; 
Estimated percentage of active loans in default: 16.26; 
Estimated percentage of active loans in the foreclosure process: 14.87; 
Estimated percentage of active loans that are seriously delinquent: 
31.13. 

Congressional District: 35; 
Estimated number of active loans: 16,775; 
Estimated percentage of active loans in default: 16.73; 
Estimated percentage of active loans in the foreclosure process: 13.96; 
Estimated percentage of active loans that are seriously delinquent: 
30.69. 

Congressional District: 36; 
Estimated number of active loans: 13,236; 
Estimated percentage of active loans in default: 9.14; 
Estimated percentage of active loans in the foreclosure process: 6.55; 
Estimated percentage of active loans that are seriously delinquent: 
15.69. 

Congressional District: 37; 
Estimated number of active loans: 17,640; 
Estimated percentage of active loans in default: 17.87; 
Estimated percentage of active loans in the foreclosure process: 14.28; 
Estimated percentage of active loans that are seriously delinquent: 
32.14. 

Congressional District: 38; 
Estimated number of active loans: 16,850; 
Estimated percentage of active loans in default: 17.89; 
Estimated percentage of active loans in the foreclosure process: 14.63; 
Estimated percentage of active loans that are seriously delinquent: 
32.52. 

Congressional District: 39; 
Estimated number of active loans: 15,393; 
Estimated percentage of active loans in default: 17.08; 
Estimated percentage of active loans in the foreclosure process: 14.28; 
Estimated percentage of active loans that are seriously delinquent: 
31.36. 

Congressional District: 40; 
Estimated number of active loans: 14,890; 
Estimated percentage of active loans in default: 14.50; 
Estimated percentage of active loans in the foreclosure process: 13.21; 
Estimated percentage of active loans that are seriously delinquent: 
27.71. 

Congressional District: 41; 
Estimated number of active loans: 33,190; 
Estimated percentage of active loans in default: 18.08; 
Estimated percentage of active loans in the foreclosure process: 16.70; 
Estimated percentage of active loans that are seriously delinquent: 
34.77. 

Congressional District: 42; 
Estimated number of active loans: 21,402; 
Estimated percentage of active loans in default: 13.67; 
Estimated percentage of active loans in the foreclosure process: 11.49; 
Estimated percentage of active loans that are seriously delinquent: 
25.16. 

Congressional District: 43; 
Estimated number of active loans: 23,925; 
Estimated percentage of active loans in default: 21.06; 
Estimated percentage of active loans in the foreclosure process: 19.14; 
Estimated percentage of active loans that are seriously delinquent: 
40.20. 

Congressional District: 44; 
Estimated number of active loans: 31,125; 
Estimated percentage of active loans in default: 18.71; 
Estimated percentage of active loans in the foreclosure process: 16.73; 
Estimated percentage of active loans that are seriously delinquent: 
35.44. 

Congressional District: 45; 
Estimated number of active loans: 35,348; 
Estimated percentage of active loans in default: 18.34; 
Estimated percentage of active loans in the foreclosure process: 17.03; 
Estimated percentage of active loans that are seriously delinquent: 
35.37. 

Congressional District: 46; 
Estimated number of active loans: 17,217; 
Estimated percentage of active loans in default: 11.25; 
Estimated percentage of active loans in the foreclosure process: 9.24; 
Estimated percentage of active loans that are seriously delinquent: 
20.50. 

Congressional District: 47; 
Estimated number of active loans: 11,421; 
Estimated percentage of active loans in default: 18.23; 
Estimated percentage of active loans in the foreclosure process: 18.51; 
Estimated percentage of active loans that are seriously delinquent: 
36.73. 

Congressional District: 48; 
Estimated number of active loans: 19,767; 
Estimated percentage of active loans in default: 11.05; 
Estimated percentage of active loans in the foreclosure process: 9.49; 
Estimated percentage of active loans that are seriously delinquent: 
20.53. 

Congressional District: 49; 
Estimated number of active loans: 28,438; 
Estimated percentage of active loans in default: 17.38; 
Estimated percentage of active loans in the foreclosure process: 16.22; 
Estimated percentage of active loans that are seriously delinquent: 
33.60. 

Congressional District: 50; 
Estimated number of active loans: 19,724; 
Estimated percentage of active loans in default: 10.33; 
Estimated percentage of active loans in the foreclosure process: 9.32; 
Estimated percentage of active loans that are seriously delinquent: 
19.65. 

Congressional District: 51; 
Estimated number of active loans: 22,934; 
Estimated percentage of active loans in default: 17.65; 
Estimated percentage of active loans in the foreclosure process: 15.61; 
Estimated percentage of active loans that are seriously delinquent: 
33.26. 

Congressional District: 52; 
Estimated number of active loans: 18,357; 
Estimated percentage of active loans in default: 12.75; 
Estimated percentage of active loans in the foreclosure process: 10.12; 
Estimated percentage of active loans that are seriously delinquent: 
22.86. 

Congressional District: 53; 
Estimated number of active loans: 14,590; 
Estimated percentage of active loans in default: 10.49; 
Estimated percentage of active loans in the foreclosure process: 9.99; 
Estimated percentage of active loans that are seriously delinquent: 
20.49. 

State: Colorado; 
Congressional District: 01; 
Estimated number of active loans: 15,106; 
Estimated percentage of active loans in default: 8.41; 
Estimated percentage of active loans in the foreclosure process: 7.81; 
Estimated percentage of active loans that are seriously delinquent: 
16.23. 

Congressional District: 02; 
Estimated number of active loans: 15,481; 
Estimated percentage of active loans in default: 6.78; 
Estimated percentage of active loans in the foreclosure process: 6.22; 
Estimated percentage of active loans that are seriously delinquent: 
13.00. 

Congressional District: 03; 
Estimated number of active loans: 11,910; 
Estimated percentage of active loans in default: 7.15; 
Estimated percentage of active loans in the foreclosure process: 6.17; 
Estimated percentage of active loans that are seriously delinquent: 
13.32. 

Congressional District: 04; 
Estimated number of active loans: 13,854; 
Estimated percentage of active loans in default: 7.65; 
Estimated percentage of active loans in the foreclosure process: 7.13; 
Estimated percentage of active loans that are seriously delinquent: 
14.78. 

Congressional District: 05; 
Estimated number of active loans: 14,313; 
Estimated percentage of active loans in default: 7.93; 
Estimated percentage of active loans in the foreclosure process: 7.06; 
Estimated percentage of active loans that are seriously delinquent: 
14.99. 

Congressional District: 06; 
Estimated number of active loans: 19,896; 
Estimated percentage of active loans in default: 8.32; 
Estimated percentage of active loans in the foreclosure process: 6.82; 
Estimated percentage of active loans that are seriously delinquent: 
15.14. 

Congressional District: 07; 
Estimated number of active loans: 15,777; 
Estimated percentage of active loans in default: 9.34; 
Estimated percentage of active loans in the foreclosure process: 8.29; 
Estimated percentage of active loans that are seriously delinquent: 
17.63. 

State: Connecticut; 
Congressional District: 01; 
Estimated number of active loans: 9,775; 
Estimated percentage of active loans in default: 10.38; 
Estimated percentage of active loans in the foreclosure process: 11.54; 
Estimated percentage of active loans that are seriously delinquent: 
21.91. 

Congressional District: 02; 
Estimated number of active loans: 9,075; 
Estimated percentage of active loans in default: 11.53; 
Estimated percentage of active loans in the foreclosure process: 10.73; 
Estimated percentage of active loans that are seriously delinquent: 
22.26. 

Congressional District: 03; 
Estimated number of active loans: 11,924; 
Estimated percentage of active loans in default: 12.03; 
Estimated percentage of active loans in the foreclosure process: 13.21; 
Estimated percentage of active loans that are seriously delinquent: 
25.24. 

Congressional District: 04; 
Estimated number of active loans: 13,212; 
Estimated percentage of active loans in default: 10.38; 
Estimated percentage of active loans in the foreclosure process: 14.00; 
Estimated percentage of active loans that are seriously delinquent: 
24.38. 

Congressional District: 05; 
Estimated number of active loans: 10,716; 
Estimated percentage of active loans in default: 11.13; 
Estimated percentage of active loans in the foreclosure process: 13.51; 
Estimated percentage of active loans that are seriously delinquent: 
24.65. 

State: Delaware; 
Congressional District: 00; 
Estimated number of active loans: 13,657; 
Estimated percentage of active loans in default: 10.75; 
Estimated percentage of active loans in the foreclosure process: 12.40; 
Estimated percentage of active loans that are seriously delinquent: 
23.15. 

State: District of Columbia; 
Congressional District: 98; 
Estimated number of active loans: 10,337; 
Estimated percentage of active loans in default: 10.65; 
Estimated percentage of active loans in the foreclosure process: 7.86; 
Estimated percentage of active loans that are seriously delinquent: 
18.50. 

State: Florida; 
Congressional District: 01; 
Estimated number of active loans: 12,552; 
Estimated percentage of active loans in default: 9.37; 
Estimated percentage of active loans in the foreclosure process: 16.62; 
Estimated percentage of active loans that are seriously delinquent: 
25.99. 

Congressional District: 02; 
Estimated number of active loans: 11,918; 
Estimated percentage of active loans in default: 8.64; 
Estimated percentage of active loans in the foreclosure process: 18.86; 
Estimated percentage of active loans that are seriously delinquent: 
27.50. 

Congressional District: 03; 
Estimated number of active loans: 20,242; 
Estimated percentage of active loans in default: 14.12; 
Estimated percentage of active loans in the foreclosure process: 23.10; 
Estimated percentage of active loans that are seriously delinquent: 
37.22. 

Congressional District: 04; 
Estimated number of active loans: 16,513; 
Estimated percentage of active loans in default: 10.94; 
Estimated percentage of active loans in the foreclosure process: 16.88; 
Estimated percentage of active loans that are seriously delinquent: 
27.82. 

Congressional District: 05; 
Estimated number of active loans: 22,857; 
Estimated percentage of active loans in default: 11.13; 
Estimated percentage of active loans in the foreclosure process: 25.20; 
Estimated percentage of active loans that are seriously delinquent: 
36.33. 

Congressional District: 06; 
Estimated number of active loans: 16,000; 
Estimated percentage of active loans in default: 11.62; 
Estimated percentage of active loans in the foreclosure process: 20.60; 
Estimated percentage of active loans that are seriously delinquent: 
32.22. 

Congressional District: 07; 
Estimated number of active loans: 23,017; 
Estimated percentage of active loans in default: 11.32; 
Estimated percentage of active loans in the foreclosure process: 24.77; 
Estimated percentage of active loans that are seriously delinquent: 
36.09. 

Congressional District: 08; 
Estimated number of active loans: 27,549; 
Estimated percentage of active loans in default: 12.34; 
Estimated percentage of active loans in the foreclosure process: 29.15; 
Estimated percentage of active loans that are seriously delinquent: 
41.49. 

Congressional District: 09; 
Estimated number of active loans: 22,471; 
Estimated percentage of active loans in default: 10.17; 
Estimated percentage of active loans in the foreclosure process: 25.90; 
Estimated percentage of active loans that are seriously delinquent: 
36.08. 

Congressional District: 10; 
Estimated number of active loans: 18,603; 
Estimated percentage of active loans in default: 9.60; 
Estimated percentage of active loans in the foreclosure process: 24.38; 
Estimated percentage of active loans that are seriously delinquent: 
33.98. 

Congressional District: 11; 
Estimated number of active loans: 22,273; 
Estimated percentage of active loans in default: 11.37; 
Estimated percentage of active loans in the foreclosure process: 28.83; 
Estimated percentage of active loans that are seriously delinquent: 
40.20. 

Congressional District: 12; 
Estimated number of active loans: 22,899; 
Estimated percentage of active loans in default: 12.15; 
Estimated percentage of active loans in the foreclosure process: 26.21; 
Estimated percentage of active loans that are seriously delinquent: 
38.37. 

Congressional District: 13; 
Estimated number of active loans: 21,706; 
Estimated percentage of active loans in default: 10.65; 
Estimated percentage of active loans in the foreclosure process: 31.85; 
Estimated percentage of active loans that are seriously delinquent: 
42.50. 

Congressional District: 14; 
Estimated number of active loans: 33,953; 
Estimated percentage of active loans in default: 12.25; 
Estimated percentage of active loans in the foreclosure process: 37.64; 
Estimated percentage of active loans that are seriously delinquent: 
49.90. 

Congressional District: 15; 
Estimated number of active loans: 29,211; 
Estimated percentage of active loans in default: 12.11; 
Estimated percentage of active loans in the foreclosure process: 31.48; 
Estimated percentage of active loans that are seriously delinquent: 
43.59. 

Congressional District: 16; 
Estimated number of active loans: 23,576; 
Estimated percentage of active loans in default: 11.90; 
Estimated percentage of active loans in the foreclosure process: 33.15; 
Estimated percentage of active loans that are seriously delinquent: 
45.05. 

Congressional District: 17; 
Estimated number of active loans: 27,306; 
Estimated percentage of active loans in default: 14.34; 
Estimated percentage of active loans in the foreclosure process: 31.41; 
Estimated percentage of active loans that are seriously delinquent: 
45.74. 

Congressional District: 18; 
Estimated number of active loans: 25,541; 
Estimated percentage of active loans in default: 11.36; 
Estimated percentage of active loans in the foreclosure process: 35.86; 
Estimated percentage of active loans that are seriously delinquent: 
47.22. 

Congressional District: 19; 
Estimated number of active loans: 27,851; 
Estimated percentage of active loans in default: 12.03; 
Estimated percentage of active loans in the foreclosure process: 33.99; 
Estimated percentage of active loans that are seriously delinquent: 
46.02. 

Congressional District: 20; 
Estimated number of active loans: 30,355; 
Estimated percentage of active loans in default: 12.87; 
Estimated percentage of active loans in the foreclosure process: 30.79; 
Estimated percentage of active loans that are seriously delinquent: 
43.66. 

Congressional District: 21; 
Estimated number of active loans: 25,063; 
Estimated percentage of active loans in default: 13.22; 
Estimated percentage of active loans in the foreclosure process: 32.23; 
Estimated percentage of active loans that are seriously delinquent: 
45.44. 

Congressional District: 22; 
Estimated number of active loans: 27,338; 
Estimated percentage of active loans in default: 11.06; 
Estimated percentage of active loans in the foreclosure process: 31.85; 
Estimated percentage of active loans that are seriously delinquent: 
42.90. 

Congressional District: 23; 
Estimated number of active loans: 30,197; 
Estimated percentage of active loans in default: 13.29; 
Estimated percentage of active loans in the foreclosure process: 34.42; 
Estimated percentage of active loans that are seriously delinquent: 
47.71. 

Congressional District: 24; 
Estimated number of active loans: 25,800; 
Estimated percentage of active loans in default: 12.45; 
Estimated percentage of active loans in the foreclosure process: 25.44; 
Estimated percentage of active loans that are seriously delinquent: 
37.88. 

Congressional District: 25; 
Estimated number of active loans: 33,658; 
Estimated percentage of active loans in default: 13.63; 
Estimated percentage of active loans in the foreclosure process: 36.39; 
Estimated percentage of active loans that are seriously delinquent: 
50.01. 

State: Georgia; 
Congressional District: 01; 
Estimated number of active loans: 5,711; 
Estimated percentage of active loans in default: 12.09; 
Estimated percentage of active loans in the foreclosure process: 5.79; 
Estimated percentage of active loans that are seriously delinquent: 
17.88. 

Congressional District: 02; 
Estimated number of active loans: 3,708; 
Estimated percentage of active loans in default: 13.01; 
Estimated percentage of active loans in the foreclosure process: 5.15; 
Estimated percentage of active loans that are seriously delinquent: 
18.15. 

Congressional District: 03; 
Estimated number of active loans: 16,681; 
Estimated percentage of active loans in default: 14.82; 
Estimated percentage of active loans in the foreclosure process: 7.52; 
Estimated percentage of active loans that are seriously delinquent: 
22.34. 

Congressional District: 04; 
Estimated number of active loans: 17,514; 
Estimated percentage of active loans in default: 15.70; 
Estimated percentage of active loans in the foreclosure process: 8.29; 
Estimated percentage of active loans that are seriously delinquent: 
23.99. 

Congressional District: 05; 
Estimated number of active loans: 14,276; 
Estimated percentage of active loans in default: 12.65; 
Estimated percentage of active loans in the foreclosure process: 8.86; 
Estimated percentage of active loans that are seriously delinquent: 
21.50. 

Congressional District: 06; 
Estimated number of active loans: 13,611; 
Estimated percentage of active loans in default: 9.95; 
Estimated percentage of active loans in the foreclosure process: 5.99; 
Estimated percentage of active loans that are seriously delinquent: 
15.94. 

Congressional District: 07; 
Estimated number of active loans: 20,814; 
Estimated percentage of active loans in default: 14.10; 
Estimated percentage of active loans in the foreclosure process: 7.81; 
Estimated percentage of active loans that are seriously delinquent: 
21.90. 

Congressional District: 08; 
Estimated number of active loans: 8,367; 
Estimated percentage of active loans in default: 15.51; 
Estimated percentage of active loans in the foreclosure process: 5.67; 
Estimated percentage of active loans that are seriously delinquent: 
21.19. 

Congressional District: 09; 
Estimated number of active loans: 11,119; 
Estimated percentage of active loans in default: 12.54; 
Estimated percentage of active loans in the foreclosure process: 6.55; 
Estimated percentage of active loans that are seriously delinquent: 
19.09. 

Congressional District: 10; 
Estimated number of active loans: 6,953; 
Estimated percentage of active loans in default: 11.04; 
Estimated percentage of active loans in the foreclosure process: 5.45; 
Estimated percentage of active loans that are seriously delinquent: 
16.50. 

Congressional District: 11; 
Estimated number of active loans: 14,635; 
Estimated percentage of active loans in default: 13.30; 
Estimated percentage of active loans in the foreclosure process: 6.89; 
Estimated percentage of active loans that are seriously delinquent: 
20.18. 

Congressional District: 12; 
Estimated number of active loans: 6,158; 
Estimated percentage of active loans in default: 12.83; 
Estimated percentage of active loans in the foreclosure process: 5.45; 
Estimated percentage of active loans that are seriously delinquent: 
18.29. 

Congressional District: 13; 
Estimated number of active loans: 21,236; 
Estimated percentage of active loans in default: 16.25; 
Estimated percentage of active loans in the foreclosure process: 8.09; 
Estimated percentage of active loans that are seriously delinquent: 
24.34. 

State: Hawaii; 
Congressional District: 01; 
Estimated number of active loans: 9,511; 
Estimated percentage of active loans in default: 7.80; 
Estimated percentage of active loans in the foreclosure process: 8.75; 
Estimated percentage of active loans that are seriously delinquent: 
16.55. 

Congressional District: 02; 
Estimated number of active loans: 16,781; 
Estimated percentage of active loans in default: 9.67; 
Estimated percentage of active loans in the foreclosure process: 14.02; 
Estimated percentage of active loans that are seriously delinquent: 
23.69. 

State: Idaho; 
Congressional District: 01; 
Estimated number of active loans: 16,613; 
Estimated percentage of active loans in default: 10.15; 
Estimated percentage of active loans in the foreclosure process: 11.35; 
Estimated percentage of active loans that are seriously delinquent: 
21.51. 

Congressional District: 02; 
Estimated number of active loans: 8,469; 
Estimated percentage of active loans in default: 7.97; 
Estimated percentage of active loans in the foreclosure process: 7.81; 
Estimated percentage of active loans that are seriously delinquent: 
15.78. 

State: Illinois; 
Congressional District: 01; 
Estimated number of active loans: 12,712; 
Estimated percentage of active loans in default: 16.06; 
Estimated percentage of active loans in the foreclosure process: 16.42; 
Estimated percentage of active loans that are seriously delinquent: 
32.48. 

Congressional District: 02; 
Estimated number of active loans: 20,061; 
Estimated percentage of active loans in default: 17.59; 
Estimated percentage of active loans in the foreclosure process: 15.25; 
Estimated percentage of active loans that are seriously delinquent: 
32.84. 

Congressional District: 03; 
Estimated number of active loans: 10,727; 
Estimated percentage of active loans in default: 16.39; 
Estimated percentage of active loans in the foreclosure process: 17.61; 
Estimated percentage of active loans that are seriously delinquent: 
34.00. 

Congressional District: 04; 
Estimated number of active loans: 8,583; 
Estimated percentage of active loans in default: 15.06; 
Estimated percentage of active loans in the foreclosure process: 20.38; 
Estimated percentage of active loans that are seriously delinquent: 
35.43. 

Congressional District: 05; 
Estimated number of active loans: 8,510; 
Estimated percentage of active loans in default: 14.10; 
Estimated percentage of active loans in the foreclosure process: 19.07; 
Estimated percentage of active loans that are seriously delinquent: 
33.17. 

Congressional District: 06; 
Estimated number of active loans: 9,018; 
Estimated percentage of active loans in default: 13.66; 
Estimated percentage of active loans in the foreclosure process: 15.21; 
Estimated percentage of active loans that are seriously delinquent: 
28.86. 

Congressional District: 07; 
Estimated number of active loans: 11,835; 
Estimated percentage of active loans in default: 14.46; 
Estimated percentage of active loans in the foreclosure process: 17.31; 
Estimated percentage of active loans that are seriously delinquent: 
31.77. 

Congressional District: 08; 
Estimated number of active loans: 11,347; 
Estimated percentage of active loans in default: 13.22; 
Estimated percentage of active loans in the foreclosure process: 13.60; 
Estimated percentage of active loans that are seriously delinquent: 
26.83. 

Congressional District: 09; 
Estimated number of active loans: 6,843; 
Estimated percentage of active loans in default: 12.88; 
Estimated percentage of active loans in the foreclosure process: 17.83; 
Estimated percentage of active loans that are seriously delinquent: 
30.70. 

Congressional District: 10; 
Estimated number of active loans: 7,524; 
Estimated percentage of active loans in default: 11.67; 
Estimated percentage of active loans in the foreclosure process: 14.15; 
Estimated percentage of active loans that are seriously delinquent: 
25.82. 

Congressional District: 11; 
Estimated number of active loans: 8,308; 
Estimated percentage of active loans in default: 14.18; 
Estimated percentage of active loans in the foreclosure process: 12.96; 
Estimated percentage of active loans that are seriously delinquent: 
27.14. 

Congressional District: 12; 
Estimated number of active loans: 5,223; 
Estimated percentage of active loans in default: 14.31; 
Estimated percentage of active loans in the foreclosure process: 8.63; 
Estimated percentage of active loans that are seriously delinquent: 
22.94. 

Congressional District: 13; 
Estimated number of active loans: 10,720; 
Estimated percentage of active loans in default: 13.76; 
Estimated percentage of active loans in the foreclosure process: 13.91; 
Estimated percentage of active loans that are seriously delinquent: 
27.67. 

Congressional District: 14; 
Estimated number of active loans: 12,057; 
Estimated percentage of active loans in default: 14.32; 
Estimated percentage of active loans in the foreclosure process: 17.63; 
Estimated percentage of active loans that are seriously delinquent: 
31.95. 

Congressional District: 15; 
Estimated number of active loans: 3,470; 
Estimated percentage of active loans in default: 9.48; 
Estimated percentage of active loans in the foreclosure process: 8.17; 
Estimated percentage of active loans that are seriously delinquent: 
17.67. 

Congressional District: 16; 
Estimated number of active loans: 8,164; 
Estimated percentage of active loans in default: 12.91; 
Estimated percentage of active loans in the foreclosure process: 12.46; 
Estimated percentage of active loans that are seriously delinquent: 
25.37. 

Congressional District: 17; 
Estimated number of active loans: 3,458; 
Estimated percentage of active loans in default: 10.22; 
Estimated percentage of active loans in the foreclosure process: 8.21; 
Estimated percentage of active loans that are seriously delinquent: 
18.42. 

Congressional District: 18; 
Estimated number of active loans: 3,747; 
Estimated percentage of active loans in default: 10.78; 
Estimated percentage of active loans in the foreclosure process: 8.45; 
Estimated percentage of active loans that are seriously delinquent: 
19.24. 

Congressional District: 19; 
Estimated number of active loans: 3,493; 
Estimated percentage of active loans in default: 11.77; 
Estimated percentage of active loans in the foreclosure process: 7.81; 
Estimated percentage of active loans that are seriously delinquent: 
19.58. 

State: Indiana; 
Congressional District: 01; 
Estimated number of active loans: 11,537; 
Estimated percentage of active loans in default: 15.13; 
Estimated percentage of active loans in the foreclosure process: 12.53; 
Estimated percentage of active loans that are seriously delinquent: 
27.65. 

Congressional District: 02; 
Estimated number of active loans: 8,475; 
Estimated percentage of active loans in default: 12.02; 
Estimated percentage of active loans in the foreclosure process: 11.03; 
Estimated percentage of active loans that are seriously delinquent: 
23.06. 

Congressional District: 03; 
Estimated number of active loans: 7,584; 
Estimated percentage of active loans in default: 11.18; 
Estimated percentage of active loans in the foreclosure process: 11.77; 
Estimated percentage of active loans that are seriously delinquent: 
22.94. 

Congressional District: 04; 
Estimated number of active loans: 8,077; 
Estimated percentage of active loans in default: 9.98; 
Estimated percentage of active loans in the foreclosure process: 12.12; 
Estimated percentage of active loans that are seriously delinquent: 
22.10. 

Congressional District: 05; 
Estimated number of active loans: 9,630; 
Estimated percentage of active loans in default: 10.04; 
Estimated percentage of active loans in the foreclosure process: 11.52; 
Estimated percentage of active loans that are seriously delinquent: 
21.56. 

Congressional District: 06; 
Estimated number of active loans: 7,679; 
Estimated percentage of active loans in default: 10.28; 
Estimated percentage of active loans in the foreclosure process: 10.58; 
Estimated percentage of active loans that are seriously delinquent: 
20.85. 

Congressional District: 07; 
Estimated number of active loans: 11,521; 
Estimated percentage of active loans in default: 13.36; 
Estimated percentage of active loans in the foreclosure process: 12.98; 
Estimated percentage of active loans that are seriously delinquent: 
26.33. 

Congressional District: 08; 
Estimated number of active loans: 5,698; 
Estimated percentage of active loans in default: 12.39; 
Estimated percentage of active loans in the foreclosure process: 9.46; 
Estimated percentage of active loans that are seriously delinquent: 
21.85. 

Congressional District: 09; 
Estimated number of active loans: 5,852; 
Estimated percentage of active loans in default: 12.30; 
Estimated percentage of active loans in the foreclosure process: 10.41; 
Estimated percentage of active loans that are seriously delinquent: 
22.71. 

State: Iowa; 
Congressional District: 01; 
Estimated number of active loans: 3,400; 
Estimated percentage of active loans in default: 8.48; 
Estimated percentage of active loans in the foreclosure process: 9.82; 
Estimated percentage of active loans that are seriously delinquent: 
18.29. 

Congressional District: 02; 
Estimated number of active loans: 3,066; 
Estimated percentage of active loans in default: 8.26; 
Estimated percentage of active loans in the foreclosure process: 10.97; 
Estimated percentage of active loans that are seriously delinquent: 
19.21. 

Congressional District: 03; 
Estimated number of active loans: 5,589; 
Estimated percentage of active loans in default: 9.21; 
Estimated percentage of active loans in the foreclosure process: 11.88; 
Estimated percentage of active loans that are seriously delinquent: 
21.10. 

Congressional District: 04; 
Estimated number of active loans: 3,302; 
Estimated percentage of active loans in default: 8.60; 
Estimated percentage of active loans in the foreclosure process: 10.58; 
Estimated percentage of active loans that are seriously delinquent: 
19.17. 

Congressional District: 05; 
Estimated number of active loans: 3,585; 
Estimated percentage of active loans in default: 8.77; 
Estimated percentage of active loans in the foreclosure process: 8.74; 
Estimated percentage of active loans that are seriously delinquent: 
17.52. 

State: Kansas; 
Congressional District: 01; 
Estimated number of active loans: 2,738; 
Estimated percentage of active loans in default: 7.58; 
Estimated percentage of active loans in the foreclosure process: 5.51; 
Estimated percentage of active loans that are seriously delinquent: 
13.08. 

Congressional District: 02; 
Estimated number of active loans: 5,173; 
Estimated percentage of active loans in default: 9.50; 
Estimated percentage of active loans in the foreclosure process: 6.40; 
Estimated percentage of active loans that are seriously delinquent: 
15.89. 

Congressional District: 03; 
Estimated number of active loans: 8,200; 
Estimated percentage of active loans in default: 9.91; 
Estimated percentage of active loans in the foreclosure process: 6.33; 
Estimated percentage of active loans that are seriously delinquent: 
16.24. 

Congressional District: 04; 
Estimated number of active loans: 5,763; 
Estimated percentage of active loans in default: 7.27; 
Estimated percentage of active loans in the foreclosure process: 5.54; 
Estimated percentage of active loans that are seriously delinquent: 
12.81. 

State: Kentucky; 
Congressional District: 01; 
Estimated number of active loans: 3,062; 
Estimated percentage of active loans in default: 9.61; 
Estimated percentage of active loans in the foreclosure process: 7.48; 
Estimated percentage of active loans that are seriously delinquent: 
17.08. 

Congressional District: 02; 
Estimated number of active loans: 5,267; 
Estimated percentage of active loans in default: 10.22; 
Estimated percentage of active loans in the foreclosure process: 8.52; 
Estimated percentage of active loans that are seriously delinquent: 
18.74. 

Congressional District: 03; 
Estimated number of active loans: 8,485; 
Estimated percentage of active loans in default: 10.29; 
Estimated percentage of active loans in the foreclosure process: 12.40; 
Estimated percentage of active loans that are seriously delinquent: 
22.69. 

Congressional District: 04; 
Estimated number of active loans: 6,421; 
Estimated percentage of active loans in default: 10.74; 
Estimated percentage of active loans in the foreclosure process: 9.43; 
Estimated percentage of active loans that are seriously delinquent: 
20.17. 

Congressional District: 05; 
Estimated number of active loans: 2,602; 
Estimated percentage of active loans in default: 8.65; 
Estimated percentage of active loans in the foreclosure process: 8.12; 
Estimated percentage of active loans that are seriously delinquent: 
16.76. 

Congressional District: 06; 
Estimated number of active loans: 6,481; 
Estimated percentage of active loans in default: 9.32; 
Estimated percentage of active loans in the foreclosure process: 9.30; 
Estimated percentage of active loans that are seriously delinquent: 
18.62. 

State: Louisiana; 
Congressional District: 01; 
Estimated number of active loans: 6,985; 
Estimated percentage of active loans in default: 10.69; 
Estimated percentage of active loans in the foreclosure process: 9.02; 
Estimated percentage of active loans that are seriously delinquent: 
19.71. 

Congressional District: 02; 
Estimated number of active loans: 7,056; 
Estimated percentage of active loans in default: 13.32; 
Estimated percentage of active loans in the foreclosure process: 10.05; 
Estimated percentage of active loans that are seriously delinquent: 
23.37. 

Congressional District: 03; 
Estimated number of active loans: 5,331; 
Estimated percentage of active loans in default: 11.96; 
Estimated percentage of active loans in the foreclosure process: 7.68; 
Estimated percentage of active loans that are seriously delinquent: 
19.62. 

Congressional District: 04; 
Estimated number of active loans: 5,355; 
Estimated percentage of active loans in default: 12.79; 
Estimated percentage of active loans in the foreclosure process: 7.29; 
Estimated percentage of active loans that are seriously delinquent: 
20.09. 

Congressional District: 05; 
Estimated number of active loans: 3,779; 
Estimated percentage of active loans in default: 13.01; 
Estimated percentage of active loans in the foreclosure process: 6.62; 
Estimated percentage of active loans that are seriously delinquent: 
19.63. 

Congressional District: 06; 
Estimated number of active loans: 9,295; 
Estimated percentage of active loans in default: 11.39; 
Estimated percentage of active loans in the foreclosure process: 8.09; 
Estimated percentage of active loans that are seriously delinquent: 
19.48. 

Congressional District: 07; 
Estimated number of active loans: 4,194; 
Estimated percentage of active loans in default: 9.48; 
Estimated percentage of active loans in the foreclosure process: 6.17; 
Estimated percentage of active loans that are seriously delinquent: 
15.67. 

Maine; 
Congressional District: 01; 
Estimated number of active loans: 7,935; 
Estimated percentage of active loans in default: 9.68; 
Estimated percentage of active loans in the foreclosure process: 15.35; 
Estimated percentage of active loans that are seriously delinquent: 
25.03. 

Congressional District: 02; 
Estimated number of active loans: 6,304; 
Estimated percentage of active loans in default: 8.22; 
Estimated percentage of active loans in the foreclosure process: 16.06; 
Estimated percentage of active loans that are seriously delinquent: 
24.27. 

State: Maryland; 
Congressional District: 01; 
Estimated number of active loans: 11,931; 
Estimated percentage of active loans in default: 11.65; 
Estimated percentage of active loans in the foreclosure process: 9.26; 
Estimated percentage of active loans that are seriously delinquent: 
20.91. 

Congressional District: 02; 
Estimated number of active loans: 11,909; 
Estimated percentage of active loans in default: 14.06; 
Estimated percentage of active loans in the foreclosure process: 9.34; 
Estimated percentage of active loans that are seriously delinquent: 
23.39. 

Congressional District: 03; 
Estimated number of active loans: 13,801; 
Estimated percentage of active loans in default: 11.94; 
Estimated percentage of active loans in the foreclosure process: 9.50; 
Estimated percentage of active loans that are seriously delinquent: 
21.44. 

Congressional District: 04; 
Estimated number of active loans: 21,336; 
Estimated percentage of active loans in default: 16.63; 
Estimated percentage of active loans in the foreclosure process: 14.65; 
Estimated percentage of active loans that are seriously delinquent: 
31.29. 

Congressional District: 05; 
Estimated number of active loans: 23,694; 
Estimated percentage of active loans in default: 16.50; 
Estimated percentage of active loans in the foreclosure process: 12.68; 
Estimated percentage of active loans that are seriously delinquent: 
29.18. 

Congressional District: 06; 
Estimated number of active loans: 11,692; 
Estimated percentage of active loans in default: 12.86; 
Estimated percentage of active loans in the foreclosure process: 11.06; 
Estimated percentage of active loans that are seriously delinquent: 
23.91. 

Congressional District: 07; 
Estimated number of active loans: 12,561; 
Estimated percentage of active loans in default: 12.87; 
Estimated percentage of active loans in the foreclosure process: 9.92; 
Estimated percentage of active loans that are seriously delinquent: 
22.79. 

Congressional District: 08; 
Estimated number of active loans: 12,869; 
Estimated percentage of active loans in default: 12.28; 
Estimated percentage of active loans in the foreclosure process: 12.22; 
Estimated percentage of active loans that are seriously delinquent: 
24.50. 

State: Massachusetts; 
Congressional District: 01; 
Estimated number of active loans: 6,624; 
Estimated percentage of active loans in default: 16.71; 
Estimated percentage of active loans in the foreclosure process: 11.42; 
Estimated percentage of active loans that are seriously delinquent: 
28.14. 

Congressional District: 02; 
Estimated number of active loans: 9,127; 
Estimated percentage of active loans in default: 17.30; 
Estimated percentage of active loans in the foreclosure process: 12.39; 
Estimated percentage of active loans that are seriously delinquent: 
29.69. 

Congressional District: 03; 
Estimated number of active loans: 8,176; 
Estimated percentage of active loans in default: 16.72; 
Estimated percentage of active loans in the foreclosure process: 13.03; 
Estimated percentage of active loans that are seriously delinquent: 
29.75. 

Congressional District: 04; 
Estimated number of active loans: 7,230; 
Estimated percentage of active loans in default: 14.90; 
Estimated percentage of active loans in the foreclosure process: 10.51; 
Estimated percentage of active loans that are seriously delinquent: 
25.42. 

Congressional District: 05; 
Estimated number of active loans: 8,340; 
Estimated percentage of active loans in default: 16.38; 
Estimated percentage of active loans in the foreclosure process: 11.86; 
Estimated percentage of active loans that are seriously delinquent: 
28.24. 

Congressional District: 06; 
Estimated number of active loans: 7,338; 
Estimated percentage of active loans in default: 15.84; 
Estimated percentage of active loans in the foreclosure process: 11.80; 
Estimated percentage of active loans that are seriously delinquent: 
27.64. 

Congressional District: 07; 
Estimated number of active loans: 6,878; 
Estimated percentage of active loans in default: 14.27; 
Estimated percentage of active loans in the foreclosure process: 12.95; 
Estimated percentage of active loans that are seriously delinquent: 
27.22. 

Congressional District: 08; 
Estimated number of active loans: 6,183; 
Estimated percentage of active loans in default: 13.51; 
Estimated percentage of active loans in the foreclosure process: 11.67; 
Estimated percentage of active loans that are seriously delinquent: 
25.18. 

Congressional District: 09; 
Estimated number of active loans: 10,073; 
Estimated percentage of active loans in default: 17.63; 
Estimated percentage of active loans in the foreclosure process: 12.08; 
Estimated percentage of active loans that are seriously delinquent: 
29.71. 

Congressional District: 10; 
Estimated number of active loans: 10,048; 
Estimated percentage of active loans in default: 14.83; 
Estimated percentage of active loans in the foreclosure process: 10.96; 
Estimated percentage of active loans that are seriously delinquent: 
25.79. 

State: Michigan; 
Congressional District: 01; 
Estimated number of active loans: 4,963; 
Estimated percentage of active loans in default: 10.45; 
Estimated percentage of active loans in the foreclosure process: 5.63; 
Estimated percentage of active loans that are seriously delinquent: 
16.08. 

Congressional District: 02; 
Estimated number of active loans: 6,353; 
Estimated percentage of active loans in default: 12.44; 
Estimated percentage of active loans in the foreclosure process: 6.82; 
Estimated percentage of active loans that are seriously delinquent: 
19.27. 

Congressional District: 03; 
Estimated number of active loans: 7,337; 
Estimated percentage of active loans in default: 12.72; 
Estimated percentage of active loans in the foreclosure process: 7.06; 
Estimated percentage of active loans that are seriously delinquent: 
19.78. 

Congressional District: 04; 
Estimated number of active loans: 5,933; 
Estimated percentage of active loans in default: 11.45; 
Estimated percentage of active loans in the foreclosure process: 6.41; 
Estimated percentage of active loans that are seriously delinquent: 
17.85. 

Congressional District: 05; 
Estimated number of active loans: 8,059; 
Estimated percentage of active loans in default: 17.44; 
Estimated percentage of active loans in the foreclosure process: 6.07; 
Estimated percentage of active loans that are seriously delinquent: 
23.50. 

Congressional District: 06; 
Estimated number of active loans: 7,274; 
Estimated percentage of active loans in default: 10.99; 
Estimated percentage of active loans in the foreclosure process: 6.34; 
Estimated percentage of active loans that are seriously delinquent: 
17.34. 

Congressional District: 07; 
Estimated number of active loans: 8,075; 
Estimated percentage of active loans in default: 13.29; 
Estimated percentage of active loans in the foreclosure process: 7.80; 
Estimated percentage of active loans that are seriously delinquent: 
21.09. 

Congressional District: 08; 
Estimated number of active loans: 9,397; 
Estimated percentage of active loans in default: 12.31; 
Estimated percentage of active loans in the foreclosure process: 7.03; 
Estimated percentage of active loans that are seriously delinquent: 
19.34. 

Congressional District: 09; 
Estimated number of active loans: 9,571; 
Estimated percentage of active loans in default: 13.66; 
Estimated percentage of active loans in the foreclosure process: 7.54; 
Estimated percentage of active loans that are seriously delinquent: 
21.19. 

Congressional District: 10; 
Estimated number of active loans: 8,465; 
Estimated percentage of active loans in default: 13.04; 
Estimated percentage of active loans in the foreclosure process: 7.72; 
Estimated percentage of active loans that are seriously delinquent: 
20.74. 

Congressional District: 11; 
Estimated number of active loans: 10,298; 
Estimated percentage of active loans in default: 14.50; 
Estimated percentage of active loans in the foreclosure process: 7.28; 
Estimated percentage of active loans that are seriously delinquent: 
21.78. 

Congressional District: 12; 
Estimated number of active loans: 12,351; 
Estimated percentage of active loans in default: 16.34; 
Estimated percentage of active loans in the foreclosure process: 7.58; 
Estimated percentage of active loans that are seriously delinquent: 
23.92. 

Congressional District: 13; 
Estimated number of active loans: 11,742; 
Estimated percentage of active loans in default: 23.28; 
Estimated percentage of active loans in the foreclosure process: 5.80; 
Estimated percentage of active loans that are seriously delinquent: 
29.08. 

Congressional District: 14; 
Estimated number of active loans: 14,642; 
Estimated percentage of active loans in default: 24.28; 
Estimated percentage of active loans in the foreclosure process: 6.25; 
Estimated percentage of active loans that are seriously delinquent: 
30.54. 

Congressional District: 15; 
Estimated number of active loans: 9,916; 
Estimated percentage of active loans in default: 16.25; 
Estimated percentage of active loans in the foreclosure process: 7.30; 
Estimated percentage of active loans that are seriously delinquent: 
23.56. 

State: Minnesota; 
Congressional District: 01; 
Estimated number of active loans: 4,290; 
Estimated percentage of active loans in default: 9.95; 
Estimated percentage of active loans in the foreclosure process: 7.96; 
Estimated percentage of active loans that are seriously delinquent: 
17.93. 

Congressional District: 02; 
Estimated number of active loans: 11,090; 
Estimated percentage of active loans in default: 10.96; 
Estimated percentage of active loans in the foreclosure process: 9.84; 
Estimated percentage of active loans that are seriously delinquent: 
20.80. 

Congressional District: 03; 
Estimated number of active loans: 9,928; 
Estimated percentage of active loans in default: 11.14; 
Estimated percentage of active loans in the foreclosure process: 10.53; 
Estimated percentage of active loans that are seriously delinquent: 
21.67. 

Congressional District: 04; 
Estimated number of active loans: 7,739; 
Estimated percentage of active loans in default: 11.35; 
Estimated percentage of active loans in the foreclosure process: 12.16; 
Estimated percentage of active loans that are seriously delinquent: 
23.50. 

Congressional District: 05; 
Estimated number of active loans: 9,025; 
Estimated percentage of active loans in default: 11.65; 
Estimated percentage of active loans in the foreclosure process: 11.42; 
Estimated percentage of active loans that are seriously delinquent: 
23.07. 

Congressional District: 06; 
Estimated number of active loans: 11,206; 
Estimated percentage of active loans in default: 12.51; 
Estimated percentage of active loans in the foreclosure process: 10.53; 
Estimated percentage of active loans that are seriously delinquent: 
23.04. 

Congressional District: 07; 
Estimated number of active loans: 4,130; 
Estimated percentage of active loans in default: 10.56; 
Estimated percentage of active loans in the foreclosure process: 7.96; 
Estimated percentage of active loans that are seriously delinquent: 
18.52. 

Congressional District: 08; 
Estimated number of active loans: 7,303; 
Estimated percentage of active loans in default: 11.09; 
Estimated percentage of active loans in the foreclosure process: 10.40; 
Estimated percentage of active loans that are seriously delinquent: 
21.48. 

State: Mississippi; 
Congressional District: 01; 
Estimated number of active loans: 7,587; 
Estimated percentage of active loans in default: 18.82; 
Estimated percentage of active loans in the foreclosure process: 5.38; 
Estimated percentage of active loans that are seriously delinquent: 
24.20. 

Congressional District: 02; 
Estimated number of active loans: 6,569; 
Estimated percentage of active loans in default: 19.64; 
Estimated percentage of active loans in the foreclosure process: 5.85; 
Estimated percentage of active loans that are seriously delinquent: 
25.48. 

Congressional District: 03; 
Estimated number of active loans: 4,756; 
Estimated percentage of active loans in default: 14.77; 
Estimated percentage of active loans in the foreclosure process: 5.46; 
Estimated percentage of active loans that are seriously delinquent: 
20.25. 

Congressional District: 04; 
Estimated number of active loans: 5,921; 
Estimated percentage of active loans in default: 13.74; 
Estimated percentage of active loans in the foreclosure process: 5.86; 
Estimated percentage of active loans that are seriously delinquent: 
19.59. 

State: Missouri; 
Congressional District: 01; 
Estimated number of active loans: 13,869; 
Estimated percentage of active loans in default: 17.47; 
Estimated percentage of active loans in the foreclosure process: 5.64; 
Estimated percentage of active loans that are seriously delinquent: 
23.12. 

Congressional District: 02; 
Estimated number of active loans: 6,476; 
Estimated percentage of active loans in default: 11.07; 
Estimated percentage of active loans in the foreclosure process: 4.95; 
Estimated percentage of active loans that are seriously delinquent: 
16.03. 

Congressional District: 03; 
Estimated number of active loans: 8,002; 
Estimated percentage of active loans in default: 12.17; 
Estimated percentage of active loans in the foreclosure process: 5.19; 
Estimated percentage of active loans that are seriously delinquent: 
17.36. 

Congressional District: 04; 
Estimated number of active loans: 4,770; 
Estimated percentage of active loans in default: 10.87; 
Estimated percentage of active loans in the foreclosure process: 4.44; 
Estimated percentage of active loans that are seriously delinquent: 
15.30. 

Congressional District: 05; 
Estimated number of active loans: 12,089; 
Estimated percentage of active loans in default: 13.26; 
Estimated percentage of active loans in the foreclosure process: 5.08; 
Estimated percentage of active loans that are seriously delinquent: 
18.34. 

Congressional District: 06; 
Estimated number of active loans: 7,316; 
Estimated percentage of active loans in default: 11.01; 
Estimated percentage of active loans in the foreclosure process: 4.47; 
Estimated percentage of active loans that are seriously delinquent: 
15.49. 

Congressional District: 07; 
Estimated number of active loans: 6,261; 
Estimated percentage of active loans in default: 9.89; 
Estimated percentage of active loans in the foreclosure process: 5.31; 
Estimated percentage of active loans that are seriously delinquent: 
15.19. 

Congressional District: 08; 
Estimated number of active loans: 3,262; 
Estimated percentage of active loans in default: 10.46; 
Estimated percentage of active loans in the foreclosure process: 4.34; 
Estimated percentage of active loans that are seriously delinquent: 
14.81. 

Congressional District: 09; 
Estimated number of active loans: 4,540; 
Estimated percentage of active loans in default: 10.56; 
Estimated percentage of active loans in the foreclosure process: 4.55; 
Estimated percentage of active loans that are seriously delinquent: 
15.09. 

State: Montana; 
Congressional District: 00; 
Estimated number of active loans: 7,134; 
Estimated percentage of active loans in default: 9.03; 
Estimated percentage of active loans in the foreclosure process: 7.40; 
Estimated percentage of active loans that are seriously delinquent: 
16.43. 

State: Nebraska; 
Congressional District: 01; 
Estimated number of active loans: 4,019; 
Estimated percentage of active loans in default: 10.08; 
Estimated percentage of active loans in the foreclosure process: 6.40; 
Estimated percentage of active loans that are seriously delinquent: 
16.47. 

Congressional District: 02; 
Estimated number of active loans: 6,228; 
Estimated percentage of active loans in default: 10.84; 
Estimated percentage of active loans in the foreclosure process: 6.32; 
Estimated percentage of active loans that are seriously delinquent: 
17.15. 

Congressional District: 03; 
Estimated number of active loans: 2,606; 
Estimated percentage of active loans in default: 8.28; 
Estimated percentage of active loans in the foreclosure process: 5.73; 
Estimated percentage of active loans that are seriously delinquent: 
14.01. 

State: Nevada; 
Congressional District: 01; 
Estimated number of active loans: 35,911; 
Estimated percentage of active loans in default: 17.91; 
Estimated percentage of active loans in the foreclosure process: 17.60; 
Estimated percentage of active loans that are seriously delinquent: 
35.51. 

Congressional District: 02; 
Estimated number of active loans: 21,702; 
Estimated percentage of active loans in default: 12.89; 
Estimated percentage of active loans in the foreclosure process: 13.17; 
Estimated percentage of active loans that are seriously delinquent: 
26.06. 

Congressional District: 03; 
Estimated number of active loans: 51,500; 
Estimated percentage of active loans in default: 16.64; 
Estimated percentage of active loans in the foreclosure process: 16.89; 
Estimated percentage of active loans that are seriously delinquent: 
33.53. 

State: New Hampshire; 
Congressional District: 01; 
Estimated number of active loans: 9,398; 
Estimated percentage of active loans in default: 11.85; 
Estimated percentage of active loans in the foreclosure process: 6.56; 
Estimated percentage of active loans that are seriously delinquent: 
18.42. 

Congressional District: 02; 
Estimated number of active loans: 8,186; 
Estimated percentage of active loans in default: 13.25; 
Estimated percentage of active loans in the foreclosure process: 5.83; 
Estimated percentage of active loans that are seriously delinquent: 
19.07. 

State: New Jersey; 
Congressional District: 01; 
Estimated number of active loans: 9,631; 
Estimated percentage of active loans in default: 14.67; 
Estimated percentage of active loans in the foreclosure process: 16.15; 
Estimated percentage of active loans that are seriously delinquent: 
30.82. 

Congressional District: 02; 
Estimated number of active loans: 12,037; 
Estimated percentage of active loans in default: 12.91; 
Estimated percentage of active loans in the foreclosure process: 17.39; 
Estimated percentage of active loans that are seriously delinquent: 
30.30. 

Congressional District: 03; 
Estimated number of active loans: 10,992; 
Estimated percentage of active loans in default: 12.69; 
Estimated percentage of active loans in the foreclosure process: 16.35; 
Estimated percentage of active loans that are seriously delinquent: 
29.04. 

Congressional District: 04; 
Estimated number of active loans: 10,748; 
Estimated percentage of active loans in default: 11.36; 
Estimated percentage of active loans in the foreclosure process: 16.98; 
Estimated percentage of active loans that are seriously delinquent: 
28.34. 

Congressional District: 05; 
Estimated number of active loans: 8,911; 
Estimated percentage of active loans in default: 10.26; 
Estimated percentage of active loans in the foreclosure process: 15.81; 
Estimated percentage of active loans that are seriously delinquent: 
26.07. 

Congressional District: 06; 
Estimated number of active loans: 8,655; 
Estimated percentage of active loans in default: 11.81; 
Estimated percentage of active loans in the foreclosure process: 19.99; 
Estimated percentage of active loans that are seriously delinquent: 
31.80. 

Congressional District: 07; 
Estimated number of active loans: 7,509; 
Estimated percentage of active loans in default: 10.70; 
Estimated percentage of active loans in the foreclosure process: 17.56; 
Estimated percentage of active loans that are seriously delinquent: 
28.25. 

Congressional District: 08; 
Estimated number of active loans: 9,645; 
Estimated percentage of active loans in default: 12.82; 
Estimated percentage of active loans in the foreclosure process: 24.37; 
Estimated percentage of active loans that are seriously delinquent: 
37.18. 

Congressional District: 09; 
Estimated number of active loans: 8,605; 
Estimated percentage of active loans in default: 11.13; 
Estimated percentage of active loans in the foreclosure process: 20.56; 
Estimated percentage of active loans that are seriously delinquent: 
31.69. 

Congressional District: 10; 
Estimated number of active loans: 10,818; 
Estimated percentage of active loans in default: 14.88; 
Estimated percentage of active loans in the foreclosure process: 30.84; 
Estimated percentage of active loans that are seriously delinquent: 
45.72. 

Congressional District: 11; 
Estimated number of active loans: 7,338; 
Estimated percentage of active loans in default: 9.39; 
Estimated percentage of active loans in the foreclosure process: 15.85; 
Estimated percentage of active loans that are seriously delinquent: 
25.24. 

Congressional District: 12; 
Estimated number of active loans: 8,956; 
Estimated percentage of active loans in default: 10.67; 
Estimated percentage of active loans in the foreclosure process: 16.08; 
Estimated percentage of active loans that are seriously delinquent: 
26.75. 

Congressional District: 13; 
Estimated number of active loans: 9,692; 
Estimated percentage of active loans in default: 12.41; 
Estimated percentage of active loans in the foreclosure process: 26.58; 
Estimated percentage of active loans that are seriously delinquent: 
38.99. 

New Mexico; 
Congressional District: 01; 
Estimated number of active loans: 8,687; 
Estimated percentage of active loans in default: 7.70; 
Estimated percentage of active loans in the foreclosure process: 9.42; 
Estimated percentage of active loans that are seriously delinquent: 
17.13. 

Congressional District: 02; 
Estimated number of active loans: 4,707; 
Estimated percentage of active loans in default: 6.85; 
Estimated percentage of active loans in the foreclosure process: 8.39; 
Estimated percentage of active loans that are seriously delinquent: 
15.23. 

Congressional District: 03; 
Estimated number of active loans: 6,902; 
Estimated percentage of active loans in default: 7.51; 
Estimated percentage of active loans in the foreclosure process: 9.16; 
Estimated percentage of active loans that are seriously delinquent: 
16.66. 

State: New York; 
Congressional District: 01; 
Estimated number of active loans: 18,203; 
Estimated percentage of active loans in default: 13.42; 
Estimated percentage of active loans in the foreclosure process: 17.36; 
Estimated percentage of active loans that are seriously delinquent: 
30.78. 

Congressional District: 02; 
Estimated number of active loans: 16,002; 
Estimated percentage of active loans in default: 15.31; 
Estimated percentage of active loans in the foreclosure process: 21.19; 
Estimated percentage of active loans that are seriously delinquent: 
36.51. 

Congressional District: 03; 
Estimated number of active loans: 12,120; 
Estimated percentage of active loans in default: 13.40; 
Estimated percentage of active loans in the foreclosure process: 14.86; 
Estimated percentage of active loans that are seriously delinquent: 
28.26. 

Congressional District: 04; 
Estimated number of active loans: 14,296; 
Estimated percentage of active loans in default: 15.06; 
Estimated percentage of active loans in the foreclosure process: 18.88; 
Estimated percentage of active loans that are seriously delinquent: 
33.95. 

Congressional District: 05; 
Estimated number of active loans: 6,853; 
Estimated percentage of active loans in default: 9.93; 
Estimated percentage of active loans in the foreclosure process: 11.00; 
Estimated percentage of active loans that are seriously delinquent: 
20.93. 

Congressional District: 06; 
Estimated number of active loans: 14,939; 
Estimated percentage of active loans in default: 16.69; 
Estimated percentage of active loans in the foreclosure process: 21.26; 
Estimated percentage of active loans that are seriously delinquent: 
37.95. 

Congressional District: 07; 
Estimated number of active loans: 6,712; 
Estimated percentage of active loans in default: 13.29; 
Estimated percentage of active loans in the foreclosure process: 16.06; 
Estimated percentage of active loans that are seriously delinquent: 
29.35. 

Congressional District: 08; 
Estimated number of active loans: 3,286; 
Estimated percentage of active loans in default: 5.80; 
Estimated percentage of active loans in the foreclosure process: 8.86; 
Estimated percentage of active loans that are seriously delinquent: 
14.67. 

Congressional District: 09; 
Estimated number of active loans: 7,536; 
Estimated percentage of active loans in default: 11.43; 
Estimated percentage of active loans in the foreclosure process: 15.15; 
Estimated percentage of active loans that are seriously delinquent: 
26.57. 

Congressional District: 10; 
Estimated number of active loans: 9,659; 
Estimated percentage of active loans in default: 12.84; 
Estimated percentage of active loans in the foreclosure process: 25.94; 
Estimated percentage of active loans that are seriously delinquent: 
38.79. 

Congressional District: 11; 
Estimated number of active loans: 5,188; 
Estimated percentage of active loans in default: 11.64; 
Estimated percentage of active loans in the foreclosure process: 19.43; 
Estimated percentage of active loans that are seriously delinquent: 
31.07. 

Congressional District: 12; 
Estimated number of active loans: 4,679; 
Estimated percentage of active loans in default: 11.35; 
Estimated percentage of active loans in the foreclosure process: 20.50; 
Estimated percentage of active loans that are seriously delinquent: 
31.84. 

Congressional District: 13; 
Estimated number of active loans: 8,777; 
Estimated percentage of active loans in default: 12.07; 
Estimated percentage of active loans in the foreclosure process: 12.61; 
Estimated percentage of active loans that are seriously delinquent: 
24.68. 

Congressional District: 14; 
Estimated number of active loans: 3,021; 
Estimated percentage of active loans in default: 4.28; 
Estimated percentage of active loans in the foreclosure process: 4.90; 
Estimated percentage of active loans that are seriously delinquent: 
9.17. 

Congressional District: 15; 
Estimated number of active loans: 935; 
Estimated percentage of active loans in default: 8.14; 
Estimated percentage of active loans in the foreclosure process: 13.11; 
Estimated percentage of active loans that are seriously delinquent: 
21.28. 

Congressional District: 16; 
Estimated number of active loans: 1,899; 
Estimated percentage of active loans in default: 13.95; 
Estimated percentage of active loans in the foreclosure process: 21.75; 
Estimated percentage of active loans that are seriously delinquent: 
35.70. 

Congressional District: 17; 
Estimated number of active loans: 8,309; 
Estimated percentage of active loans in default: 13.52; 
Estimated percentage of active loans in the foreclosure process: 15.25; 
Estimated percentage of active loans that are seriously delinquent: 
28.78. 

Congressional District: 18; 
Estimated number of active loans: 8,445; 
Estimated percentage of active loans in default: 10.55; 
Estimated percentage of active loans in the foreclosure process: 9.84; 
Estimated percentage of active loans that are seriously delinquent: 
20.39. 

Congressional District: 19; 
Estimated number of active loans: 11,854; 
Estimated percentage of active loans in default: 12.93; 
Estimated percentage of active loans in the foreclosure process: 11.33; 
Estimated percentage of active loans that are seriously delinquent: 
24.26. 

Congressional District: 20; 
Estimated number of active loans: 7,986; 
Estimated percentage of active loans in default: 13.05; 
Estimated percentage of active loans in the foreclosure process: 10.77; 
Estimated percentage of active loans that are seriously delinquent: 
23.82. 

Congressional District: 21; 
Estimated number of active loans: 6,263; 
Estimated percentage of active loans in default: 12.48; 
Estimated percentage of active loans in the foreclosure process: 11.90; 
Estimated percentage of active loans that are seriously delinquent: 
24.37. 

Congressional District: 22; 
Estimated number of active loans: 7,233; 
Estimated percentage of active loans in default: 13.90; 
Estimated percentage of active loans in the foreclosure process: 12.93; 
Estimated percentage of active loans that are seriously delinquent: 
26.82. 

Congressional District: 23; 
Estimated number of active loans: 3,348; 
Estimated percentage of active loans in default: 10.69; 
Estimated percentage of active loans in the foreclosure process: 8.33; 
Estimated percentage of active loans that are seriously delinquent: 
19.03. 

Congressional District: 24; 
Estimated number of active loans: 4,302; 
Estimated percentage of active loans in default: 10.90; 
Estimated percentage of active loans in the foreclosure process: 7.45; 
Estimated percentage of active loans that are seriously delinquent: 
18.36. 

Congressional District: 25; 
Estimated number of active loans: 4,617; 
Estimated percentage of active loans in default: 9.92; 
Estimated percentage of active loans in the foreclosure process: 8.90; 
Estimated percentage of active loans that are seriously delinquent: 
18.82. 

Congressional District: 26; 
Estimated number of active loans: 4,398; 
Estimated percentage of active loans in default: 9.78; 
Estimated percentage of active loans in the foreclosure process: 6.77; 
Estimated percentage of active loans that are seriously delinquent: 
16.55. 

Congressional District: 27; 
Estimated number of active loans: 4,324; 
Estimated percentage of active loans in default: 10.33; 
Estimated percentage of active loans in the foreclosure process: 5.98; 
Estimated percentage of active loans that are seriously delinquent: 
16.33. 

Congressional District: 28; 
Estimated number of active loans: 5,488; 
Estimated percentage of active loans in default: 9.98; 
Estimated percentage of active loans in the foreclosure process: 8.25; 
Estimated percentage of active loans that are seriously delinquent: 
18.24. 

Congressional District: 29; 
Estimated number of active loans: 3,977; 
Estimated percentage of active loans in default: 10.70; 
Estimated percentage of active loans in the foreclosure process: 6.46; 
Estimated percentage of active loans that are seriously delinquent: 
17.15. 

State: North Carolina; 
Congressional District: 01; 
Estimated number of active loans: 3,899; 
Estimated percentage of active loans in default: 13.63; 
Estimated percentage of active loans in the foreclosure process: 5.48; 
Estimated percentage of active loans that are seriously delinquent: 
19.11. 

Congressional District: 02; 
Estimated number of active loans: 6,916; 
Estimated percentage of active loans in default: 12.99; 
Estimated percentage of active loans in the foreclosure process: 5.75; 
Estimated percentage of active loans that are seriously delinquent: 
18.74. 

Congressional District: 03; 
Estimated number of active loans: 7,454; 
Estimated percentage of active loans in default: 10.05; 
Estimated percentage of active loans in the foreclosure process: 5.43; 
Estimated percentage of active loans that are seriously delinquent: 
15.48. 

Congressional District: 04; 
Estimated number of active loans: 8,166; 
Estimated percentage of active loans in default: 10.95; 
Estimated percentage of active loans in the foreclosure process: 3.98; 
Estimated percentage of active loans that are seriously delinquent: 
14.93. 

Congressional District: 05; 
Estimated number of active loans: 5,222; 
Estimated percentage of active loans in default: 11.89; 
Estimated percentage of active loans in the foreclosure process: 4.67; 
Estimated percentage of active loans that are seriously delinquent: 
16.56. 

Congressional District: 06; 
Estimated number of active loans: 7,469; 
Estimated percentage of active loans in default: 12.42; 
Estimated percentage of active loans in the foreclosure process: 4.96; 
Estimated percentage of active loans that are seriously delinquent: 
17.37. 

Congressional District: 07; 
Estimated number of active loans: 7,357; 
Estimated percentage of active loans in default: 10.69; 
Estimated percentage of active loans in the foreclosure process: 5.13; 
Estimated percentage of active loans that are seriously delinquent: 
15.81. 

Congressional District: 08; 
Estimated number of active loans: 7,100; 
Estimated percentage of active loans in default: 12.04; 
Estimated percentage of active loans in the foreclosure process: 5.35; 
Estimated percentage of active loans that are seriously delinquent: 
17.39. 

Congressional District: 09; 
Estimated number of active loans: 13,339; 
Estimated percentage of active loans in default: 11.03; 
Estimated percentage of active loans in the foreclosure process: 5.95; 
Estimated percentage of active loans that are seriously delinquent: 
16.99. 

Congressional District: 10; 
Estimated number of active loans: 6,362; 
Estimated percentage of active loans in default: 12.30; 
Estimated percentage of active loans in the foreclosure process: 5.58; 
Estimated percentage of active loans that are seriously delinquent: 
17.89. 

Congressional District: 11; 
Estimated number of active loans: 5,751; 
Estimated percentage of active loans in default: 9.87; 
Estimated percentage of active loans in the foreclosure process: 5.15; 
Estimated percentage of active loans that are seriously delinquent: 
15.01. 

Congressional District: 12; 
Estimated number of active loans: 10,609; 
Estimated percentage of active loans in default: 12.23; 
Estimated percentage of active loans in the foreclosure process: 6.18; 
Estimated percentage of active loans that are seriously delinquent: 
18.42. 

Congressional District: 13; 
Estimated number of active loans: 7,888; 
Estimated percentage of active loans in default: 12.30; 
Estimated percentage of active loans in the foreclosure process: 5.03; 
Estimated percentage of active loans that are seriously delinquent: 
17.34. 

State: North Dakota; 
Congressional District: 00; 
Estimated number of active loans: 2,287; 
Estimated percentage of active loans in default: 6.84; 
Estimated percentage of active loans in the foreclosure process: 6.10; 
Estimated percentage of active loans that are seriously delinquent: 
12.99. 

State: Ohio; 
Congressional District: 01; 
Estimated number of active loans: 8,848; 
Estimated percentage of active loans in default: 12.40; 
Estimated percentage of active loans in the foreclosure process: 10.47; 
Estimated percentage of active loans that are seriously delinquent: 
22.88. 

Congressional District: 02; 
Estimated number of active loans: 6,525; 
Estimated percentage of active loans in default: 10.09; 
Estimated percentage of active loans in the foreclosure process: 10.36; 
Estimated percentage of active loans that are seriously delinquent: 
20.44. 

Congressional District: 03; 
Estimated number of active loans: 8,154; 
Estimated percentage of active loans in default: 13.25; 
Estimated percentage of active loans in the foreclosure process: 12.03; 
Estimated percentage of active loans that are seriously delinquent: 
25.28. 

Congressional District: 04; 
Estimated number of active loans: 6,223; 
Estimated percentage of active loans in default: 11.40; 
Estimated percentage of active loans in the foreclosure process: 10.80; 
Estimated percentage of active loans that are seriously delinquent: 
22.21. 

Congressional District: 05; 
Estimated number of active loans: 4,986; 
Estimated percentage of active loans in default: 10.27; 
Estimated percentage of active loans in the foreclosure process: 11.19; 
Estimated percentage of active loans that are seriously delinquent: 
21.46. 

Congressional District: 06; 
Estimated number of active loans: 4,728; 
Estimated percentage of active loans in default: 11.38; 
Estimated percentage of active loans in the foreclosure process: 11.86; 
Estimated percentage of active loans that are seriously delinquent: 
23.24. 

Congressional District: 07; 
Estimated number of active loans: 8,002; 
Estimated percentage of active loans in default: 11.95; 
Estimated percentage of active loans in the foreclosure process: 11.13; 
Estimated percentage of active loans that are seriously delinquent: 
23.07. 

Congressional District: 08; 
Estimated number of active loans: 7,281; 
Estimated percentage of active loans in default: 11.49; 
Estimated percentage of active loans in the foreclosure process: 11.25; 
Estimated percentage of active loans that are seriously delinquent: 
22.74. 

Congressional District: 09; 
Estimated number of active loans: 8,364; 
Estimated percentage of active loans in default: 11.85; 
Estimated percentage of active loans in the foreclosure process: 12.80; 
Estimated percentage of active loans that are seriously delinquent: 
24.65. 

Congressional District: 10; 
Estimated number of active loans: 9,289; 
Estimated percentage of active loans in default: 11.90; 
Estimated percentage of active loans in the foreclosure process: 12.15; 
Estimated percentage of active loans that are seriously delinquent: 
24.06. 

Congressional District: 11; 
Estimated number of active loans: 12,105; 
Estimated percentage of active loans in default: 16.81; 
Estimated percentage of active loans in the foreclosure process: 13.37; 
Estimated percentage of active loans that are seriously delinquent: 
30.18. 

Congressional District: 12; 
Estimated number of active loans: 10,220; 
Estimated percentage of active loans in default: 11.14; 
Estimated percentage of active loans in the foreclosure process: 11.21; 
Estimated percentage of active loans that are seriously delinquent: 
22.35. 

Congressional District: 13; 
Estimated number of active loans: 9,136; 
Estimated percentage of active loans in default: 11.32; 
Estimated percentage of active loans in the foreclosure process: 13.94; 
Estimated percentage of active loans that are seriously delinquent: 
25.26. 

Congressional District: 14; 
Estimated number of active loans: 7,862; 
Estimated percentage of active loans in default: 9.63; 
Estimated percentage of active loans in the foreclosure process: 12.62; 
Estimated percentage of active loans that are seriously delinquent: 
22.25. 

Congressional District: 15; 
Estimated number of active loans: 7,938; 
Estimated percentage of active loans in default: 10.80; 
Estimated percentage of active loans in the foreclosure process: 11.65; 
Estimated percentage of active loans that are seriously delinquent: 
22.46. 

Congressional District: 16; 
Estimated number of active loans: 7,246; 
Estimated percentage of active loans in default: 10.52; 
Estimated percentage of active loans in the foreclosure process: 11.22; 
Estimated percentage of active loans that are seriously delinquent: 
21.74. 

Congressional District: 17; 
Estimated number of active loans: 8,343; 
Estimated percentage of active loans in default: 12.36; 
Estimated percentage of active loans in the foreclosure process: 16.08; 
Estimated percentage of active loans that are seriously delinquent: 
28.43. 

Congressional District: 18; 
Estimated number of active loans: 5,139; 
Estimated percentage of active loans in default: 11.89; 
Estimated percentage of active loans in the foreclosure process: 9.94; 
Estimated percentage of active loans that are seriously delinquent: 
21.83. 

State: Oklahoma; 
Congressional District: 01; 
Estimated number of active loans: 8,842; 
Estimated percentage of active loans in default: 8.40; 
Estimated percentage of active loans in the foreclosure process: 8.36; 
Estimated percentage of active loans that are seriously delinquent: 
16.75. 

Congressional District: 02; 
Estimated number of active loans: 4,676; 
Estimated percentage of active loans in default: 8.39; 
Estimated percentage of active loans in the foreclosure process: 8.11; 
Estimated percentage of active loans that are seriously delinquent: 
16.49. 

Congressional District: 03; 
Estimated number of active loans: 4,987; 
Estimated percentage of active loans in default: 7.68; 
Estimated percentage of active loans in the foreclosure process: 7.44; 
Estimated percentage of active loans that are seriously delinquent: 
15.12. 

Congressional District: 04; 
Estimated number of active loans: 7,163; 
Estimated percentage of active loans in default: 7.28; 
Estimated percentage of active loans in the foreclosure process: 7.13; 
Estimated percentage of active loans that are seriously delinquent: 
14.41. 

Congressional District: 05; 
Estimated number of active loans: 8,981; 
Estimated percentage of active loans in default: 7.93; 
Estimated percentage of active loans in the foreclosure process: 8.65; 
Estimated percentage of active loans that are seriously delinquent: 
16.58. 

State: Oregon; 
Congressional District: 01; 
Estimated number of active loans: 12,656; 
Estimated percentage of active loans in default: 9.34; 
Estimated percentage of active loans in the foreclosure process: 8.66; 
Estimated percentage of active loans that are seriously delinquent: 
17.99. 

Congressional District: 02; 
Estimated number of active loans: 13,122; 
Estimated percentage of active loans in default: 10.16; 
Estimated percentage of active loans in the foreclosure process: 10.27; 
Estimated percentage of active loans that are seriously delinquent: 
20.42. 

Congressional District: 03; 
Estimated number of active loans: 15,537; 
Estimated percentage of active loans in default: 9.43; 
Estimated percentage of active loans in the foreclosure process: 8.70; 
Estimated percentage of active loans that are seriously delinquent: 
18.13. 

Congressional District: 04; 
Estimated number of active loans: 10,364; 
Estimated percentage of active loans in default: 8.70; 
Estimated percentage of active loans in the foreclosure process: 7.22; 
Estimated percentage of active loans that are seriously delinquent: 
15.92. 

Congressional District: 05; 
Estimated number of active loans: 11,992; 
Estimated percentage of active loans in default: 9.28; 
Estimated percentage of active loans in the foreclosure process: 8.66; 
Estimated percentage of active loans that are seriously delinquent: 
17.94. 

State: Pennsylvania; 
Congressional District: 01; 
Estimated number of active loans: 11,475; 
Estimated percentage of active loans in default: 10.78; 
Estimated percentage of active loans in the foreclosure process: 8.97; 
Estimated percentage of active loans that are seriously delinquent: 
19.76. 

Congressional District: 02; 
Estimated number of active loans: 10,438; 
Estimated percentage of active loans in default: 10.87; 
Estimated percentage of active loans in the foreclosure process: 9.37; 
Estimated percentage of active loans that are seriously delinquent: 
20.22. 

Congressional District: 03; 
Estimated number of active loans: 4,726; 
Estimated percentage of active loans in default: 11.19; 
Estimated percentage of active loans in the foreclosure process: 7.39; 
Estimated percentage of active loans that are seriously delinquent: 
18.58. 

Congressional District: 04; 
Estimated number of active loans: 6,934; 
Estimated percentage of active loans in default: 11.50; 
Estimated percentage of active loans in the foreclosure process: 7.36; 
Estimated percentage of active loans that are seriously delinquent: 
18.86. 

Congressional District: 05; 
Estimated number of active loans: 3,349; 
Estimated percentage of active loans in default: 10.81; 
Estimated percentage of active loans in the foreclosure process: 7.12; 
Estimated percentage of active loans that are seriously delinquent: 
17.95. 

Congressional District: 06; 
Estimated number of active loans: 7,613; 
Estimated percentage of active loans in default: 9.50; 
Estimated percentage of active loans in the foreclosure process: 8.18; 
Estimated percentage of active loans that are seriously delinquent: 
17.68. 

Congressional District: 07; 
Estimated number of active loans: 7,625; 
Estimated percentage of active loans in default: 10.96; 
Estimated percentage of active loans in the foreclosure process: 8.07; 
Estimated percentage of active loans that are seriously delinquent: 
19.03. 

Congressional District: 08; 
Estimated number of active loans: 7,726; 
Estimated percentage of active loans in default: 12.08; 
Estimated percentage of active loans in the foreclosure process: 8.35; 
Estimated percentage of active loans that are seriously delinquent: 
20.42. 

Congressional District: 09; 
Estimated number of active loans: 4,808; 
Estimated percentage of active loans in default: 11.65; 
Estimated percentage of active loans in the foreclosure process: 6.85; 
Estimated percentage of active loans that are seriously delinquent: 
18.49. 

Congressional District: 10; 
Estimated number of active loans: 6,471; 
Estimated percentage of active loans in default: 12.30; 
Estimated percentage of active loans in the foreclosure process: 9.92; 
Estimated percentage of active loans that are seriously delinquent: 
22.22. 

Congressional District: 11; 
Estimated number of active loans: 10,732; 
Estimated percentage of active loans in default: 12.80; 
Estimated percentage of active loans in the foreclosure process: 12.31; 
Estimated percentage of active loans that are seriously delinquent: 
25.12. 

Congressional District: 12; 
Estimated number of active loans: 4,821; 
Estimated percentage of active loans in default: 11.88; 
Estimated percentage of active loans in the foreclosure process: 7.04; 
Estimated percentage of active loans that are seriously delinquent: 
18.94. 

Congressional District: 13; 
Estimated number of active loans: 8,419; 
Estimated percentage of active loans in default: 11.04; 
Estimated percentage of active loans in the foreclosure process: 7.98; 
Estimated percentage of active loans that are seriously delinquent: 
19.02. 

Congressional District: 14; 
Estimated number of active loans: 7,660; 
Estimated percentage of active loans in default: 12.25; 
Estimated percentage of active loans in the foreclosure process: 7.02; 
Estimated percentage of active loans that are seriously delinquent: 
19.27. 

Congressional District: 15; 
Estimated number of active loans: 9,350; 
Estimated percentage of active loans in default: 11.98; 
Estimated percentage of active loans in the foreclosure process: 8.82; 
Estimated percentage of active loans that are seriously delinquent: 
20.80. 

Congressional District: 16; 
Estimated number of active loans: 5,656; 
Estimated percentage of active loans in default: 9.85; 
Estimated percentage of active loans in the foreclosure process: 8.34; 
Estimated percentage of active loans that are seriously delinquent: 
18.19. 

Congressional District: 17; 
Estimated number of active loans: 6,484; 
Estimated percentage of active loans in default: 10.26; 
Estimated percentage of active loans in the foreclosure process: 6.98; 
Estimated percentage of active loans that are seriously delinquent: 
17.24. 

Congressional District: 18; 
Estimated number of active loans: 7,839; 
Estimated percentage of active loans in default: 11.81; 
Estimated percentage of active loans in the foreclosure process: 6.95; 
Estimated percentage of active loans that are seriously delinquent: 
18.77. 

Congressional District: 19; 
Estimated number of active loans: 7,248; 
Estimated percentage of active loans in default: 11.75; 
Estimated percentage of active loans in the foreclosure process: 8.59; 
Estimated percentage of active loans that are seriously delinquent: 
20.35. 

State: Rhode Island; 
Congressional District: 01; 
Estimated number of active loans: 6,979; 
Estimated percentage of active loans in default: 11.61; 
Estimated percentage of active loans in the foreclosure process: 11.00; 
Estimated percentage of active loans that are seriously delinquent: 
22.61. 

Congressional District: 02; 
Estimated number of active loans: 8,648; 
Estimated percentage of active loans in default: 13.25; 
Estimated percentage of active loans in the foreclosure process: 12.16; 
Estimated percentage of active loans that are seriously delinquent: 
25.42. 

State: South Carolina; 
Congressional District: 01; 
Estimated number of active loans: 15,607; 
Estimated percentage of active loans in default: 8.73; 
Estimated percentage of active loans in the foreclosure process: 11.80; 
Estimated percentage of active loans that are seriously delinquent: 
20.53. 

Congressional District: 02; 
Estimated number of active loans: 11,431; 
Estimated percentage of active loans in default: 9.67; 
Estimated percentage of active loans in the foreclosure process: 9.93; 
Estimated percentage of active loans that are seriously delinquent: 
19.60. 

Congressional District: 03; 
Estimated number of active loans: 5,407; 
Estimated percentage of active loans in default: 8.18; 
Estimated percentage of active loans in the foreclosure process: 7.61; 
Estimated percentage of active loans that are seriously delinquent: 
15.78. 

Congressional District: 04; 
Estimated number of active loans: 7,773; 
Estimated percentage of active loans in default: 9.39; 
Estimated percentage of active loans in the foreclosure process: 10.06; 
Estimated percentage of active loans that are seriously delinquent: 
19.45. 

Congressional District: 05; 
Estimated number of active loans: 6,737; 
Estimated percentage of active loans in default: 10.49; 
Estimated percentage of active loans in the foreclosure process: 8.13; 
Estimated percentage of active loans that are seriously delinquent: 
18.61. 

Congressional District: 06; 
Estimated number of active loans: 6,535; 
Estimated percentage of active loans in default: 10.81; 
Estimated percentage of active loans in the foreclosure process: 8.86; 
Estimated percentage of active loans that are seriously delinquent: 
19.66. 

State: South Dakota; 
Congressional District: 00; 
Estimated number of active loans: 3,254; 
Estimated percentage of active loans in default: 7.81; 
Estimated percentage of active loans in the foreclosure process: 8.60; 
Estimated percentage of active loans that are seriously delinquent: 
16.41. 

State: Tennessee; 
Congressional District: 01; 
Estimated number of active loans: 5,522; 
Estimated percentage of active loans in default: 10.99; 
Estimated percentage of active loans in the foreclosure process: 4.81; 
Estimated percentage of active loans that are seriously delinquent: 
15.81. 

Congressional District: 02; 
Estimated number of active loans: 8,019; 
Estimated percentage of active loans in default: 13.46; 
Estimated percentage of active loans in the foreclosure process: 4.78; 
Estimated percentage of active loans that are seriously delinquent: 
18.23. 

Congressional District: 03; 
Estimated number of active loans: 8,050; 
Estimated percentage of active loans in default: 14.98; 
Estimated percentage of active loans in the foreclosure process: 4.35; 
Estimated percentage of active loans that are seriously delinquent: 
19.33. 

Congressional District: 04; 
Estimated number of active loans: 5,596; 
Estimated percentage of active loans in default: 13.87; 
Estimated percentage of active loans in the foreclosure process: 4.58; 
Estimated percentage of active loans that are seriously delinquent: 
18.44. 

Congressional District: 05; 
Estimated number of active loans: 11,735; 
Estimated percentage of active loans in default: 13.47; 
Estimated percentage of active loans in the foreclosure process: 4.13; 
Estimated percentage of active loans that are seriously delinquent: 
17.59. 

Congressional District: 06; 
Estimated number of active loans: 9,347; 
Estimated percentage of active loans in default: 14.51; 
Estimated percentage of active loans in the foreclosure process: 4.38; 
Estimated percentage of active loans that are seriously delinquent: 
18.88. 

Congressional District: 07; 
Estimated number of active loans: 11,088; 
Estimated percentage of active loans in default: 15.24; 
Estimated percentage of active loans in the foreclosure process: 4.24; 
Estimated percentage of active loans that are seriously delinquent: 
19.49. 

Congressional District: 08; 
Estimated number of active loans: 7,488; 
Estimated percentage of active loans in default: 18.91; 
Estimated percentage of active loans in the foreclosure process: 4.07; 
Estimated percentage of active loans that are seriously delinquent: 
22.97. 

Congressional District: 09; 
Estimated number of active loans: 14,673; 
Estimated percentage of active loans in default: 21.08; 
Estimated percentage of active loans in the foreclosure process: 4.76; 
Estimated percentage of active loans that are seriously delinquent: 
25.84. 

State: Texas; 
Congressional District: 01; 
Estimated number of active loans: 4,894; 
Estimated percentage of active loans in default: 8.20; 
Estimated percentage of active loans in the foreclosure process: 3.89; 
Estimated percentage of active loans that are seriously delinquent: 
12.08. 

Congressional District: 02; 
Estimated number of active loans: 14,442; 
Estimated percentage of active loans in default: 11.24; 
Estimated percentage of active loans in the foreclosure process: 4.61; 
Estimated percentage of active loans that are seriously delinquent: 
15.84. 

Congressional District: 03; 
Estimated number of active loans: 13,167; 
Estimated percentage of active loans in default: 8.46; 
Estimated percentage of active loans in the foreclosure process: 4.37; 
Estimated percentage of active loans that are seriously delinquent: 
12.84. 

Congressional District: 04; 
Estimated number of active loans: 10,816; 
Estimated percentage of active loans in default: 8.71; 
Estimated percentage of active loans in the foreclosure process: 4.78; 
Estimated percentage of active loans that are seriously delinquent: 
13.49. 

Congressional District: 05; 
Estimated number of active loans: 10,516; 
Estimated percentage of active loans in default: 9.68; 
Estimated percentage of active loans in the foreclosure process: 4.82; 
Estimated percentage of active loans that are seriously delinquent: 
14.50. 

Congressional District: 06; 
Estimated number of active loans: 13,575; 
Estimated percentage of active loans in default: 10.40; 
Estimated percentage of active loans in the foreclosure process: 4.73; 
Estimated percentage of active loans that are seriously delinquent: 
15.13. 

Congressional District: 07; 
Estimated number of active loans: 12,313; 
Estimated percentage of active loans in default: 8.48; 
Estimated percentage of active loans in the foreclosure process: 4.09; 
Estimated percentage of active loans that are seriously delinquent: 
12.56. 

Congressional District: 08; 
Estimated number of active loans: 10,085; 
Estimated percentage of active loans in default: 9.17; 
Estimated percentage of active loans in the foreclosure process: 3.99; 
Estimated percentage of active loans that are seriously delinquent: 
13.16. 

Congressional District: 09; 
Estimated number of active loans: 14,495; 
Estimated percentage of active loans in default: 10.41; 
Estimated percentage of active loans in the foreclosure process: 4.40; 
Estimated percentage of active loans that are seriously delinquent: 
14.81. 

Congressional District: 10; 
Estimated number of active loans: 17,656; 
Estimated percentage of active loans in default: 10.10; 
Estimated percentage of active loans in the foreclosure process: 4.65; 
Estimated percentage of active loans that are seriously delinquent: 
14.75. 

Congressional District: 11; 
Estimated number of active loans: 4,896; 
Estimated percentage of active loans in default: 7.17; 
Estimated percentage of active loans in the foreclosure process: 2.87; 
Estimated percentage of active loans that are seriously delinquent: 
10.03. 

Congressional District: 12; 
Estimated number of active loans: 12,459; 
Estimated percentage of active loans in default: 8.93; 
Estimated percentage of active loans in the foreclosure process: 4.38; 
Estimated percentage of active loans that are seriously delinquent: 
13.32. 

Congressional District: 13; 
Estimated number of active loans: 4,143; 
Estimated percentage of active loans in default: 8.28; 
Estimated percentage of active loans in the foreclosure process: 3.61; 
Estimated percentage of active loans that are seriously delinquent: 
11.88. 

Congressional District: 14; 
Estimated number of active loans: 10,494; 
Estimated percentage of active loans in default: 10.14; 
Estimated percentage of active loans in the foreclosure process: 4.07; 
Estimated percentage of active loans that are seriously delinquent: 
14.21. 

Congressional District: 15; 
Estimated number of active loans: 7,560; 
Estimated percentage of active loans in default: 9.89; 
Estimated percentage of active loans in the foreclosure process: 4.28; 
Estimated percentage of active loans that are seriously delinquent: 
14.17. 

Congressional District: 16; 
Estimated number of active loans: 7,915; 
Estimated percentage of active loans in default: 7.84; 
Estimated percentage of active loans in the foreclosure process: 3.01; 
Estimated percentage of active loans that are seriously delinquent: 
10.85. 

Congressional District: 17; 
Estimated number of active loans: 7,499; 
Estimated percentage of active loans in default: 7.72; 
Estimated percentage of active loans in the foreclosure process: 3.85; 
Estimated percentage of active loans that are seriously delinquent: 
11.57. 

Congressional District: 18; 
Estimated number of active loans: 13,765; 
Estimated percentage of active loans in default: 10.96; 
Estimated percentage of active loans in the foreclosure process: 4.53; 
Estimated percentage of active loans that are seriously delinquent: 
15.49. 

Congressional District: 19; 
Estimated number of active loans: 4,701; 
Estimated percentage of active loans in default: 6.41; 
Estimated percentage of active loans in the foreclosure process: 3.51; 
Estimated percentage of active loans that are seriously delinquent: 
9.91. 

Congressional District: 20; 
Estimated number of active loans: 9,454; 
Estimated percentage of active loans in default: 8.51; 
Estimated percentage of active loans in the foreclosure process: 4.22; 
Estimated percentage of active loans that are seriously delinquent: 
12.74. 

Congressional District: 21; 
Estimated number of active loans: 13,235; 
Estimated percentage of active loans in default: 7.73; 
Estimated percentage of active loans in the foreclosure process: 3.91; 
Estimated percentage of active loans that are seriously delinquent: 
11.64. 

Congressional District: 22; 
Estimated number of active loans: 17,942; 
Estimated percentage of active loans in default: 11.21; 
Estimated percentage of active loans in the foreclosure process: 4.13; 
Estimated percentage of active loans that are seriously delinquent: 
15.34. 

Congressional District: 23; 
Estimated number of active loans: 10,512; 
Estimated percentage of active loans in default: 9.31; 
Estimated percentage of active loans in the foreclosure process: 4.33; 
Estimated percentage of active loans that are seriously delinquent: 
13.63. 

Congressional District: 24; 
Estimated number of active loans: 14,037; 
Estimated percentage of active loans in default: 10.12; 
Estimated percentage of active loans in the foreclosure process: 4.84; 
Estimated percentage of active loans that are seriously delinquent: 
14.95. 

Congressional District: 25; 
Estimated number of active loans: 10,172; 
Estimated percentage of active loans in default: 6.76; 
Estimated percentage of active loans in the foreclosure process: 3.64; 
Estimated percentage of active loans that are seriously delinquent: 
10.40. 

Congressional District: 26; 
Estimated number of active loans: 16,691; 
Estimated percentage of active loans in default: 8.82; 
Estimated percentage of active loans in the foreclosure process: 4.52; 
Estimated percentage of active loans that are seriously delinquent: 
13.35. 

Congressional District: 27; 
Estimated number of active loans: 8,693; 
Estimated percentage of active loans in default: 8.90; 
Estimated percentage of active loans in the foreclosure process: 3.69; 
Estimated percentage of active loans that are seriously delinquent: 
12.58. 

Congressional District: 28; 
Estimated number of active loans: 9,207; 
Estimated percentage of active loans in default: 10.27; 
Estimated percentage of active loans in the foreclosure process: 4.59; 
Estimated percentage of active loans that are seriously delinquent: 
14.86. 

Congressional District: 29; 
Estimated number of active loans: 10,642; 
Estimated percentage of active loans in default: 9.75; 
Estimated percentage of active loans in the foreclosure process: 3.76; 
Estimated percentage of active loans that are seriously delinquent: 
13.51. 

Congressional District: 30; 
Estimated number of active loans: 13,337; 
Estimated percentage of active loans in default: 11.84; 
Estimated percentage of active loans in the foreclosure process: 5.56; 
Estimated percentage of active loans that are seriously delinquent: 
17.40. 

Congressional District: 31; 
Estimated number of active loans: 9,983; 
Estimated percentage of active loans in default: 7.30; 
Estimated percentage of active loans in the foreclosure process: 3.80; 
Estimated percentage of active loans that are seriously delinquent: 
11.10. 

Congressional District: 32; 
Estimated number of active loans: 7,731; 
Estimated percentage of active loans in default: 7.69; 
Estimated percentage of active loans in the foreclosure process: 4.68; 
Estimated percentage of active loans that are seriously delinquent: 
12.37. 

State: Utah; 
Congressional District: 01; 
Estimated number of active loans: 11,718; 
Estimated percentage of active loans in default: 8.28; 
Estimated percentage of active loans in the foreclosure process: 7.63; 
Estimated percentage of active loans that are seriously delinquent: 
15.92. 

Congressional District: 02; 
Estimated number of active loans: 13,591; 
Estimated percentage of active loans in default: 9.63; 
Estimated percentage of active loans in the foreclosure process: 10.06; 
Estimated percentage of active loans that are seriously delinquent: 
19.69. 

Congressional District: 03; 
Estimated number of active loans: 13,593; 
Estimated percentage of active loans in default: 10.51; 
Estimated percentage of active loans in the foreclosure process: 9.60; 
Estimated percentage of active loans that are seriously delinquent: 
20.10. 

State: Vermont; 
Congressional District: 00; 
Estimated number of active loans: 4,423; 
Estimated percentage of active loans in default: 8.19; 
Estimated percentage of active loans in the foreclosure process: 12.39; 
Estimated percentage of active loans that are seriously delinquent: 
20.57. 

State: Virginia; 
Congressional District: 01; 
Estimated number of active loans: 14,151; 
Estimated percentage of active loans in default: 13.51; 
Estimated percentage of active loans in the foreclosure process: 7.67; 
Estimated percentage of active loans that are seriously delinquent: 
21.18. 

Congressional District: 02; 
Estimated number of active loans: 11,045; 
Estimated percentage of active loans in default: 9.87; 
Estimated percentage of active loans in the foreclosure process: 5.31; 
Estimated percentage of active loans that are seriously delinquent: 
15.17. 

Congressional District: 03; 
Estimated number of active loans: 11,481; 
Estimated percentage of active loans in default: 12.87; 
Estimated percentage of active loans in the foreclosure process: 5.46; 
Estimated percentage of active loans that are seriously delinquent: 
18.33. 

Congressional District: 04; 
Estimated number of active loans: 11,269; 
Estimated percentage of active loans in default: 12.95; 
Estimated percentage of active loans in the foreclosure process: 5.64; 
Estimated percentage of active loans that are seriously delinquent: 
18.59. 

Congressional District: 05; 
Estimated number of active loans: 5,834; 
Estimated percentage of active loans in default: 10.09; 
Estimated percentage of active loans in the foreclosure process: 4.15; 
Estimated percentage of active loans that are seriously delinquent: 
14.24. 

Congressional District: 06; 
Estimated number of active loans: 5,580; 
Estimated percentage of active loans in default: 10.55; 
Estimated percentage of active loans in the foreclosure process: 4.57; 
Estimated percentage of active loans that are seriously delinquent: 
15.13. 

Congressional District: 07; 
Estimated number of active loans: 10,766; 
Estimated percentage of active loans in default: 12.51; 
Estimated percentage of active loans in the foreclosure process: 6.26; 
Estimated percentage of active loans that are seriously delinquent: 
18.77. 

Congressional District: 08; 
Estimated number of active loans: 11,487; 
Estimated percentage of active loans in default: 8.91; 
Estimated percentage of active loans in the foreclosure process: 7.64; 
Estimated percentage of active loans that are seriously delinquent: 
16.56. 

Congressional District: 09; 
Estimated number of active loans: 2,865; 
Estimated percentage of active loans in default: 9.84; 
Estimated percentage of active loans in the foreclosure process: 4.56; 
Estimated percentage of active loans that are seriously delinquent: 
14.42. 

Congressional District: 10; 
Estimated number of active loans: 19,925; 
Estimated percentage of active loans in default: 12.07; 
Estimated percentage of active loans in the foreclosure process: 9.70; 
Estimated percentage of active loans that are seriously delinquent: 
21.77. 

Congressional District: 11; 
Estimated number of active loans: 18,653; 
Estimated percentage of active loans in default: 12.99; 
Estimated percentage of active loans in the foreclosure process: 10.46; 
Estimated percentage of active loans that are seriously delinquent: 
23.45. 

State: Washington; 
Congressional District: 01; 
Estimated number of active loans: 13,058; 
Estimated percentage of active loans in default: 8.77; 
Estimated percentage of active loans in the foreclosure process: 8.75; 
Estimated percentage of active loans that are seriously delinquent: 
17.52. 

Congressional District: 02; 
Estimated number of active loans: 14,488; 
Estimated percentage of active loans in default: 10.46; 
Estimated percentage of active loans in the foreclosure process: 8.95; 
Estimated percentage of active loans that are seriously delinquent: 
19.42. 

Congressional District: 03; 
Estimated number of active loans: 14,531; 
Estimated percentage of active loans in default: 10.60; 
Estimated percentage of active loans in the foreclosure process: 10.38; 
Estimated percentage of active loans that are seriously delinquent: 
20.99. 

Congressional District: 04; 
Estimated number of active loans: 8,286; 
Estimated percentage of active loans in default: 7.16; 
Estimated percentage of active loans in the foreclosure process: 5.15; 
Estimated percentage of active loans that are seriously delinquent: 
12.30. 

Congressional District: 05; 
Estimated number of active loans: 7,793; 
Estimated percentage of active loans in default: 7.81; 
Estimated percentage of active loans in the foreclosure process: 6.43; 
Estimated percentage of active loans that are seriously delinquent: 
14.24. 

Congressional District: 06; 
Estimated number of active loans: 14,290; 
Estimated percentage of active loans in default: 10.57; 
Estimated percentage of active loans in the foreclosure process: 9.30; 
Estimated percentage of active loans that are seriously delinquent: 
19.87. 

Congressional District: 07; 
Estimated number of active loans: 10,761; 
Estimated percentage of active loans in default: 7.50; 
Estimated percentage of active loans in the foreclosure process: 6.97; 
Estimated percentage of active loans that are seriously delinquent: 
14.48. 

Congressional District: 08; 
Estimated number of active loans: 16,603; 
Estimated percentage of active loans in default: 10.91; 
Estimated percentage of active loans in the foreclosure process: 9.68; 
Estimated percentage of active loans that are seriously delinquent: 
20.59. 

Congressional District: 09; 
Estimated number of active loans: 15,634; 
Estimated percentage of active loans in default: 12.13; 
Estimated percentage of active loans in the foreclosure process: 10.30; 
Estimated percentage of active loans that are seriously delinquent: 
22.44. 

State: West Virginia; 
Congressional District: 01; 
Estimated number of active loans: 2,099; 
Estimated percentage of active loans in default: 9.85; 
Estimated percentage of active loans in the foreclosure process: 5.80; 
Estimated percentage of active loans that are seriously delinquent: 
15.67. 

Congressional District: 02; 
Estimated number of active loans: 4,001; 
Estimated percentage of active loans in default: 13.36; 
Estimated percentage of active loans in the foreclosure process: 8.36; 
Estimated percentage of active loans that are seriously delinquent: 
21.72. 

Congressional District: 03; 
Estimated number of active loans: 2,059; 
Estimated percentage of active loans in default: 10.87; 
Estimated percentage of active loans in the foreclosure process: 4.81; 
Estimated percentage of active loans that are seriously delinquent: 
15.69. 

State: Wisconsin; 
Congressional District: 01; 
Estimated number of active loans: 6,822; 
Estimated percentage of active loans in default: 11.26; 
Estimated percentage of active loans in the foreclosure process: 15.20; 
Estimated percentage of active loans that are seriously delinquent: 
26.46. 

Congressional District: 02; 
Estimated number of active loans: 4,437; 
Estimated percentage of active loans in default: 10.02; 
Estimated percentage of active loans in the foreclosure process: 13.41; 
Estimated percentage of active loans that are seriously delinquent: 
23.44. 

Congressional District: 03; 
Estimated number of active loans: 3,843; 
Estimated percentage of active loans in default: 10.33; 
Estimated percentage of active loans in the foreclosure process: 15.61; 
Estimated percentage of active loans that are seriously delinquent: 
25.94. 

Congressional District: 04; 
Estimated number of active loans: 10,824; 
Estimated percentage of active loans in default: 14.73; 
Estimated percentage of active loans in the foreclosure process: 15.48; 
Estimated percentage of active loans that are seriously delinquent: 
30.20. 

Congressional District: 05; 
Estimated number of active loans: 5,165; 
Estimated percentage of active loans in default: 11.99; 
Estimated percentage of active loans in the foreclosure process: 13.23; 
Estimated percentage of active loans that are seriously delinquent: 
25.21. 

State: Wyoming; 
Congressional District: 06; 
Estimated number of active loans: 4,185; 
Estimated percentage of active loans in default: 10.92; 
Estimated percentage of active loans in the foreclosure process: 13.29; 
Estimated percentage of active loans that are seriously delinquent: 
24.21. 

Congressional District: 07; 
Estimated number of active loans: 3,720; 
Estimated percentage of active loans in default: 9.24; 
Estimated percentage of active loans in the foreclosure process: 14.77; 
Estimated percentage of active loans that are seriously delinquent: 
24.03. 

Congressional District: 08; 
Estimated number of active loans: 4,101; 
Estimated percentage of active loans in default: 10.33; 
Estimated percentage of active loans in the foreclosure process: 14.36; 
Estimated percentage of active loans that are seriously delinquent: 
24.70. 

Congressional District: 00; 
Estimated number of active loans: 4,442; 
Estimated percentage of active loans in default: 7.72; 
Estimated percentage of active loans in the foreclosure process: 3.92; 
Estimated percentage of active loans that are seriously delinquent: 
11.64. 

Source: GAO analysis of LP data. 

[End of table] 

[End of Enclosure IV] 

Enclosure V: 

Estimating Negative Home Equity: 

To estimate the extent of negative home equity among nonprime borrowers 
in major metropolitan areas, we used loan-level information from 
LoanPerformance's (LP) Asset-backed Securities database and house price 
indexes from the Federal Housing Finance Agency (FHFA) and S&P/Case- 
Shiller as of June 30, 2009. We also reviewed industry and academic 
literature concerning estimates of negative home equity and the 
methodologies and data used to generate house price indexes. 

Comparison of House Price Indexes: 

FHFA and S&P/Case-Shiller publish a number of house price indexes 
covering different levels of geography. For the negative equity 
analysis in this report, we used the following indexes: 

* FHFA All-Transactions Index (FHFA index)--Calculated using sales data 
from home purchases and appraisal information from mortgage 
refinancings. FHFA publishes both a national version and separate 
indexes for 384 metropolitan areas. 

* S&P/Case-Shiller Tiered Price Indices (S&P/Case-Shiller index)-- 
Calculated using sales data from home purchases and available for 17 
metropolitan areas.[Footnote 32] The indexes for each metropolitan area 
provide separate house price trends for low-, middle-, and high-priced 
homes within each metropolitan area. S&P/Case-Shiller also publishes a 
national house price index. 

The FHFA and S&P/Case-Shiller indexes use the same basic methodology. 
The methodology measures average price changes for single-family homes 
(excluding new construction, condominiums, and cooperatives) based on 
sales (or for FHFA, sales and refinancings) of the same properties at 
different points in time. This approach requires that each property 
included in the index be sold or refinanced at least twice to form a 
pair of house values (valuation pairs) from which appreciation or 
depreciation can be measured. The use of repeat transactions on the 
same homes helps to control for differences in the quality of the 
houses in the data. 

Although they use a similar methodology, the FHFA and S&P/Case-Shiller 
indexes use different data sources and weighting schemes, which 
contribute to differences in the rates of house price appreciation or 
depreciation that they show.[Footnote 33] 

* Data--The FHFA indexes are based on data for homes with conventional, 
conforming mortgages--that is, mortgages purchased or securitized by 
Fannie Mae or Freddie Mac that meet the underwriting guidelines of 
those agencies. As a result, the FHFA indexes do not reflect homes with 
other types of financing. In contrast, the S&P/Case-Shiller indexes are 
based on data for properties with a wider range of financing--including 
subprime loans, jumbo mortgages, and mortgages guaranteed by the 
Federal Housing Agency or Department of Veterans Affairs--as well as 
mortgages purchased or securitized by Fannie Mae and Freddie Mac. Also, 
as previously noted, the FHFA indexes used in this report use both 
sales and appraisal data, while the S&P/Case-Shiller indexes use sales 
data only.[Footnote 34] 

* Weights--To limit the influence of atypical changes in the value of 
individual homes, the FHFA and S&P/Case-Shiller indexes assign weights 
to each valuation pair. However, they use different weighting schemes. 
For example, FHFA assigns lower weights than S&P/Case-Shiller to data 
for homes with lengthy periods between valuations. Additionally, the 
S&P/Case-Shiller indexes are value-weighted, meaning that price trends 
for more expensive homes have greater influence on estimated price 
changes than other homes. In contrast, FHFA's index is unit-weighted 
and therefore assigns each valuation pair the same weight, all other 
things being equal. 

Because of these and other differences between the FHFA and S&P/Case- 
Shiller indexes, they historically have shown different appreciation 
and depreciation rates. Figure 7 illustrates the differences in the 
FHFA and S&P/Case-Shiller national indexes from the first quarter of 
2000 through the second quarter of 2009. Particularly in recent years, 
the S&P/Case-Shiller index shows steeper increases and declines in home 
prices than the FHFA index. 

Figure 7: Quarterly Changes in House Price Appreciation Rates, First 
Quarter 2000 to Second Quarter 2009: 

[Refer to PDF for image: multiple line graph] 

2000: Q1; 
S&P/Case-Shiller national index: 1.74; 
FHFA All-Transactions national index: 1.99. 

2000: Q2; 
S&P/Case-Shiller national index: 3.77; 
FHFA All-Transactions national index: 1.61. 

2000: Q3; 
S&P/Case-Shiller national index: 2.47; 
FHFA All-Transactions national index: 1.87. 

2000: Q4; 
S&P/Case-Shiller national index: 1.48; 
FHFA All-Transactions national index: 1.58. 

2001: Q1; 
S&P/Case-Shiller national index: 1.27; 
FHFA All-Transactions national index: 2.58. 

2001: Q2; 
S&P/Case-Shiller national index: 3.13; 
FHFA All-Transactions national index: 1.68. 

2001: Q3; 
S&P/Case-Shiller national index: 2.49; 
FHFA All-Transactions national index: 1.56. 

2001: Q4; 
S&P/Case-Shiller national index: 0.63; 
FHFA All-Transactions national index: 1.27. 

2002: Q1; 
S&P/Case-Shiller national index: 1.52; 
FHFA All-Transactions national index: 1.46. 

2002: Q2; 
S&P/Case-Shiller national index: 3.59; 
FHFA All-Transactions national index: 1.69. 

2002: Q3; 
S&P/Case-Shiller national index: 3.18; 
FHFA All-Transactions national index: 2.07. 

2002: Q4; 
S&P/Case-Shiller national index: 1.94; 
FHFA All-Transactions national index: 1.47. 

2003: Q1; 
S&P/Case-Shiller national index: 1.48; 
FHFA All-Transactions national index: 1.23. 

2003: Q2; 
S&P/Case-Shiller national index: 2.85; 
FHFA All-Transactions national index: 1.17. 

2003: Q3; 
S&P/Case-Shiller national index: 3.14; 
FHFA All-Transactions national index: 1.56. 

2003: Q4; 
S&P/Case-Shiller national index: 2.8; 
FHFA All-Transactions national index: 2.86. 

2004: Q1; 
S&P/Case-Shiller national index: 2.79; 
FHFA All-Transactions national index: 1.66. 

2004: Q2; 
S&P/Case-Shiller national index: 4.55; 
FHFA All-Transactions national index: 2.45v 

2004: Q3; 
S&P/Case-Shiller national index: 3.67; 
FHFA All-Transactions national index: 3.72. 

2004: Q4; 
S&P/Case-Shiller national index: 2.86; 
FHFA All-Transactions national index: 2.28. 

2005: Q1; 
S&P/Case-Shiller national index: 3.76; 
FHFA All-Transactions national index: 2.36. 

2005: Q2; 
S&P/Case-Shiller national index: 4.44; 
FHFA All-Transactions national index: 3.08. 

2005: Q3; 
S&P/Case-Shiller national index: 3.61; 
FHFA All-Transactions national index: 3.04. 

2005: Q4; 
S&P/Case-Shiller national index: 2.12; 
FHFA All-Transactions national index: 2.31. 

2006: Q1; 
S&P/Case-Shiller national index: 0.9; 
FHFA All-Transactions national index: 1.73. 

2006: Q2; 
S&P/Case-Shiller national index: 0.67; 
FHFA All-Transactions national index: 0.9. 

2006: Q3; 
S&P/Case-Shiller national index: -0.96; 
FHFA All-Transactions national index: 0.89. 

2006: Q4; 
S&P/Case-Shiller national index: -0.89; 
FHFA All-Transactions national index: 1.38. 

2007: Q1; 
S&P/Case-Shiller national index: -0.86; 
FHFA All-Transactions national index: 0.6. 

2007: Q2; 
S&P/Case-Shiller national index: -0.9; 
FHFA All-Transactions national index: 0.02. 

2007: Q3; 
S&P/Case-Shiller national index: -1.69; 
FHFA All-Transactions national index: -0.74. 

2007: Q4; 
S&P/Case-Shiller national index: -5.25; 
FHFA All-Transactions national index: 0.27. 

2008: Q1; 
S&P/Case-Shiller national index: -6.57; 
FHFA All-Transactions national index: -0.05. 

2008: Q2; 
S&P/Case-Shiller national index: -2.2; 
FHFA All-Transactions national index: -1.76. 

2008: Q3; 
S&P/Case-Shiller national index: -3.52; 
FHFA All-Transactions national index: -2.28. 

2008: Q4; 
S&P/Case-Shiller national index: -7.41; 
FHFA All-Transactions national index: 0.09. 

2009: Q1; 
S&P/Case-Shiller national index: -7.42; 
FHFA All-Transactions national index: 0.58. 

2009: Q2; 
S&P/Case-Shiller national index: 2.87; 
FHFA All-Transactions national index: -2.4. 

Source: GAO analysis of FHFA All-Transactions Index (national version) 
and S&P/Case-Shiller U.S. National Home Price Index. 

[End of figure] 

To illustrate the impact of different house price indexes on estimates 
of negative home equity as of June 30, 2009, we compared estimates we 
made using the FHFA index and the S&P/Case-Shiller index. We limited 
the comparison to nonprime borrowers with active loans in 15 of the 16 
metropolitan areas for which both indexes had identical geographic 
coverage.[Footnote 35] Across all 15 metropolitan areas, the estimated 
percentages of nonprime borrowers with negative equity were lower using 
the FHFA index compared with the estimates we made using the S&P/Case- 
Shiller index (see figure 8). The difference ranged from 8.4 percentage 
points in the Denver, Colorado metropolitan area to 73.1 percentage 
points in the Minneapolis, Minnesota metropolitan area. 

Figure 8: Negative Equity in Select Cities Using the FHFA index and 
S&P/Case-Shiller Index: 

[Refer to PDF for image: vertical bar graph] 

Atlanta, GA: 
FHFA All-Transactions Index: 2.8; 
S&P/Case-Shiller Tiered Price Indices: 59.7. 

Boston, MA: 
FHFA All-Transactions Index: 6.2; 
S&P/Case-Shiller Tiered Price Indices: 23.1. 

Chicago, IL: 
FHFA All-Transactions Index: 7.7; 
S&P/Case-Shiller Tiered Price Indices: 67.1. 

Denver, CO: 
FHFA All-Transactions Index: 0.8; 
S&P/Case-Shiller Tiered Price Indices: 9.3. 

Las Vegas, NV: 
FHFA All-Transactions Index: 83.4; 
S&P/Case-Shiller Tiered Price Indices: 94.3. 

Los Angeles, CA: 
FHFA All-Transactions Index: 42.6; 
S&P/Case-Shiller Tiered Price Indices: 63.8. 

Miami, FL: 
FHFA All-Transactions Index: 60.4; 
S&P/Case-Shiller Tiered Price Indices: 85.8. 

Minneapolis, MN: 
FHFA All-Transactions Index: 7.5; 
S&P/Case-Shiller Tiered Price Indices: 80.6. 

Phoenix, AZ: 
FHFA All-Transactions Index: 50.8; 
S&P/Case-Shiller Tiered Price Indices: 89.4. 

Portland, OR: 
FHFA All-Transactions Index: 3; 
S&P/Case-Shiller Tiered Price Indices: 12.7. 

San Diego, CA: 
FHFA All-Transactions Index: 54.2; 
S&P/Case-Shiller Tiered Price Indices: 71.9. 

San Francisco, CA: 
FHFA All-Transactions Index: 4.1; 
S&P/Case-Shiller Tiered Price Indices: 25. 

Seattle, WA: 
FHFA All-Transactions Index: 38.6; 
S&P/Case-Shiller Tiered Price Indices: 59.6. 

Tampa, FL: 
FHFA All-Transactions Index: 43.6; 
S&P/Case-Shiller Tiered Price Indices: 78.6. 

Washington, DC: 
FHFA All-Transactions Index: 16.1; 
S&P/Case-Shiller Tiered Price Indices: 64. 

Source: GAO analysis of LP data and data from the FHFA All-Transactions 
Index and S&P/Case-Shiller Tiered Price Indices. 

[End of figure] 

Methodology for Estimating Negative Equity: 

To estimate negative equity nationwide and across metropolitan areas, 
and for certain loan and borrower characteristics, we analyzed LP data 
and house price data from the FHFA index and the S&P/Case-Shiller 
index. We used LP variables for property state and ZIP code, loan 
origination date, loan origination amount, appraised property value at 
loan origination, and current loan balance. We also used LP variables 
indicating the loan class (subprime or Alt-A), loan purpose, loan 
product, and whether the loan was made to an owner-occupant to 
disaggregate our estimates by loan and borrower characteristic. 

Our overall methodology was as follows. First, using the LP data, we 
identified first-lien loans originated from 2000 through 2007 that were 
still active (i.e., had not prepaid or completed the foreclosure 
process) as of the end of the second quarter of 2009 (June 30). Due to 
data limitations, our analysis did not account for any second liens 
that the borrowers had on their properties. To the extent that 
borrowers had second liens, our analysis may understate the extent of 
negative home equity. Second, we used Census data files and mapping 
software to associate the records for those loans (which contain the 
state and ZIP code of the mortgaged property) with house price index 
data (which are available by metropolitan statistical area or county). 
We excluded from our analysis loans for properties outside of the 
geographic areas covered by the house price indexes.[Footnote 36] 
Third, we estimated the extent to which the home associated with each 
loan had changed in value. To do so, we calculated the percentage 
change in the value of the corresponding house price index from the 
quarter the loan was originated through the second quarter of 2009. We 
then estimated the home's value at the end of the second quarter of 
2009 by adjusting the appraised home value at loan origination by the 
percentage change in the house price index. Finally, we estimated the 
borrower's home equity by subtracting the loan balance at the end of 
the second quarter of 2009 from our estimate of the updated home value. 
When the loan balance exceeded the updated home value, we considered 
the borrower to be in a negative equity position. Because of data 
limitations, we could not identify borrowers with multiple mortgaged 
properties. To the extent that some borrowers had more than one 
mortgaged property, our results may overstate the actual number of 
individual borrowers with negative home equity. 

To examine the extent of negative equity by loan origination year and 
nationally, we used the FHFA index and LP loan-level data for the 384 
metropolitan statistical areas (MSA) that the FHFA index 
covered.[Footnote 37] For each loan that was active as of the end of 
the second quarter of 2009, we estimated the borrower's home equity as 
of that date using the methodology described above. We then aggregated 
these loan-level estimates to calculate the number and percentage of 
borrowers with negative equity by annual loan cohort and for MSAs 
nationwide.[Footnote 38] For borrowers with negative home equity, we 
calculated the total and median dollar amount of negative equity, as 
well as the distribution of borrowers across different ranges of 
negative equity (in terms of both dollars and a percentage of the 
current home value). Additionally, we used our loan-level estimates of 
home equity to calculate the number and percentage of borrowers 
nationwide with near negative equity--that is, home equity of 0 to 5 
percent. 

To estimate the extent of negative home equity in specific MSAs and by 
loan and borrower characteristic, we used the S&P/Case-Shiller index 
and LP data for 16 of the 17 MSAs that the indexes covered. As of 
November 2009, the S&P/Case-Shiller index did not include 2009 data for 
the Cleveland, Ohio MSA. As a result, we did not estimate negative home 
equity for that MSA. The S&P/Case-Shiller index includes separate 
indexes for homes in different price ranges--low, middle, and high. 
Accordingly, for each loan record, we used the home's appraised value 
at loan origination to determine the appropriate tiered index with 
which to update the home value. Using the methodology described 
previously, we estimated the borrower's home equity for each loan that 
was active as of the end of the second quarter of 2009. We then 
aggregated these loan-level estimates to calculate the number and 
percentage of borrowers in each of the 16 MSAs that had negative home 
equity at the end of the second quarter of 2009. We also aggregated the 
loan-level estimates by loan class (subprime or Alt-A), loan purpose 
(purchase, cash-out refinance, or no-cash-out refinance), loan product 
(fixed-rate mortgage, short-term hybrid adjustable-rate mortgage (ARM), 
payment-option ARM, long-term ARM, and other ARM), and borrower type 
(owner-occupant or nonowner occupant). 

[End of Enclosure V] 

Enclosure VI: 

Demographic Characteristics of Nonprime Borrowers in 2005: 

Data limitations have complicated efforts to analyze the demographic 
characteristics of nonprime borrowers, such as race and ethnicity. 
Existing data sets either provide detailed information about nonprime 
loans but limited information about the borrowers (e.g., 
LoanPerformance data) or have more extensive information about 
borrowers but do not specify which loans are nonprime (e.g., Home 
Mortgage Disclosure Act data). To examine the demographic 
characteristics of nonprime borrowers with loans originated in 2005 
(the peak year for nonprime originations), we extracted a 2 percent 
random sample of records in the LoanPerformance (LP) database and 
matched them to Home Mortgage Disclosure Act (HMDA) records. We 
achieved a match rate of approximately 74 percent, representing about 
55,000 records. Of these, about 35,200 were for subprime loans and 
about 19,800 were for Alt-A loans. (See enclosure VII for a detailed 
discussion of our methodology.) 

From our analysis of the matched loan records, we estimate that about 
67 percent of the nonprime borrowers with loans originated in 2005 were 
White, while 14 percent were Black or African-American, and 4 percent 
were Asian.[Footnote 39] Approximately 2 percent of the borrowers were 
American Indian, Alaska Native, Native Hawaiian, or Other Pacific 
Islander.[Footnote 40] For about 14 percent of the borrowers, the HMDA 
data did not contain information about race. In addition, we estimate 
that 18 percent of nonprime borrowers identified their ethnicity as 
Hispanic or Latino.[Footnote 41] 

White borrowers accounted for a smaller estimated proportion of the 
nonprime mortgage market than they did of the mortgage market as a 
whole, while Black or African-American borrowers and Hispanic or Latino 
borrowers accounted for larger proportions. HMDA data for first-lien 
mortgages originated in 2005 for one-to four-unit properties indicate 
that approximately 74 percent of the borrowers were White and 8 percent 
were Black or African-American. Slightly more than 12 percent did not 
provide information on race. About 11 percent of borrowers in the HMDA 
data identified their ethnicities as Hispanic or Latino. 

As shown in table 9, White borrowers accounted for a higher estimated 
proportion of Alt-A loans (73 percent) than subprime loans (63 
percent). The same pattern was true for Asian borrowers. In contrast, 
we estimate that Black or African-American borrowers accounted for a 
higher proportion of subprime loans (17 percent) than Alt-A loans (7 
percent). Hispanic or Latino borrowers also accounted for a higher 
estimated percentage of subprime loans (19 percent) than Alt-A loans 
(15 percent), while the reverse was true for non-Hispanic or -Latino 
borrowers, who obtained 66 percent of the subprime loans and 73 percent 
of the Alt-A loans. 

Table 9: Estimated Percentage of Nonprime Borrowers with Subprime and 
Alt-A Loans, by Race and Ethnicity: 

Borrower category: Race: White; 
Number of borrowers: 36,721; 
Percent, Subprime: 63; 
Percent, Alt-A: 73. 

Borrower category: Race: Black or African-American; 
Number of borrowers: 7,423; 
Percent, Subprime: 17; 
Percent, Alt-A: 7. 

Borrower category: Race: Asian; 
Number of borrowers: 2,223; 
Percent, Subprime: 3; 
Percent, Alt-A: 6. 

Borrower category: Race: Other; 
Number of borrowers: 924; 
Percent, Subprime: 2; 
Percent, Alt-A: 2. 

Borrower category: Race: Not reported; 
Number of borrowers: 7,636; 
Percent, Subprime: 15; 
Percent, Alt-A: 12. 

Borrower category: Ethnicity: Hispanic or Latino; 
Number of borrowers: 9,691; 
Percent, Subprime: 19; 
Percent, Alt-A: 15. 

Borrower category: Ethnicity: Non-Hispanic or Latino; 
Number of borrowers: 37,797; 
Percent, Subprime: 66; 
Percent, Alt-A: 73. 

Borrower category: Ethnicity: Not reported; 
Number of borrowers: 7,538; 
Percent, Subprime: 14; 
Percent, Alt-A: 13. 

Source: GAO analysis of LP and HMDA data. 

Note: Figures in table are from our analysis of the approximately 
55,000 loans for which we were able to match LP records with HMDA 
records. All percentage estimates in this table have 95 percent 
confidence intervals that are within plus or minus 0.7 percentage 
points of the estimate itself. 

[End of table] 

Across all races and ethnicities, most nonprime borrowers obtained a 
short-term hybrid adjustable-rate mortgage (ARM), the most common 
subprime mortgage product. However, higher estimated proportions of 
Black or African-American borrowers and Hispanic or Latino borrowers 
received short-term hybrid mortgages compared with other racial and 
ethnic groups (see table 10). For example, we estimate that about 69 
percent of Black or African-American borrowers obtained a short-term 
hybrid ARM, compared with about 52 percent of White borrowers. The 
proportion of borrowers who obtained a payment-option ARM varied 
considerably by racial and ethnic category, ranging from about 3 
percent of Black or African-American borrowers to 18 percent of Asian 
borrowers. Across all racial and ethnic groups, the estimated 
proportion of fixed-rate mortgages was more even, ranging from 18 
percent for Hispanic or Latino borrowers to roughly one-quarter or more 
for White and non-Hispanic or -Latino borrowers. 

Table 10: Estimated Percentage of Borrowers that Obtained Different 
Nonprime Loan Products, by Race and Ethnicity: 

Borrower category: Race: White; 
Number of borrowers: 36,721; 
Percent, Fixed-rate loans: 26; 
Percent, Short-term hybrid ARM: 52; 
Percent, Payment-option ARM: 9; 
Percent, Longer-term ARM[A]: 10; 
Percent, Other ARM: 3. 

Borrower category: Race: Black or African-American; 
Number of borrowers: 7,423; 
Percent, Fixed-rate loans: 21; 
Percent, Short-term hybrid ARM: 69; 
Percent, Payment-option ARM: 3; 
Percent, Longer-term ARM[A]: 5; 
Percent, Other ARM: 1. 

Borrower category: Race: Asian; 
Number of borrowers: 2,322; 
Percent, Fixed-rate loans: 21; 
Percent, Short-term hybrid ARM: 44; 
Percent, Payment-option ARM: 18; 
Percent, Longer-term ARM[A]: 13; 
Percent, Other ARM: 4. 

Borrower category: Race: Other; 
Number of borrowers: 924; 
Percent, Fixed-rate loans: 22; 
Percent, Short-term hybrid ARM: 55; 
Percent, Payment-option ARM: 10; 
Percent, Longer-term ARM[A]: 10; 
Percent, Other ARM: 3. 

Borrower category: Race: Not reported; 
Number of borrowers: 7,636; 
Percent, Fixed-rate loans: 27; 
Percent, Short-term hybrid ARM: 54; 
Percent, Payment-option ARM: 8; 
Percent, Longer-term ARM[A]: 9; 
Percent, Other ARM: 2. 

Borrower category: Ethnicity: Hispanic or Latino; 
Number of borrowers: 9,691; 
Percent, Fixed-rate loans: 18; 
Percent, Short-term hybrid ARM: 63; 
Percent, Payment-option ARM: 9; 
Percent, Longer-term ARM[A]: 7; 
Percent, Other ARM: 2. 

Borrower category: Ethnicity: Non-Hispanic or Latino; 
Number of borrowers: 37,797; 
Percent, Fixed-rate loans: 27; 
Percent, Short-term hybrid ARM: 52; 
Percent, Payment-option ARM: 8; 
Percent, Longer-term ARM[A]: 10; 
Percent, Other ARM: 2. 

Borrower category: Ethnicity: Not reported; 
Number of borrowers: 7,538; 
Percent, Fixed-rate loans: 27; 
Percent, Short-term hybrid ARM: 54; 
Percent, Payment-option ARM: 8; 
Percent, Longer-term ARM[A]: 9; 
Percent, Other ARM: 2. 

Source: GAO analysis of LP and HMDA data. 

Note: Figures in table are from our analysis of the approximately 
55,000 loans for which we were able to match LP records with HMDA 
records. Percentage estimates by race in this table have 95 percent 
confidence intervals that are within plus or minus 3.2 percentage 
points of the estimate itself. For ethnicity categories, the percentage 
estimates have 95 percent confidence intervals that are within plus or 
minus 1.1 percentage points of the estimate itself. 

[A] Longer-term ARMs have interest rates that are fixed for 5, 7, or 10 
years before adjusting. 

[End of table] 

In a follow-on study to this report, we will expand on this analysis by 
analyzing a larger pool of nonprime borrowers and examining the 
demographic characteristics of borrowers with troubled loans and 
negative home equity. 

[End of Enclosure VI] 

Enclosure VII: 

Matching LoanPerformance and Home Mortgage Disclosure Act Records: 

Data Sources: 

To describe the race and ethnicity of nonprime borrowers, we matched 
loan-level records from two primary data sources, LoanPerformance's 
(LP) Asset-backed Securities database and Home Mortgage Disclosure Act 
(HMDA) data compiled by the Federal Financial Institutions Examination 
Council. The LP database provides extensive information about the 
characteristics and performance of securitized nonprime mortgages. 
However, it contains relatively little information about borrowers, 
providing only credit scores and debt-service-to-income ratios. 
[Footnote 42] In contrast, HMDA data contain limited information about 
loan characteristics and nothing about performance, but do provide 
information on borrowers' race, ethnicity, and income. HMDA data are 
estimated to capture about 80 percent of the mortgages funded each year 
and cover all major market segments, including nonprime loans. HMDA 
data should therefore capture most of the loans in the LP database. 

While the LP and HMDA data emphasize different kinds of loan and 
borrower information, they do have some information in common. These 
common data items--including loan amount, loan purpose, loan 
origination date, property location, and loan originator--allow the two 
data sets to be matched on a loan-by-loan basis. We will discuss in 
more detail issues related to data compatibility and completeness that 
affected the matching process we developed. 

To conduct our analysis, we extracted from the LP database a 2 percent 
random sample of loans originated in 2005 for a total of 74,079 loans. 
[Footnote 43] We selected 2005 originations because the LP database 
showed the highest number of nonprime originations in that year. Our 
sample included conventional first-lien purchase and refinance loans to 
owner-occupants, investors, and owners of second homes. We excluded 
loans for units in multifamily structures and for manufactured housing, 
loans in Puerto Rico and the Virgin Islands, and loans with terms other 
than 15, 30, or 40 years. 

We used the HMDA data file for 2005. As with the LP data, we focused on 
first lien purchase and refinance loans originated in 2005. We excluded 
loans in which the property type was something other than one-to four- 
family residential units. Because the LP database contained only 
conventional loans in private label securitizations, we also excluded 
loans that involved government programs--such as mortgages guaranteed 
by the Federal Housing Agency or the Department of Veterans Affairs-- 
and conventional loans that were indicated as sold to Fannie Mae, 
Freddie Mac, Ginnie Mae, or Farmer Mac. This process resulted in 
8,781,084 HMDA loan records. 

Steps Taken to Make the Data Sets Compatible: 

Matching the loan records from the two data sources required us to make 
the common data items compatible. We were able to use a straightforward 
process for the loan amount and purpose that required only rounding the 
LP loan amount to the nearest $1,000 and aggregating the three LP 
refinance categories into one. However, the process was more 
complicated for origination date and property location.[Footnote 44] We 
determined that the name of the loan originator was not particularly 
useful for making initial matches of loan records because this 
information was missing for a substantial percentage of the LP records. 
However, the originator's name was useful in assessing the quality of 
the matches that we made using other data elements. 

Loan Origination Dates: 

We found two issues with the origination date field in the LP data. 
First, almost 18 percent of loans in our LP sample had an origination 
date that was the first day of a month.[Footnote 45] This distribution 
pattern was inconsistent with the distribution of origination days in 
HMDA, which showed a much more even pattern throughout the month, with 
an increase in originations toward the end rather than the beginning of 
each month (see figure 9). Because of this inconsistency, we relied on 
origination month rather than origination day to match loan records. 

Figure 9: Distribution of Origination Days in the LP and HMDA Data: 

[Refer to PDF for image: vertical bar graph] 

Day of origination month: 1; 
LP loan records: 17.85%; 
2005 HMDA loan records: 3.06%. 

Day of origination month: 2; 
LP loan records: 2.11%; 
2005 HMDA loan records: 2.36%. 

Day of origination month: 3; 
LP loan records: 1.89%; 
2005 HMDA loan records: 2.07%. 

Day of origination month: 4; 
LP loan records: 2.16%; 
2005 HMDA loan records: 2.37%. 

Day of origination month: 5; 
LP loan records: 2.02%; 
2005 HMDA loan records: 2.19%. 

Day of origination month: 6; 
LP loan records: 2.07%; 
2005 HMDA loan records: 2.32%. 

Day of origination month: 7; 
LP loan records: 2.76%; 
2005 HMDA loan records: 3.1%. 

Day of origination month: 8; 
LP loan records: 2.62%; 
2005 HMDA loan records: 2.79%. 

Day of origination month: 9; 
LP loan records: 2.37%; 
2005 HMDA loan records: 2.55%. 

Day of origination month: 10; 
LP loan records: 2.25%; 
2005 HMDA loan records: 2.29%. 

Day of origination month: 11; 
LP loan records: 2.5%; 
2005 HMDA loan records: 2.78%. 

Day of origination month: 12; 
LP loan records: 2.3%; 
2005 HMDA loan records: 2.68%. 

Day of origination month: 13; 
LP loan records: 2.28%; 
2005 HMDA loan records: 2.65%. 

Day of origination month: 14; 
LP loan records: 3.19%; 
2005 HMDA loan records: 3.7%. 

Day of origination month: 15; 
LP loan records: 3.2%; 
2005 HMDA loan records: 3.96%. 

Day of origination month: 16; 
LP loan records: 2.58%; 
2005 HMDA loan records: 3.03%. 

Day of origination month: 17; 
LP loan records: 2.18%; 
2005 HMDA loan records: 2.43%. 

Day of origination month: 18; 
LP loan records: 2.9%; 
2005 HMDA loan records: 3.47%. 

Day of origination month: 19; 
LP loan records: 2.51%; 
2005 HMDA loan records: 2.87%. 

Day of origination month: 20; 
LP loan records: 2.65%; 
2005 HMDA loan records: 3%. 

Day of origination month: 21; 
LP loan records: 3.07%; 
2005 HMDA loan records: 3.41%. 

Day of origination month: 22; 
LP loan records: 3.31%; 
2005 HMDA loan records: 3.68%. 

Day of origination month: 23; 
LP loan records: 3.28%; 
2005 HMDA loan records: 3.25%. 

Day of origination month: 24; 
LP loan records: 2.65%; 
2005 HMDA loan records: 2.96%. 

Day of origination month: 25; 
LP loan records: 3.5%; 
2005 HMDA loan records: 3.59%. 

Day of origination month: 26; 
LP loan records: 3.17%; 
2005 HMDA loan records: 3.21%. 

Day of origination month: 27; 
LP loan records: 2.76%; 
2005 HMDA loan records: 3.69%. 

Day of origination month: 28; 
LP loan records: 3.82%; 
2005 HMDA loan records: 5.66%. 

Day of origination month: 29; 
LP loan records: 3.76%; 
2005 HMDA loan records: 5.45%. 

Day of origination month: 30; 
LP loan records: 3.43%; 
2005 HMDA loan records: 4.75%. 

Day of origination month: 31; 
LP loan records: 2.88%; 
2005 HMDA loan records: 4.7%. 

Source: GAO analysis of LP and HMDA data. 

[End of figure] 

Second, the LP data showed that the first mortgage payment month was 
generally 2 months after the origination month but could also be 1 
month--mostly for loans that originated early in a month--or 3 months--
mostly for loans that originated later in a month (see figure 10). 

Figure 10: Relationship Between Origination Month and First Payment 
Month in the LP Data: 

[Refer to PDF for image: stacked vertical bar graph] 

Day of origination month: 1; 
First payment 1 month after origination month: 10.14%; 
First payment 2 months after origination month: 89.84%; 
First payment 3 months after origination month: 0.02%. 

Day of origination month: 2; 
First payment 1 month after origination month: 33.38%; 
First payment 2 months after origination month: 66.5%; 
First payment 3 months after origination month: 0.13%. 

Day of origination month: 3; 
First payment 1 month after origination month: 29.99%; 
First payment 2 months after origination month: 70.01%; 
First payment 3 months after origination month: 0%. 

Day of origination month: 4; 
First payment 1 month after origination month: 27.18%; 
First payment 2 months after origination month: 72.82%; 
First payment 3 months after origination month: 0%. 

Day of origination month: 5; 
First payment 1 month after origination month: 25.44%; 
First payment 2 months after origination month: 74.56%; 
First payment 3 months after origination month: 0%. 

Day of origination month: 6; 
First payment 1 month after origination month: 18.9%; 
First payment 2 months after origination month: 80.77%; 
First payment 3 months after origination month: 0.33%. 

Day of origination month: 7; 
First payment 1 month after origination month: 15.19%; 
First payment 2 months after origination month: 84.81%; 
First payment 3 months after origination month: 0%. 

Day of origination month: 8; 
First payment 1 month after origination month: 10.57%; 
First payment 2 months after origination month: 89.28%; 
First payment 3 months after origination month: 0.15%. 

Day of origination month: 9; 
First payment 1 month after origination month: 10.88%; 
First payment 2 months after origination month: 89%; 
First payment 3 months after origination month: 0.11%. 

Day of origination month: 10; 
First payment 1 month after origination month: 8.17%; 
First payment 2 months after origination month: 91.65%; 
First payment 3 months after origination month: 0.18%. 

Day of origination month: 11; 
First payment 1 month after origination month: 6.86%; 
First payment 2 months after origination month: 93.03%; 
First payment 3 months after origination month: 0.11%. 

Day of origination month: 12; 
First payment 1 month after origination month: 5.11%; 
First payment 2 months after origination month: 94.59%; 
First payment 3 months after origination month: 0.29%. 

Day of origination month: 13; 
First payment 1 month after origination month: 4.37%; 
First payment 2 months after origination month: 95.45%; 
First payment 3 months after origination month: 0.18%. 

Day of origination month: 14; 
First payment 1 month after origination month: 2.92%; 
First payment 2 months after origination month: 96.7%; 
First payment 3 months after origination month: 0.38%. 

Day of origination month: 15; 
First payment 1 month after origination month: 4.14%; 
First payment 2 months after origination month: 95.69%; 
First payment 3 months after origination month: 0.17%. 

Day of origination month: 16; 
First payment 1 month after origination month: 2.72%; 
First payment 2 months after origination month: 97.17%; 
First payment 3 months after origination month: 0.1%. 

Day of origination month: 17; 
First payment 1 month after origination month: 3.29%; 
First payment 2 months after origination month: 96.59%; 
First payment 3 months after origination month: 0.12%. 

Day of origination month: 18; 
First payment 1 month after origination month: 2.19%; 
First payment 2 months after origination month: 97.44%; 
First payment 3 months after origination month: 0.37%. 

Day of origination month: 19; 
First payment 1 month after origination month: 2.84%; 
First payment 2 months after origination month: 96.73%; 
First payment 3 months after origination month: 0.43%. 

Day of origination month: 20; 
First payment 1 month after origination month: 2.39%; 
First payment 2 months after origination month: 97.3%; 
First payment 3 months after origination month: 0.31%. 

Day of origination month: 21; 
First payment 1 month after origination month: 2.42%; 
First payment 2 months after origination month: 97.28%; 
First payment 3 months after origination month: 0.31%. 

Day of origination month: 22; 
First payment 1 month after origination month: 2%; 
First payment 2 months after origination month: 97.35%; 
First payment 3 months after origination month: 0.65%. 

Day of origination month: 23; 
First payment 1 month after origination month: 2.14%; 
First payment 2 months after origination month: 97.08%; 
First payment 3 months after origination month: 0.78%. 

Day of origination month: 24; 
First payment 1 month after origination month: 1.68%; 
First payment 2 months after origination month: 97.14%; 
First payment 3 months after origination month: 1.17%. 

Day of origination month: 25; 
First payment 1 month after origination month: 1.31%; 
First payment 2 months after origination month: 96.83v
First payment 3 months after origination month: 1.85%. 

Day of origination month: 26; 
First payment 1 month after origination month: 1.02%; 
First payment 2 months after origination month: 96%; 
First payment 3 months after origination month: 2.98%. 

Day of origination month: 27; 
First payment 1 month after origination month: 1.47%; 
First payment 2 months after origination month: 90.36%; 
First payment 3 months after origination month: 8.17%. 

Day of origination month: 28; 
First payment 1 month after origination month: 1.87%; 
First payment 2 months after origination month: 86.61%; 
First payment 3 months after origination month: 11.52%. 

Day of origination month: 29; 
First payment 1 month after origination month: 2.05%; 
First payment 2 months after origination month: 86.07%; 
First payment 3 months after origination month: 11.89%. 

Day of origination month: 30; 
First payment 1 month after origination month: 1.34%; 
First payment 2 months after origination month: 85.6%; 
First payment 3 months after origination month: 13.07%. 

Day of origination month: 31; 
First payment 1 month after origination month: 1.31%; 
First payment 2 months after origination month: 88.13%; 
First payment 3 months after origination month: 10.56%. 

Source: GAO analysis of LP data. 

[End of figure] 

To address these issues, we matched some LP loan records twice, once 
using the origination month provided in the LP data and a second time 
using a replicated LP loan record (e.g., same loan amount and purpose) 
with an adjusted origination month. For the replicated records, we 
moved the origination month back a month if the first payment was due 
the next month and forward if the first payment was not due for 3 
months. For instance, if a loan originated in April and the first 
payment month was due in May, we adjusted the origination month to 
March. But if a loan originated in April and had a first payment month 
of July, we adjusted the origination month to May. 

Property Location: 

The LP and HMDA data provided different geographic identifiers for 
loans, with the LP data providing the ZIP code and the HMDA data the 
census tract. To facilitate record matching based on property location, 
we related the census tract information in the HMDA data to a 
corresponding ZIP code or ZIP codes in the LP data using 2000 Census 
files and ZIP code boundary files from Pitney Bowes Business Insight. 
Using mapping software, we overlaid census tract boundaries on ZIP code 
boundaries to determine the proportion of each census tract's area that 
fell within a given ZIP code area. For each census tract, we kept all 
ZIP codes that accounted for at least 5 percent of that tract's area. 
About 60 percent of census tracts were associated with only one ZIP 
code (meeting the 5 percent threshold), and almost all census tracts 
(97.5 percent) included no more than four ZIP codes. When a census 
tract was associated with only one ZIP code, all HMDA records in that 
census tract were candidates to match LP records in that ZIP code. All 
HMDA records in tracts with more than one ZIP code were candidates to 
match LP records in those ZIP codes. 

Matching Methodology: 

We matched loan records in the LP and HMDA data sets as follows. First, 
we made initial matches by identifying LP and HMDA loans with the same 
property ZIP code (based on the ZIP code-census tract combinations 
discussed previously), origination month, loan amount, and loan 
purpose. After finding all possible HMDA matches for each LP record, we 
classified these initial matches as either one-to-one matches (LP 
records with one corresponding HMDA record), one-to-many matches (LP 
records with more than one corresponding HMDA record), or nonmatches 
(LP records with no corresponding HMDA record). One-to-one matches 
accounted for 54.7 percent of our LP data set, one-to-many matches 
accounted for 30.9 percent, and nonmatches accounted for 14.3 percent. 

We believe that the LP records that we were unable to match to HMDA 
records were similar in important respects to LP records that we could 
match. For instance, loans in subprime pools represented 61 percent of 
the overall LP sample and 61.5 percent of matched loans. Purchase loans 
represented 46.6 percent of the overall LP sample and 47.9 percent of 
matched loans. In terms of geography, state shares of unmatched and 
matched loans were similar. Loans in California represented 22.8 
percent of the full LP sample and 22.5 percent of matched records. 
Further, subprime borrowers with unmatched records had a median credit 
score of 615, compared with 621 for matched records. Likewise, Alt-A 
borrowers with unmatched LP records and Alt-A borrowers with matched 
records had identical median credit scores of 709. Unmatched LP records 
in general had slightly higher loan amounts, with the differences 
between matched and unmatched Alt-A loan values being a little more 
pronounced. For instance, the median loan amount for unmatched Alt-A 
records was $259,000, compared with $227,250 for matched Alt-A records. 
This could be related to the somewhat greater representation in the set 
of unmatched LP records of loans in California, where house prices and 
loan amounts were high. 

Quality Checks: 

We performed three types of quality checks on our initial one-to-one 
and one-to-many matches. First, we used information about the loan 
originator--information that was included in both the LP and HMDA data. 
The HMDA data clearly identified loan originators--referred to as "HMDA 
respondents"--using a series of codes that corresponded to a list of 
standardized originator names. But in more than 40 percent of the LP 
records in our sample, the originator name was marked as not available. 
In other cases, the originator was listed by a generic term such as 
"conduit," or was an entity that appeared to be involved in the 
securitization process but was not necessarily the originator. 
Originators that were listed were often referred to in a number of 
ways--for example, "Taylor Bean;" "Taylor Bean Whitaker;" "Taylor, Bean 
& Whitaker;" "TaylorBean;" "TBW;" and "TBW Mortgage Corp." all referred 
to HMDA respondent "Taylor, Bean & Whitaker." For LP loans with 
originator information, we standardized the originator names in the LP 
data, and we used these same originator names for the HMDA data. We 
compared the standardized originator names in matched records. If the 
standardized names matched, we classified the match as a robust match, 
and deleted any other HMDA records that might have matched to that LP 
record. 

Second, for LP loans with no originator name, we examined the 
relationship between the HMDA loan originator and the issuer of the 
securities associated with the loan. Many institutions, such as 
Countrywide and Ameriquest, originated and securitized large numbers of 
nonprime loans. While some of these institutions identified themselves 
as the originator of a loan, some typically did not make the originator 
information available. In these cases, if the LP securitizer matched 
the HMDA originator, we classified an initial match as a robust match. 
If the issuer did not originate substantial numbers of nonprime loans, 
or also relied on other originators to provide loans for its 
securitizations, we developed criteria to check for evidence of 
business relationships between the issuer and various originating 
institutions. This check had two components. First, if within the LP 
data set we identified an originator-issuer combination, we defined 
that combination as a business relationship. Second, we considered 
combinations of originators from the HMDA data and issuers from the LP 
data. For an originator-issuer combination to be a business 
relationship, a combination had to appear at least five times in our 
set of initial one-to-one matches and meet one of two criteria. 
Specifically, either the originator must have made 5 percent of the 
issuer's securitized loans or the issuer had to have securitized 5 
percent of the loans made by the originator. We classified initial 
matches for which such business relationships existed as robust 
matches. 

Additionally, if none of these tests resulted in a robust match, we 
examined the loan origination day in the LP and HMDA data sets. If the 
days matched exactly, we classified an initial match as a robust match. 
Finally, for some one-to-many matches that shared originator, issuer, 
or business relationship characteristics, we examined the LP and HMDA 
characterizations of whether the borrower was an owner-occupant or not. 
In some cases, we were able to classify an initial match as a robust 
match if LP and HMDA owner-occupant characteristics matched. Overall, 
we produced high-quality matches for about 74 percent of the records in 
our LP data set, including about 78 percent of the loans in subprime 
pools and 69 percent of the loans in Alt-A pools (see table 10). 

Table 11: Results of the Matching Process, LP to HMDA Loan Records: 

Market segment: Subprime; 
Number of LP records: 45,175; 
Initial matches to HMDA records, number: 39,040; 
Initial matches to HMDA records, percentage: 86.4; 
Robust matches to HMDA records, number: 35,196; 
Robust matches to HMDA records, percentage: 77.9. 

Market segment: Alt-A; 
Number of LP records: 28,904; 
Initial matches to HMDA records, number: 24,413; 
Initial matches to HMDA records, percentage: 84.5; 
Robust matches to HMDA records, number: 19,830; 
Robust matches to HMDA records, percentage: 68.6. 

Market segment: Total; 
Number of LP records: 74,079; 
Initial matches to HMDA records, number: 63,453; 
Initial matches to HMDA records, percentage: 85.7; 
Robust matches to HMDA records, number: 55,026; 
Robust matches to HMDA records, percentage: 74.3. 

Source: GAO analysis of LP and HMDA data. 

[End of table] 

[End of Enclosure VII] 

Enclosure VIII: 

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, Stephen Brown, Emily Chalmers, Eric Charles, 
DuEwa Kamara, Jamila Kennedy, John McGrail, John Mingus, Colleen 
Moffatt, Marc Molino, Bob Pollard, and Mark Ramage made key 
contributions to this report. 

[End of Enclosure VIII] 

Footnotes: 

[1] See GAO, Characteristics and Performance of Nonprime Mortgages, 
[hyperlink, http://www.gao.gov/products/GAO-09-848R] (Washington, D.C.: 
July 28, 2009). 

[2] Our analysis was based on a 2 percent random sample of nonprime 
mortgages from 2005. 

[3] LP is a unit of First American CoreLogic, Incorporated. 

[4] 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. About 75 percent of subprime and Alt-A mortgages 
originated from 2001 through 2007 were securitized. 

[5] The LP database has a loan-level indicator for loan class (i.e., 
subprime or Alt-A), but it is not well populated. Therefore, we 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. 

[6] Unless otherwise noted, 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 June 30, 2009, or 
was paid off after being either 90 or more days delinquent, in the 
foreclosure process, or in real estate-owned status. 

[7] A loan cohort is a group of loans that originated in the same year. 
For a description of our methodology for estimating performance by 
congressional district, see GAO-09-848R. 

[8] The FHFA index, comprising separate indexes for 384 metropolitan 
areas, is based on sales and appraisal data for properties with 
mortgages purchased or securitized by Fannie Mae or Freddie Mac 
(conforming mortgages). To be eligible for purchase by these entities, 
loans (and borrowers receiving the loans) must meet specified 
requirements. 

[9] The S&P/Case-Shiller index, comprising separate indexes for 17 
metropolitan areas, is based on sales data for homes purchased with 
both conforming and nonconforming mortgages. 

[10] More specifically, short-term hybrid ARMs represented about 70 
percent of the subprime mortgages originated from 2000 through 2007. 

[11] Payment-option ARMs accounted for about 17 percent of the Alt-A 
mortgages originated from 2000 through 2007. 

[12] There is no uniform definition of default across the lending 
industry. For purposes of this report, we use the definition provided. 

[13] 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. 

[14] Because many of these loans were prepaid as a consequence of 
refinancing, the number of loans reported exceeds the number of 
borrowers. 

[15] Although defaults and foreclosures also increased in other market 
segments, the serious delinquency rate for the mortgage market as a 
whole was substantially lower. According to the Mortgage Bankers 
Association, the serious delinquency rate for the broader mortgage 
market was approximately 8 percent as of the end of the second quarter 
of 2009. 

[16] Ellen Schloemer, Wei Li, Keith Ernst, and Kathleen Keest, Losing 
Ground: Foreclosures in the Subprime Market, Center for Responsible 
Lending (December 2006) and Center for Responsible Lending, Updated 
Projections of Subprime Foreclosures in the United States and their 
Impact on Home Values and Communities (August 2008); Rod Dubitsky, 
Larry Yang, Stevan Stevanovic, and Thomas Suehr, Foreclosure Update: 
Over 8 Million Foreclosures Expected, Credit Suisse (December 4, 2008); 
Jan Hatzius and Michael Marschoun, Global Economics Paper No. 177, 
Goldman Sachs (January 13, 2009); and Shane Sherlund, The Past, 
Present, and Future of Subprime Mortgages, Finance and Economics 
Discussion Series 2008-63, Federal Reserve Board (November 2008). 

[17] Schloemer and others, Losing Ground: Foreclosures in the Subprime 
Market, provides a cumulative estimate of subprime foreclosures for the 
nation, state, and metropolitan statistical areas. Dubitsky and others, 
Foreclosure Update: Over 8 Million Foreclosures Expected, provides 
baseline yearly estimates of foreclosure starts for the subprime market 
and the whole mortgage market, as well as estimates of the effects of 
unemployment and loan modifications on the whole mortgage market. 
Hatzius and Marschoun, Global Economics Paper No. 177, provides 
quarterly estimates of defaults for three house price scenarios for the 
whole market. Sherlund, The Past, Present and Future of Subprime 
Mortgages, provides yearly estimates of subprime foreclosure starts, as 
well as cumulative performance by loan vintage. 

[18] Dubitsky and others, Foreclosure Update, 2. 

[19] For example, GAO, Home Mortgages: Provisions in a 2007 Mortgage 
Reform Bill (H.R. 3915) Would Strengthen Borrower Protections, but 
Views on Their Long-term Impact Differ, [hyperlink, 
http://www.gao.gov/products/GAO-09-741] (Washington, D.C.: July 31, 
2009). 

[20] For example, Christopher Foote, Kristopher Gerardi, and Paul S. 
Willen, Negative Equity and Foreclosure: Theory and Evidence, Public 
Policy Discussion Paper 08-3, Federal Reserve Board (June 5, 2008). 

[21] The remaining study assumed an overall decrease in house prices 
but did not indicate specifically when prices would stop falling. 

[22] For example, as of September 2009, IHS Global Insight was 
projecting a decline in the national FHFA house price index through the 
third quarter of 2010. Additionally, as of October 2009, Freddie Mac 
was projecting a decline in the national S&P/Case-Shiller index through 
the end of 2010. 

[23] With a forbearance plan, a lender agrees not to exercise the legal 
right of foreclosure if the borrower agrees to a payment plan that will 
resolve the borrower's deficiency for a set period of time. 

[24] GAO, Treasury Actions Needed to Make the Home Affordable 
Modification Program More Transparent and Accountable, [hyperlink, 
http://www.gao.gov/products/GAO-09-837] (Washington, D.C.: July 2009). 

[25] As previously noted, our estimates using the FHFA index likely 
understate the extent of negative equity. Across the 15 metropolitan 
areas for which the FHFA and S&P/Case-Shiller indexes use the same 
geographic boundaries, the estimated percentage of borrowers with 
negative equity was nearly two times higher using the S&P/Case-Shiller 
index compared with estimates using the FHFA index. 

[26] Due to data limitations, our analysis did not account for any 
second liens that the borrowers had on their properties. To the extent 
that borrowers had second liens, our analysis may understate the extent 
of negative home equity. 

[27] As of November 2009 the S&P/Case-Shiller index did not include 
2009 data for the Cleveland metropolitan area. As a result, we did not 
estimate negative equity for that area. 

[28] We excluded nonprime loans on properties not in these metropolitan 
areas from our analysis. As a result, our estimates cover 4.5 million 
of the 4.9 million nonprime loans that were active as of June 30, 2009. 

[29] To illustrate, across the 15 metropolitan areas for which the FHFA 
and S&P/Case-Shiller indexes use the same geographic boundaries, the 
estimated percentage of borrowers with negative equity was about 34 
percent using the FHFA index and 66 percent using the S&P/Case-Shiller 
index. 

[30] The five metropolitan areas were Merced, California (87.4 
percent); Stockton, California (85.6 percent); Modesto, California 
(83.5 percent); Vallejo-Fairfield, California (83.4 percent); and Las 
Vegas-Paradise, Nevada (83.4 percent). 

[31] As discussed in our July 2009 report, average LTV ratios at loan 
origination peaked in 2006 at about 86 percent for subprime mortgages 
and 82 percent for Alt-A mortgages. See GAO-09-848R. 

[32] Unlike the FHFA indexes, the S&P/Case-Shiller indexes do not 
always use the same geographic boundaries as the Office of Management 
and Budget's definitions of metropolitan areas. For example, S&P/Case- 
Shiller's geographic boundaries are more expansive for the New York 
City metropolitan area and more restrictive for the Chicago 
metropolitan area. 

[33] For a detailed discussion of this issue, see Office of Federal 
Housing Enterprise Oversight (OFHEO), Revisiting the Differences 
between the OFHEO and S&P/Case-Shiller House Price Indexes: New 
Explanations, (January 2008). 

[34] FHFA also publishes house price indexes that use sales data only. 
These "purchase-only" indexes are available for the nation as a whole, 
for each Census division and state, and for 25 metropolitan areas. 

[35] Both indexes also have identical coverage for the Cleveland, Ohio 
metropolitan area, but as of November 2009 the S&P/Case-Shiller index 
did not include 2009 data for that area. As a result, we did not 
estimate negative home equity for the Cleveland metropolitan area. 

[36] For this reason, we excluded 379,230 records (7.7 percent) from 
our analysis of 384 metropolitan areas using the FHFA index. 

[37] A minimum of 1,000 observations per quarter are required for an 
MSA to be included in FHFA's index, so the number of MSAs the index 
includes can fluctuate from quarter to quarter. 

[38] Our estimates of negative equity nationwide only reflect mortgaged 
properties in the 384 MSAs captured by the FHFA index. These MSAs 
account for about 84 percent of the U.S. population. 

[39] In this report, we use the race and ethnicity categories defined 
in the HMDA data. As previously noted, the LP 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. 

[40] In our data tables we combined these racial groups into an "other" 
category. 

[41] Individuals who classify themselves as Hispanic or Latino include 
people of different racial backgrounds. 

[42] The debt-service-to-income ratio is the borrower's total monthly 
debt service payments divided by monthly gross income. 

[43] We also included some loans with origination dates in December 
2004 or January 2006 if there was evidence to suggest those loans might 
have originated in January 2005 or December 2005, respectively, and 
therefore match to loans in the 2005 HMDA file. We discuss this 
origination month issue later. 

[44] For privacy reasons, the origination date is omitted from each 
HMDA record when it is publicly released. We requested and obtained the 
date fields from the Federal Financial Institutions Examination 
Council, which compiles and publishes the HMDA data. 

[45] This pattern reflects LP's practice of imputing the origination 
month for some loans based on the month in which the first payment is 
due. In these cases, LP records the origination date as the first day 
of the imputed origination month. 

[End of section] 

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