Thursday
October 23, 2014

7 Banks Foreclosing on the Most Mortgages

|
-A A +A

7 Banks Foreclosing on the Most Mortgages

A small portion of banks are servicing the majority of the mortgages in foreclosure. 

“The banks foreclosing on the most homes may not directly own the bulk of the mortgages,” 24/7 Wall St. explains. “Rather, they often service them for other entities, which means collecting payments from home owners and foreclosing on those properties when they become delinquent.” 

24/7 Wall St. determined the banks foreclosing on the most home loans by reviewing RealtyTrac data from February of this year. The company identified the following banks as foreclosing on the most homes:

1. Bank of America (which includes Countrywide’s portfolio from its acquisition)

Loans in foreclosure: 96,319

Percentage of loans underwater: 61

2. Wells Fargo

Loans in foreclosure: 84,903

Percentage of loans underwater: 56

3. JPMorgan Chase

Loans in foreclosure: 53,325

Percentage of loans underwater: 54

4. U.S. Bancorp

Loans in foreclosure: 44,881

Percentage of loans underwater: 62

5. Deutsche Bank

Loans in foreclosure: 33,608

Percentage of loans underwater: 63

6. Bank of New York Mellon

Loans in foreclosure: 31,821

Percentage of loans underwater: 67

7. Citigroup

Loans in foreclosure: 27,697

Percentage of loans underwater: 54

Source: “Banks Foreclosing on the Most Homes,” 24/7 Wall St. (March 12, 2013)