Friday, September 11, 2009

GAO Report On Non-Prime Mortgages

This summer, The U.S. Government Accountability Office (GAO) issued a report on the “Characteristics and Performance of Nonprime Mortgages”. This report includes the number of seriously delinquent (90+ days) in every state and every congressional district in the country.

In addition, the report has a ton of useful information about the prevalence of non-prime mortgages as well as information about borrower types and loan characteristics of the non-prime loans that were originated between 2000 and 2007. For example, nationally, between 2000 and 2007, 33% of subprime loans, and a staggering 70% of Alt-A loans were “no-doc” loans. Complicating matters for consumers who would like to refinance, 72% of all sub-prime loans, and 37% of Alt-A loans had a prepayment penalty.

The 57-page report can be downloaded free at the GAO website here.

Here are some highlights about Minnesota from the report:

Status of Nonprime Loans Originated from 2000 through 2007
by Congressional District as of March 31, 2009

(Click To Enlarge)

Percentage of 2000-2007 Nonprime Loans
in Different Status Categories

(Click To Enlarge)

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