The performance of first-lien mortgages in the federal banking system declined during the fourth quarter of 2020, according to the Office of the Comptroller of the Currency (OCC).
More than 93 percent of mortgages included in the report were current and performing at the end of the quarter, compared with 96.5 percent a year earlier. The decline is a result of the COVID-19 pandemic and actions taken by banks to comply with the CARES Act, the OCC said.
Read on for more from the OCC.
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