WASHINGTON – March 15, 2013 – 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 homeowners 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)

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