Banks chip away at foreclosure inventory
Maine’s state-chartered banks and credit unions completed more foreclosures than they initiated in the third quarter of 2013, which has not happened since the fourth quarter of 2006.
The state’s Bureau of Financial Institutions reported the latest quarter brought the total foreclosure inventory of the 31 state-chartered banks and credit unions to the lowest level in 10 quarters. The milestone follows a national trend where initiated foreclosures have been steadily tapering off.
In its latest release, the bureau reported 266 mortgage loans were in process of foreclosure, down from 307 at the end of the previous quarter and down from 347 one year ago.
Bureau Superintendent Lloyd LaFountain said in a statement that overall foreclosure activity does not pose a threat to state-chartered financial institutions, despite remaining higher than pre-recession levels.
Correction: A previous version of this story incorrectly stated foreclosures in process reached a 10-year low. Foreclosures in process are the lowest in the last 10 quarters, not years.
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