Residential Loan Charge-offs Down 23 Percent from Q4, at Five Year Low

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Posted To: MND NewsWire

The Equifax March National Consumer Credit Trends Report presents more evidence that the home finance related credit picture is improving rapidly. The report shows that the level of home finance balances written off in the first quarter was down nearly 23 percent from that written off in the fourth quarter of 2012. Lenders wrote off $43.1 billion in so called severe derogatories in the first quarter, a five year low . These include loans for which foreclosures have been completed, loans where the borrowers had entered bankruptcy, and loans that were otherwise charged off. In the previous quarter write-offs totaled $55.4 billion. First mortgage balances were charged off in the first quarter at a rate that was down 17.6 percent from the previous quarter while outstanding severely delinquent loans...(read more)

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Source: http://www.mortgagenewsdaily.com/04162013_delinquencies_defaults.asp

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