General World News

Banks report rise in mortgage delinquencies

Banks reported an increase in foreclosures during the first quarter of 2022, according to a quarterly survey published by the Office of the Comptroller of Currency this week.

The survey, which examined servicing metrics provided by seven undisclosed national banks, found that 19,542 new foreclosures were initiated in the first quarter of 2022.

The OCC said this marks a jump from the previous quarter, but added the foreclosure volume in the first quarter is comparable to pre-COVID-19 pandemic foreclosure volumes.

Most industry observers predicted that the national foreclosure rate would rise once foreclosure moratoriums ended on July details ⇒

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