GARDINER, Maine (AP) — Maine banking regulators are reporting a mixed pattern of residential mortgage foreclosures as the economy continues to struggle.
Bureau of Financial Institutions’ Superintendent Lloyd LaFountain III says a third quarter survey of mortgages held by Maine’s 32 state-chartered banks and credit unions continued to show mixed performance. So there’s no clear indication that the bottom has been reached.
On the plus side, there have been significant decreases in foreclosure starts, delinquencies of less than 90 days, and a slight increase in new mortgage loan starts. However, completed foreclosures and delinquencies of 90 days or more have increased.
Overall, there was a decrease in the number of mortgages in process of foreclosure. Officials say foreclosure activity does not pose a threat to the stability of Maine-chartered financial institutions.
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- FILE – A foreclosure home for sale is shown in this Aug. 22, 2006 file photo taken in Spring, Texas. If the U.S. economy does not suffer more setbacks, the rate of mortgage holders behind on their payments should decline significantly by the end of next year, according to credit reporting agency TransUnion said in its annual delinquency forecast issued Wednesday Dec. 7, 2011. (AP Photo/David J. Phillip, File)
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