Bank of America, Wells Fargo Top List with Most Loans in Foreclosure


Bank of America, Wells Fargo Top List with Most Loans in ForeclosureAs of February, Bank of America was servicing more than 96,000 loans in foreclosure, followed by Wells Fargo with nearly 85,000 loans and JPMorgan Chase with more than 54,000.

The list of banks with the most loans in foreclosure is a stark reminder of a crisis which has eased considerably since the housing crash — but persists nonetheless.

It does so even as these banks and numerous mortgage servicers are involved in settlements (Independent Foreclosure Review and National Mortgage Settlement) to compensate borrowers for improper foreclosures, from unvalidated documentation to outright wrongful evictions.

Based on RealtyTrac’s February 2013 data, 24/7 Wall St. reviewed the 10 banks foreclosing the most homes.

The banks foreclosing on the most homes may not directly own the bulk of the mortgages.They often service them for other entities, which means collecting payments from homeowners and foreclosing on those properties when they become delinquent. In some cases, banks act as a trustee for pools of mortgage loans held in a trust.

To determine the 10 banks foreclosing the most home loans, 24/7 Wall St reviewed data provided by RealtyTrac, the real estate marketplace and data source on distressed properties.

All data are as of February 2013 and reflect the amount and value of both homes and mortgages serviced or held in trust by the nation’s major banks.

Because Bank of America acquired Countrywide’s assets and liabilities in 2008, loans in foreclosure that were serviced or held in trust by Countrywide were treated as those of Bank of America.

Here’s the list from 24/7 Wall St.:

1. Bank of America
Loans in foreclosure: 96,319
Avg. property value: $203,956
Pct. seriously underwater: 61%

2. Wells Fargo
Loans in foreclosure: 84,903
Avg. property value: $205,550
Pct. seriously underwater: 56%

3. JPMorgan Chase
Loans in foreclosure: 54,325
Avg. property value: $208,183
Pct. seriously underwater: 54%

4. U.S. Bancorp
Loans in foreclosure: 44,881
Avg. property value: $206,754
Pct. seriously underwater: 62%

5. Deutsche Bank
Loans in foreclosure: 33,608
Avg. property value: $228,446
Pct. seriously underwater: 63%

6. Bank of New York Mellon
Loans in foreclosure: 31,821
Avg. property value: $236,703
Pct. seriously underwater: 67%

7. Citigroup
Loans in foreclosure: 27,697
Avg. property value: $202,390
Pct. seriously underwater: 54%

8. HSBC Holdings
Loans in foreclosure: 16,317
Avg. property value: $233,670
Pct. seriously underwater: 60%

9. PNC Financial Group
Loans in foreclosure: 8,545
Avg. property value: $185,306
Pct. seriously underwater: 55%

10. SunTrust Banks Inc.
Loans in foreclosure: 6,001
Avg. property value: $207,157
Pct. seriously underwater: 64%


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One Response to “Bank of America, Wells Fargo Top List with Most Loans in Foreclosure”

  1. The other helpful piece of information for this list would be the percentage of the bank’s portfolio these loans represent.

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