More reports about foreclosures show a healing housing market.
The Office of the Comptroller of the Currency reported a 16 percent drop in new foreclosures initiated in the fourth quarter compared to the previous quarter, according to Reuters. Last quarter’s total was a 17.9 percent drop compared to last year.
"These reductions are attributable to servicers' ongoing emphasis on modifications and other loss mitigation programs, a declining number of seriously delinquent mortgages over the last year, and the effects of foreclosure settlements," the OCC said in the quarterly report.
Several major banks, including Bank of America, JP Morgan Chase & Co. and Citigroup Inc., reached a $25 billion settlement with state attorneys general and the Justice Department over allegations of foreclosure abuses, according to Reuters.
This contributed to the lower numbers in the fourth quarter.
The report shows performance data on first-lien residential mortgages that are received through national banks.
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