Maine foreclosure picture mixed

Posted Dec. 28, 2011, at 5:37 a.m.
Last modified Dec. 28, 2011, at 12:07 p.m.

GARDINER, Maine — Maine banking regulators are reporting a mixed pattern of residential mortgage foreclosures as the economy continues to struggle.

Bureau of Financial Institutions’ Superintendent Lloyd LaFountain III says a third quarter survey of mortgages held by Maine’s 32 state-chartered banks and credit unions continued to show mixed performance. So there’s no clear indication that the bottom has been reached.

On the plus side, there have been significant decreases in foreclosure starts, delinquencies of less than 90 days, and a slight increase in new mortgage loan starts. However, completed foreclosures and delinquencies of 90 days or more have increased.

Overall, there was a decrease in the number of mortgages in process of foreclosure. Officials say foreclosure activity does not pose a threat to the stability of Maine-chartered financial institutions.

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