NEW YORK (TheStreet) -- Barclays (BCS), Ally Financial and New York Private Bank & Trust are the banks that have the greatest percentage of family loans in the foreclosure process, according to SNL Financial.
The study by SNL ranks foreclosures by institution and the amount of one to four family loans currently in the foreclosure process.
Barclays has 17.74 percent of one to four family loans in the foreclosure, which total $495 million. New York Private Bank & Trust has over 12 percent of similar loans in the foreclosure process, which total $378 million. Ally Financial has 10 percent of one to four family loans in the foreclosure process totalling $2.1 billion.
While these three banks may have the largest percentage of loans currently going through foreclosures, JP Morgan ( JPM) and Bank of America are at the top of the list for banks with the largest total amount of loans in foreclosure.JPMorgan Chase loans in foreclosure total about $19.50 billion. The bank also services another $54.48 billion in loans in foreclosure for other companies. Bank of America (BAC)has $18.77 billion in one to four-family loans in foreclosure. It also has about $87.94 billion in similar loans that it services for others that are in foreclosure. The White House is rejecting a broad moratorium on home foreclosures because it fears such a step could hinder a recovery of the housing market. Published reports say tat 40 state attorney generals could announce investigations into the faulty foreclosure practices of banks. The banks with the most to lose in nationwide foreclosure moratoriums would likely be those with the most loans going through processing and those with the largest valuation of loans in foreclosure. --Written by Maria Woehr in New York.
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