Maine home foreclosures increase

The Associated Press
Posted Nov. 17, 2008, at 2:21 p.m.

AUGUSTA, Maine — Data analyzed by the state show a slight increase in home foreclosures in Maine during the second quarter, but officials say the number of foreclosures remains relatively small and poses no threat to the stability of state-chartered banks and credit unions.

Superintendent Lloyd LaFountain III of the Bureau of Financial Institutions said Monday that 177 of the 86,669 mortgage loans from such institutions were in the process of foreclosure at the end of June. That’s up from 166 loans three months earlier and amounts to one loan for every 490.

LaFountain says that while each foreclosure represents an enormous hardship for those impacted, the totals remain nominal in terms of all mortgages held or serviced by those institutions.

http://bangordailynews.com/2008/11/17/politics/maine-home-foreclosures-increase/ printed on July 29, 2014