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
by Congressional District as of March 31, 2009
(Click To Enlarge)
Percentage of 2000-2007 Nonprime Loans
in Different Status Categories
in Different Status Categories
(Click To Enlarge)
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