Chart 2
A Rapid Rise in Mortgage Credit Distress is Being Led by Subprime ARMs
Year
Quarter
All Conventional Prime Mortgage Loans 90+ Days Past Due (%)
ARM Conventional Prime Mortgage Loans 90+ Days Past Due (%)
All Conventional Subprime Mortgage Loans 90+ Days Past Due (%)
ARM Conventional Subprime Mortgage Loan 90+ Days Past Due (%)
All Conventional Prime Mortgages in Foreclosure (%)
ARM Conventional Prime Mortgages in Foreclosure (%)
All Conventional Subprime Mortgages in Foreclosure (%)
ARM Conventional Subprime Mortgages in Foreclosure (%)
1998 1 0.30 0.43 1.30 1.53 0.69 1.24 3.18 4.54
1998 2 0.28 0.39 1.39 1.36 0.62 1.05 3.27 3.78
1998 3 0.28 0.41 1.26 1.12 0.60 1.02 3.59 4.13
1998 4 0.27 0.42 1.27 1.15 0.58 1.06 4.41 4.62
1999 1 0.27 0.38 1.29 1.36 0.60 1.05 4.54 5.12
1999 2 0.24 0.35 1.16 1.29 0.55 1.10 5.19 5.81
1999 3 0.24 0.30 1.20 1.28 0.49 0.92 5.81 6.40
1999 4 0.22 0.28 1.24 1.25 0.48 0.83 6.32 6.58
2000 1 0.22 0.31 1.26 1.35 0.47 0.93 6.50 6.55
2000 2 0.22 0.29 1.02 0.94 0.41 0.79 5.46 5.02
2000 3 0.22 0.28 1.28 1.45 0.40 0.77 6.40 5.84
2000 4 0.23 0.29 1.38 1.40 0.39 0.76 9.35 9.14
2001 1 0.25 0.31 1.31 1.32 0.41 0.82 8.03 7.97
2001 2 0.26 0.35 2.00 1.45 0.42 0.81 8.60 8.53
2001 3 0.28 0.40 2.27 1.76 0.45 0.88 8.93 8.38
2001 4 0.28 0.39 2.57 1.90 0.51 1.05 9.35 9.14
2002 1 0.28 0.38 2.86 2.19 0.53 1.10 9.16 8.96
2002 2 0.28 0.35 3.17 2.47 0.51 1.00 8.49 8.14
2002 3 0.29 0.42 3.23 2.45 0.51 0.91 8.58 7.98
2002 4 0.30 0.38 3.39 2.55 0.54 0.88 7.97 8.03
2003 1 0.29 0.38 3.57 2.77 0.56 0.88 7.17 7.28
2003 2 0.30 0.40 3.53 2.98 0.53 0.83 6.81 6.98
2003 3 0.31 0.37 3.24 2.62 0.52 0.81 5.74 6.87
2003 4 0.30 0.42 2.63 2.48 0.55 0.82 5.63 5.73
2004 1 0.29 0.26 3.10 2.09 0.53 0.73 4.86 5.04
2004 2 0.29 0.24 2.62 2.06 0.49 0.63 4.40 4.44
2004 3 0.29 0.27 2.50 1.94 0.48 0.57 3.87 3.87
2004 4 0.29 0.23 2.66 2.01 0.49 0.54 3.82 3.78
2005 1 0.28 0.21 2.61 2.17 0.46 0.50 3.49 3.28
2005 2 0.28 0.22 2.52 2.01 0.42 0.43 3.29 3.16
2005 3 0.30 0.25 2.28 1.82 0.41 0.43 3.31 3.23
2005 4 0.41 0.34 2.94 2.53 0.42 0.47 3.33 3.36
2006 1 0.39 0.36 2.82 2.82 0.40 0.49 3.50 3.73
2006 2 0.36 0.39 2.65 2.63 0.41 0.56 3.56 3.88
2006 3 0.34 0.44 2.96 2.93 0.44 0.70 3.86 4.68
2006 4 0.33 0.47 3.13 3.38 0.50 0.92 4.53 5.62
2007 1 0.36 0.61 3.35 4.05 0.54 1.09 5.10 6.46
2007 2 0.42 0.80 3.83 4.44 0.59 1.29 5.52 8.02
2007 3 0.51 1.07 4.62
Source: Mortgage Bankers Association, Haver Analytics