This is the accessible text file for GAO report number GAO-10-633R entitled 'State-Level Information on Negative Home Equity and Loan Performance in the Nonprime Mortgage Market' which was released on June 14, 2010. This text file was formatted by the U.S. Government Accountability Office (GAO) to be accessible to users with visual impairments, as part of a longer term project to improve GAO products' accessibility. Every attempt has been made to maintain the structural and data integrity of the original printed product. Accessibility features, such as text descriptions of tables, consecutively numbered footnotes placed at the end of the file, and the text of agency comment letters, are provided but may not exactly duplicate the presentation or format of the printed version. The portable document format (PDF) file is an exact electronic replica of the printed version. We welcome your feedback. Please E-mail your comments regarding the contents or accessibility features of this document to Webmaster@gao.gov. This is a work of the U.S. government and is not subject to copyright protection in the United States. It may be reproduced and distributed in its entirety without further permission from GAO. Because this work may contain copyrighted images or other material, permission from the copyright holder may be necessary if you wish to reproduce this material separately. GAO-10-633R: United States Government Accountability Office: Washington, DC 20548: May 14, 2010: The Honorable Carolyn B. Maloney: Chair: Joint Economic Committee: House of Representatives: The Honorable Charles E. Schumer: Vice Chairman: Joint Economic Committee: United States Senate: Subject: State-Level Information on Negative Home Equity and Loan Performance in the Nonprime Mortgage Market: The decline of home prices in many parts of the country has left millions of homeowners with negative home equity, meaning that their outstanding mortgage balances exceed the current value of their homes. As we reported to you previously, a substantial proportion of borrowers with active nonprime mortgages (including subprime and Alt-A loans) had negative equity in their homes as of June 30, 2009. [Footnote 1] For example, among the 16 metropolitan areas examined, we estimated that the percentage of nonprime borrowers with negative equity ranged from about 9 percent (Denver, Colorado) to more than 90 percent (Las Vegas, Nevada). Research indicates that negative home equity substantially increases the risk of mortgage delinquency, making it an important dimension of ongoing problems in the nonprime market. To provide insight into how negative equity and loan performance among nonprime borrowers have varied by location and over time, this report examines, at the state level, the estimated proportion of nonprime borrowers with active loans that were in a negative equity position and the proportion that were seriously delinquent on their loan payments from 2006 through the end of 2009.[Footnote 2] This report is part of our broader examination of the evolution and condition of the nonprime market segment.[Footnote 3] As agreed with your offices, in a subsequent report we will provide more detailed information on the performance of nonprime mortgages through the end of 2009, the influence of nonprime loan and borrower characteristics and economic conditions on the likelihood of mortgage default, and the features and limitations of primary sources of data on nonprime mortgage performance and borrower characteristics. To conduct our work, we used data from CoreLogic's (formerly LoanPerformance) Asset-Backed Securities Database for nonprime loans originated from 2000 through 2007 and CoreLogic's state-level Single Family Combined House Price Index (CoreLogic index). The CoreLogic database contains loan-level data on a large majority of nonagency securitized mortgages in subprime and Alt-A pools.[Footnote 4] For example, for the period January 2001 through July 2007 the CoreLogic database contains information covering, in dollar terms, an estimated 87 percent of securitized subprime loans and 98 percent of securitized Alt-A loans. Researchers have found that nonprime mortgages that were not securitized (i.e., mortgages that lenders held in their portfolios) may have less risky characteristics and better performance histories than those that were securitized. For purposes of our analysis, we defined a subprime loan as a loan in a subprime pool and an Alt-A loan as a loan in an Alt-A pool.[Footnote 5] We focused our analysis on first-lien purchase and refinance mortgages for one-to- four-family residential units. We included only loans that were active in a given quarter; loans that were inactive because they had been paid off or had completed the foreclosure process were excluded. The CoreLogic index, like other house price indexes, measures house price changes in a geographic area based on sales of the same properties at different points in time. The use of repeat transactions on the same homes helps to control for differences in the quality of the houses in the data. The CoreLogic index is based on all usable transactions from CoreLogic's public record, servicing, and securities databases of single family attached and detached homes with all types of financing, including prime and nonprime loans.[Footnote 6] To estimate the proportion of nonprime borrowers with active loans that had negative equity, we used the CoreLogic index to adjust the appraised value of each home at loan origination to an estimated value at the end of each quarter from March 2006 through December 2009, the most recent quarterly data that we could analyze within the time frames of our review. We then subtracted the unpaid mortgage balance from the estimated house value as of each quarter to estimate the borrower's home equity. We divided the number of nonprime borrowers with negative home equity by the total number of active nonprime loans in each quarter to determine the proportion with negative equity (negative equity rate).[Footnote 7] Due to data limitations, our analysis did not account for nonprime borrowers with second liens or multiple mortgaged properties.[Footnote 8] Additionally, the CoreLogic index that we used represents price trends at the state level. Depending on the degree to which homes financed with nonprime loans were concentrated in areas with house price trends that differed from statewide trends, our estimates could overstate or understate the number of nonprime borrowers with negative equity. To determine the proportion of nonprime borrowers that were seriously delinquent on their mortgage payments, we divided the number of nonprime loans that were more than 90 days past due or were in the foreclosure process by the total number of active nonprime loans in each quarter (serious delinquency rate). In addition, we analyzed the extent to which changes in estimated negative equity rates were associated with changes in serious delinquency rates from the first quarter of 2006 through the end of 2009. Specifically, we measured the statistical correlation between percentage point changes in the estimated proportion of nonprime borrowers with negative equity in each state and the proportion of nonprime borrowers that were seriously delinquent in each state.[Footnote 9] We assessed the reliability of the data used in this report by reviewing documentation on the process CoreLogic uses to collect and ensure the reliability and integrity of the data and by conducting reasonableness checks on data elements to identify any missing, erroneous, or outlying data. We also interviewed CoreLogic representatives to discuss the interpretation of various data fields. We concluded that the data we used were sufficiently reliable for our purposes. We conducted this engagement in Washington, D.C., and Chicago, Illinois, from March 2010 through May 2010 in accordance with generally accepted government auditing standards. Those standards require that we plan and perform the audit to obtain sufficient, appropriate evidence to provide a reasonable basis for our findings and conclusions based on our audit objective. We believe that the evidence obtained provides a reasonable basis for our findings and conclusions based on our audit objective. Summary: For most states and the District of Columbia, the estimated percentage of nonprime borrowers with active loans that were in a negative equity position increased from 2006 through mid-2008 and then remained fairly stable through the end of 2009. Growth in negative equity rates during that period varied widely among the states. Negative equity rates rose by at least 30 percentage points in 7 states, by 10 to 29.9 percentage points in 17 states, and by 5 to 9.9 percentage points in 9 states. Eighteen states' negative equity rates grew by less than 5 percentage points, including 3 states where the percentage of nonprime borrowers with negative equity increased negligibly. For all states and the District of Columbia, the percentage of nonprime borrowers that were seriously delinquent--90 days or more late in payments or in the foreclosure process--increased from the first quarter of 2006 through the end of 2009, with growth ranging from 5.3 percentage points in Louisiana to 43.3 percentage points in Florida. Additionally, across all states and the District of Columbia, our measures for increases in estimated negative equity and serious delinquency rates exhibited a positive statistical correlation. Consistent with this observation, 6 of the 10 states that experienced the largest percentage point increases in negative equity rates also were among the 10 states with the largest percentage point increases in serious delinquency rates. However, the remaining 4 states ranked from 12th to 26th in their increases in serious delinquency rates. Background: The nonprime mortgage market has two segments: * Subprime. Generally serves borrowers with blemished or limited credit histories, and the loans feature higher interest rates and fees than prime loans. * Alt-A. Generally serves borrowers whose credit histories are close to prime, but the loans have one or more high-risk features, such as limited documentation of income or assets or the option of making monthly payments that are lower than would be required for a fully amortizing loan. Active mortgages can fall into any one of several payment categories: * Current. The borrower is meeting scheduled payments. * Delinquent. The borrower has missed one or more scheduled payments. * Default. The borrower is 90 days or more delinquent.[Footnote 10] At this point, foreclosure proceedings against the borrower become a strong possibility. * In the foreclosure process. The borrower has been delinquent for more than 90 days, and the lender has elected to foreclose in what is an often lengthy process with several possible outcomes. For instance, the borrower may sell the property or the lender may repossess the home. In this report, we describe borrowers whose mortgages are in default or in the foreclosure process as "seriously delinquent." Typically, home equity--that is, the difference between the value of a property and the amount still owed on the mortgage--increases over time as the mortgage balance is paid down and home values appreciate. However, if the home value falls below the mortgage balance, the borrower will be in a position of negative equity. Borrowers with nonprime loans may be particularly vulnerable to negative equity because they typically make small down payments and thus have less equity at the outset than a typical prime borrower. Also, some nonprime borrowers have loans with payment options that allow them to defer payment of accrued interest, thereby increasing the outstanding loan balance and decreasing equity. In general, lower levels of home equity (as a percentage of home value) are associated with relatively poorer loan performance. Homeowners with negative equity may find it difficult to sell or refinance the property to avoid foreclosure. They may also have incentives to stop making mortgage payments to minimize their financial losses. Across States, Negative Home Equity Generally Increased from 2006 through Mid-2008 before Leveling Off, While Serious Delinquency Rates Continued to Grow through the End of 2009: Estimated Rates of Negative Equity Generally Increased through Mid- 2008 and Then Remained Relatively Stable: The estimated percentage of nonprime borrowers in a negative equity position generally increased from 2006 through mid-2008, with negative equity rates holding more steady through the end of 2009.[Footnote 11] Across all states and the District of Columbia, the estimated percentage of nonprime borrowers with negative equity increased from 13 percent in the first quarter of 2006 to 35 percent in the first quarter of 2008, and then remained between 36 and 37 percent through the end of 2009 (see figure 1).[Footnote 12] The number of nonprime borrowers in a negative equity position increased from about 940,000 in the first quarter of 2006 to about 2.52 million at the end of 2007, and then declined to about 1.86 million by the end of 2009.[Footnote 13] The percentage of nonprime borrowers with negative equity remained relatively stable while the number with negative equity decreased because the total number of active nonprime loans also decreased from mid-2007 through the end of 2009, as mortgages were prepaid or completed foreclosure. Figure 1: Estimated Number and Percentage of Nonprime Borrowers with Negative Home Equity from March 31, 2006, through December 31, 2009: [Refer to PDF for image: combination vertical bar and line graph] Date: 2006 Q1; Estimated number of borrowers: 0.94 million; Estimated percentage of borrowers: 13.4%. Date: 2006 Q2; Estimated number of borrowers: 1.22 million; Estimated percentage of borrowers: 16.6%. Date: 2006 Q3; Estimated number of borrowers: 1.54 million; Estimated percentage of borrowers: 20.1%. Date: 2006 Q4; Estimated number of borrowers: 1.85 million; Estimated percentage of borrowers: 23.2%. Date: 2007 Q1; Estimated number of borrowers: 2.15 million; Estimated percentage of borrowers: 26.1%. Date: 2007 Q2; Estimated number of borrowers: 2.45 million; Estimated percentage of borrowers: 29.4%. Date: 2007 Q3; Estimated number of borrowers: 2.51 million; Estimated percentage of borrowers: 31.5%. Date: 2007 Q4; Estimated number of borrowers: 2.52 million; Estimated percentage of borrowers: 33.3%. Date: 2008 Q1; Estimated number of borrowers: 2.50 million; Estimated percentage of borrowers: 35.0%. Date: 2008 Q2; Estimated number of borrowers: 2.41 million; Estimated percentage of borrowers: 35.9%. Date: 2008 Q3; Estimated number of borrowers: 2.31 million; Estimated percentage of borrowers: 36.3%. Date: 2008 Q4; Estimated number of borrowers: 2.23 million; Estimated percentage of borrowers: 36.6%. Date: 2009 Q1; Estimated number of borrowers: 2.14 million; Estimated percentage of borrowers: 36.8%. Date: 2009 Q2; Estimated number of borrowers: 2.04 million; Estimated percentage of borrowers: 36.7%. Date: 2009 Q3; Estimated number of borrowers: 1.95 million; Estimated percentage of borrowers: 36.6%. Date: 2009 Q4; Estimated number of borrowers: 1.86 million; Estimated percentage of borrowers: 36.4%. Source: GAO analysis of CoreLogic loan data and CoreLogic's state- level house price index. Note: The analysis includes nonprime loans originated from 2000 through 2007, so the number of active nonprime loans increased from about 7 million in the first quarter of 2006 to nearly 8.4 million in the second quarter of 2007. As loans became inactive as a result of prepayment and completed foreclosures, the number of active nonprime loans decreased to about 5.1 million by the end of 2009. The decrease in the number of active loans accounts for the stable percentage of nonprime borrowers with negative equity even as the number decreased. [End of figure] The extent to which estimated negative equity rates increased varied widely among the states. Seven states had an increase of at least 30 percentage points from the first quarter of 2006 through the end of 2009 (see figure 2). The largest increases occurred in Arizona and Florida, each of which saw negative equity rates rise by 44 percentage points (from 24 percent to 68 percent in Arizona and from 28 percent to 72 percent in Florida). Eighteen states had an increase of less than 5 percentage points during the period--including North Dakota, South Dakota, and Oklahoma, which had negligible increases of less than 1 percentage point. Across all states, the median increase was about 9 percentage points, represented by South Carolina (rising from 1.6 percent to 10.4 percent).[Footnote 14] In general, the states' negative equity rates grew through the second quarter of 2008 and then held relatively steady through the end of 2009.[Footnote 15] For example, California's negative equity rate increased by 4.2 percentage points per quarter from the first quarter of 2006 through the second quarter of 2008 (rising from 23.5 to 60.9 percent), and then grew just slightly (0.06 percentage points per quarter) to end 2009 at 61.3 percent. See Enclosure I for quarterly information on the estimated number and percentage of nonprime borrowers with negative equity in each state from 2006 through 2009. Figure 2: Percentage Point Change in the Estimated Percentage of Nonprime Borrowers with Negative Home Equity by State, March 31, 2006, through December 31, 2009: [Refer to PDF for image: illustrated U.S. map] >0 to 4.9 percentage points: Alabama: Alaska: Arkansas: Colorado: District of Columbia: Hawaii: Iowa: Kentucky: Louisiana: Maine: Mississippi: Montana: Nebraska: North Carolina: North Dakota: Oklahoma: South Dakota: Texas: 5.0 to 9.9 percentage points: Delaware: Kansas: New Hampshire: New York: Pennsylvania: South Carolina: Tennessee: Vermont: Wyoming: 10.0 to 19.9 percentage points: Connecticut: Georgia: Indiana: Massachusetts: Missouri: New Mexico: Ohio: Oregon: Washington: West Virginia: Wisconsin: 20.0 to 29.9 percentage points: Illinois: Michigan: Minnesota: New Jersey: Utah: Virginia: 30.0 or more percentage points: Arizona: California: Florida: Idaho: Maryland: Nevada: Rhode Island: Source: GAO analysis of CoreLogic loan data and CoreLogic's state- level house price index; MapInfo (map). Note: Our quarterly estimates of negative equity include only nonprime borrowers whose loans were active at the end of each quarter. [End of figure] Serious Delinquency Rates Rose from 2006 through 2009, and Some States with the Most Growth in Negative Equity Rates Were Among Those with the Most Growth in Serious Delinquency Rates: From 2006 through 2009, serious delinquency rates among nonprime borrowers increased in all states and the District of Columbia. Across the states, the serious delinquency rate--the percentage of nonprime borrowers with active loans that were at least 90 days delinquent or in foreclosure--increased throughout the period, from 4 percent (280,000 loans) in the first quarter of 2006 to 28 percent (1.4 million loans) at the end of 2009. Among the states, the growth in serious delinquency rates ranged from 5 percentage points (Louisiana) to 43 percentage points (Florida). Michigan's increase of 17.1 percentage points represented the median change. Enclosure I includes quarterly information on serious delinquencies in each state from 2006 through 2009. Across all states and the District of Columbia, our measures for increases in estimated negative equity and serious delinquency rates exhibited a positive statistical correlation.[Footnote 16] Consistent with this observation, 6 of the 10 states with the largest percentage point increases in negative equity rates from 2006 through 2009 also were among the 10 states with the largest percentage point increases in serious delinquency rates over that same period.[Footnote 17] For example, Arizona experienced the largest increase in negative equity rate (rising by 44.3 percentage points over the 4-year period) and the fifth largest increase in serious delinquency rate (rising 28.7 percentage points) (see figure 3). However, the remaining 4 states ranked from 12th to 26th in their increases in serious delinquency rates.[Footnote 18] Figure 3: Estimated Percentage of Nonprime Borrowers with Negative Home Equity and Seriously Delinquent in Arizona, March 31, 2006, through December 31, 2009: [Refer to PDF for image: multiple line graph] Date: 2006 Q1; Negative equity: 24.1%; Serious delinquency: 0.9%. Date: 2006 Q2; Negative equity: 30.8%; Serious delinquency: 1%. Date: 2006 Q3; Negative equity: 37.4%; Serious delinquency: 1.5%. Date: 2006 Q4; Negative equity: 42.9%; Serious delinquency: 2.2%. Date: 2007 Q1; Negative equity: 47.8%; Serious delinquency: 2.7%. Date: 2007 Q2; Negative equity: 53.3%; Serious delinquency: 3.6%. Date: 2007 Q3; Negative equity: 56.9%; Serious delinquency: 5.7%. Date: 2007 Q4; Negative equity: 60.3%; Serious delinquency: 9.1%. Date: 2008 Q1; Negative equity: 63.5%; Serious delinquency: 11.7%. Date: 2008 Q2; Negative equity: 65.7%; Serious delinquency: 14%. Date: 2008 Q3; Negative equity: 67%; Serious delinquency: 16.5%. Date: 2008 Q4; Negative equity: 67.7%; Serious delinquency: 20.8%. Date: 2009 Q1; Negative equity: 68.3%; Serious delinquency: 24.2%. Date: 2009 Q2; Negative equity: 68.6%; Serious delinquency: 25.9%. Date: 2009 Q3; Negative equity: 68.6%; Serious delinquency: 27.8%. Date: 2009 Q4; Negative equity: 68.4%; Serious delinquency: 29.7%. Source: GAO analysis of CoreLogic loan data and CoreLogic's state- level house price index. [End of figure] In addition, 5 of the 10 states with the smallest growth in negative equity rates also were among the 10 with the smallest growth in serious delinquency rates.[Footnote 19] North Dakota, for instance, had virtually no increase in its negative equity rate from 2006 through 2009 (0.2 percentage points) and the fourth smallest increase in serious delinquency rate (10.5 percentage points) (see figure 4). However, the remaining 5 states (including the District of Columbia) ranked from 11th to 41st in their increases in serious delinquency rates.[Footnote 20] Figure 4: Estimated Percentage of Nonprime Borrowers with Negative Home Equity and Seriously Delinquent in North Dakota, March 31, 2006, through December 31, 2009: [Refer to PDF for image: multiple line graph] Date: 2006 Q1; Negative equity: 0; Serious delinquency: 2.7%. Date: 2006 Q2; Negative equity: 0; Serious delinquency: 3.4%. Date: 2006 Q3; Negative equity: 0; Serious delinquency: 4.6%. Date: 2006 Q4; Negative equity: 0.1%; Serious delinquency: 4.8%. Date: 2007 Q1; Negative equity: 0.2%; Serious delinquency: 4.6%. Date: 2007 Q2; Negative equity: 0.2%; Serious delinquency: 4.9%. Date: 2007 Q3; Negative equity: 0.2%; Serious delinquency: 5%. Date: 2007 Q4; Negative equity: 0.2%; Serious delinquency: 6.3%. Date: 2008 Q1; Negative equity: 0.2%; Serious delinquency: 6.9%. Date: 2008 Q2; Negative equity: 0.2%; Serious delinquency: 7.6%. Date: 2008 Q3; Negative equity: 0.2%; Serious delinquency: 7.9%. Date: 2008 Q4; Negative equity: 0.2%; Serious delinquency: 9.4%. Date: 2009 Q1; Negative equity: 0.2%; Serious delinquency: 10.1%. Date: 2009 Q2; Negative equity: 0.2%; Serious delinquency: 11%. Date: 2009 Q3; Negative equity: 0.2%; Serious delinquency: 12.7%. Date: 2009 Q4; Negative equity: 0.2%; Serious delinquency: 13.2%. Source: GAO analysis of CoreLogic loan data and CoreLogic's state- level house price index. [End of figure] Research has shown that negative equity is one of several factors that affect loan performance. As previously noted, in a forthcoming report, we will examine the influence of a broader range of factors--including loan and borrower characteristics and economic conditions--on the likelihood of mortgage default. As agreed with your offices, unless you publicly announce its contents earlier, we plan no further distribution of this report until 30 days from the report date. At that time, we will send copies of this report to interested congressional parties and other interested parties. In addition, the report will be available at no charge on GAO's Web site at [hyperlink, http://www.gao.gov]. If you or your staff have any questions about this report, please contact me at (202) 512-8678 or shearw@gao.gov. Contact points for our Offices of Congressional Relations and Public Affairs may be found on the last page of this report. In addition to the individual named above, Steve Westley (Assistant Director), William Bates, Jan Bauer, Julianne Dieterich, DuEwa Kamara, John McGrail, Marc Molino, Bob Pollard, and Jennifer Schwartz made key contributions to this report. Signed by: William B. Shear: Director, Financial Markets and Community Investment: Enclosure: [End of section] Enclosure I: Estimated Negative Equity and Serious Delinquency Rates by State and Quarter from 2006 through 2009: Figure 5 contains the results of our analysis of the extent to which borrowers with active nonprime mortgages were estimated to be in a negative equity position or were seriously delinquent on their payments--that is, they were 90 days or more late on payments or were in the foreclosure process. The analysis uses CoreLogic's loan-level data and the CoreLogic state-level house price index and covers nonprime mortgages originated from 2000 through 2007. Due to data limitations, we could not identify borrowers with multiple mortgaged properties. For purposes of this analysis, we treat the number of borrowers and the number of loans as equal. To the extent that some nonprime borrowers had more than one mortgaged property, our results may overstate the number of individual nonprime borrowers with negative equity. For additional information on the methodology for this analysis, see pages 2 and 3. Figure 5: Nonprime Borrowers with Negative Equity and Seriously Delinquent Loans by State and Quarter, 2006 through 2009: [Refer to PDF for image: illustrated table] State: Alabama; Date: 2006 Q1: Number of borrowers with active loans: Date: 2006 Q1: 66,043; Date: 2006 Q2: 69,426; Date: 2006 Q3: 72,756; Date: 2006 Q4: 75,749; Date: 2007 Q1: 78,174; Date: 2007 Q2: 78,222; Date: 2007 Q3: 74,314; Date: 2007 Q4: 70,271; Date: 2008 Q1: 66,014; Date: 2008 Q2: 62,150; Date: 2008 Q3: 58,877; Date: 2008 Q4: 56,183; Date: 2009 Q1: 53,510; Date: 2009 Q2: 51,228; Date: 2009 Q3: 49,156; Date: 2009 Q4: 47,390; Number of borrowers with negative equity (estimated): Date: 2006 Q1: 253; Date: 2006 Q2: 591; Date: 2006 Q3: 1,026; Date: 2006 Q4: 1,433; Date: 2007 Q1: 1,868; Date: 2007 Q2: 2,361; Date: 2007 Q3: 2,433; Date: 2007 Q4: 2,444; Date: 2008 Q1: 2,443; Date: 2008 Q2: 2,423; Date: 2008 Q3: 2,416; Date: 2008 Q4: 2,393; Date: 2009 Q1: 2,325; Date: 2009 Q2: 2,259; Date: 2009 Q3: 2,156; Date: 2009 Q4: 2,047; Number of borrowers seriously delinquent: Date: 2006 Q1: 4,408; Date: 2006 Q2: 4,496; Date: 2006 Q3: 4,917; Date: 2006 Q4: 5,468; Date: 2007 Q1: 5,122; Date: 2007 Q2: 5,581; Date: 2007 Q3: 6,367; Date: 2007 Q4: 7,120; Date: 2008 Q1: 7,046; Date: 2008 Q2: 7,050; Date: 2008 Q3: 7,313; Date: 2008 Q4: 8,074; Date: 2009 Q1: 8,161; Date: 2009 Q2: 8,609; Date: 2009 Q3: 9,052; Date: 2009 Q4: 9,441; Percentage of borrowers with negative equity (estimated): Date: 2006 Q1: 0.4%; Date: 2006 Q2: 0.9%; Date: 2006 Q3: 1.4%; Date: 2006 Q4: 1.9%; Date: 2007 Q1: 2.4%; Date: 2007 Q2: 3.0%; Date: 2007 Q3: 3.3%; Date: 2007 Q4: 3.5%; Date: 2008 Q1: 3.7%; Date: 2008 Q2: 3.9%; Date: 2008 Q3: 4.1%; Date: 2008 Q4: 4.3%; Date: 2009 Q1: 4.3%; Date: 2009 Q2: 4.4%; Date: 2009 Q3: 4.4%; Date: 2009 Q4: 4.3%; Percentage of borrowers seriously delinquent: Date: 2006 Q1: 6.7%; Date: 2006 Q2: 6.5%; Date: 2006 Q3: 6.8%; Date: 2006 Q4: 7.2%; Date: 2007 Q1: 6.6%; Date: 2007 Q2: 7.1%; Date: 2007 Q3: 8.6%; Date: 2007 Q4: 10.1%; Date: 2008 Q1: 10.7%; Date: 2008 Q2: 11.3%; Date: 2008 Q3: 12.4%; Date: 2008 Q4: 14.4%; Date: 2009 Q1: 15.3%; Date: 2009 Q2: 16.8%; Date: 2009 Q3: 18.4%; Date: 2009 Q4: 19.9%. State: Alaska; Date: 2006 Q1: Number of borrowers with active loans: Date: 2006 Q1: 7,388; Date: 2006 Q2: 7,970; Date: 2006 Q3: 8,485; Date: 2006 Q4: 8,965; Date: 2007 Q1: 9,295; Date: 2007 Q2: 9,433; Date: 2007 Q3: 8,927; Date: 2007 Q4: 8,340; Date: 2008 Q1: 7,716; Date: 2008 Q2: 7,133; Date: 2008 Q3: 6,698; Date: 2008 Q4: 6,383; Date: 2009 Q1: 6,015; Date: 2009 Q2: 5,710; Date: 2009 Q3: 5,426; Date: 2009 Q4: 5,184; Number of borrowers with negative equity (estimated): Date: 2006 Q1: 26; Date: 2006 Q2: 58; Date: 2006 Q3: 105; Date: 2006 Q4: 146; Date: 2007 Q1: 230; Date: 2007 Q2: 306; Date: 2007 Q3: 332; Date: 2007 Q4: 343; Date: 2008 Q1: 342; Date: 2008 Q2: 315; Date: 2008 Q3: 297; Date: 2008 Q4: 292; Date: 2009 Q1: 282; Date: 2009 Q2: 267; Date: 2009 Q3: 257; Date: 2009 Q4: 245; Number of borrowers seriously delinquent: Date: 2006 Q1: 189; Date: 2006 Q2: 211; Date: 2006 Q3: 261; Date: 2006 Q4: 274; Date: 2007 Q1: 311; Date: 2007 Q2: 377; Date: 2007 Q3: 452; Date: 2007 Q4: 462; Date: 2008 Q1: 533; Date: 2008 Q2: 599; Date: 2008 Q3: 573; Date: 2008 Q4: 573; Date: 2009 Q1: 686; Date: 2009 Q2: 771; Date: 2009 Q3: 820; Date: 2009 Q4: 814; Percentage of borrowers with negative equity (estimated): Date: 2006 Q1: 0.4%; Date: 2006 Q2: 0.7%; Date: 2006 Q3: 1.2%; Date: 2006 Q4: 1.6%; Date: 2007 Q1: 2.5%; Date: 2007 Q2: 3.2%; Date: 2007 Q3: 3.7%; Date: 2007 Q4: 4.1%; Date: 2008 Q1: 4.4%; Date: 2008 Q2: 4.4%; Date: 2008 Q3: 4.4%; Date: 2008 Q4: 4.6%; Date: 2009 Q1: 4.7%; Date: 2009 Q2: 4.7%; Date: 2009 Q3: 4.7%; Date: 2009 Q4: 4.7%; Percentage of borrowers seriously delinquent: Date: 2006 Q1: 2.6%; Date: 2006 Q2: 2.6%; Date: 2006 Q3: 3.1%; Date: 2006 Q4: 3.1%; Date: 2007 Q1: 3.3%; Date: 2007 Q2: 4.0%; Date: 2007 Q3: 5.1%; Date: 2007 Q4: 5.5%; Date: 2008 Q1: 6.9%; Date: 2008 Q2: 8.4%; Date: 2008 Q3: 8.6%; Date: 2008 Q4: 9.0%; Date: 2009 Q1: 11.4%; Date: 2009 Q2: 13.5%; Date: 2009 Q3: 15.1%; Date: 2009 Q4: 15.7%. State: Arizona; Date: 2006 Q1: Number of borrowers with active loans: Date: 2006 Q1: 250,669; Date: 2006 Q2: 263,808; Date: 2006 Q3: 278,330; Date: 2006 Q4: 290,056; Date: 2007 Q1: 304,221; Date: 2007 Q2: 313,893; Date: 2007 Q3: 301,036; Date: 2007 Q4: 285,604; Date: 2008 Q1: 268,869; Date: 2008 Q2: 251,238; Date: 2008 Q3: 234,256; Date: 2008 Q4: 219,628; Date: 2009 Q1: 205,511; Date: 2009 Q2: 191,908; Date: 2009 Q3: 179,696; Date: 2009 Q4: 169,016; Number of borrowers with negative equity (estimated): Date: 2006 Q1: 60,434; Date: 2006 Q2: 81,307; Date: 2006 Q3: 104,068; Date: 2006 Q4: 124,323; Date: 2007 Q1: 145,515; Date: 2007 Q2: 167,351; Date: 2007 Q3: 171,296; Date: 2007 Q4: 172,180; Date: 2008 Q1: 170,713; Date: 2008 Q2: 165,159; Date: 2008 Q3: 157,036; Date: 2008 Q4: 148,678; Date: 2009 Q1: 140,407; Date: 2009 Q2: 131,626; Date: 2009 Q3: 123,239; Date: 2009 Q4: 115,576; Number of borrowers seriously delinquent: Date: 2006 Q1: 2,329; Date: 2006 Q2: 2,661; Date: 2006 Q3: 4,039; Date: 2006 Q4: 6,358; Date: 2007 Q1: 8,272; Date: 2007 Q2: 11,429; Date: 2007 Q3: 17,281; Date: 2007 Q4: 25,876; Date: 2008 Q1: 31,438; Date: 2008 Q2: 35,217; Date: 2008 Q3: 38,675; Date: 2008 Q4: 45,771; Date: 2009 Q1: 49,669; Date: 2009 Q2: 49,616; Date: 2009 Q3: 49,883; Date: 2009 Q4: 50,139; Percentage of borrowers with negative equity (estimated): Date: 2006 Q1: 24.1%; Date: 2006 Q2: 30.8%; Date: 2006 Q3: 37.4%; Date: 2006 Q4: 42.9%; Date: 2007 Q1: 47.8%; Date: 2007 Q2: 53.3%; Date: 2007 Q3: 56.9%; Date: 2007 Q4: 60.3%; Date: 2008 Q1: 63.5%; Date: 2008 Q2: 65.7%; Date: 2008 Q3: 67.0%; Date: 2008 Q4: 67.7%; Date: 2009 Q1: 68.3%; Date: 2009 Q2: 68.6%; Date: 2009 Q3: 68.6%; Date: 2009 Q4: 68.4%; Percentage of borrowers seriously delinquent: Date: 2006 Q1: 0.9%; Date: 2006 Q2: 1.0%; Date: 2006 Q3: 1.5%; Date: 2006 Q4: 2.2%; Date: 2007 Q1: 2.7%; Date: 2007 Q2: 3.6%; Date: 2007 Q3: 5.7%; Date: 2007 Q4: 9.1%; Date: 2008 Q1: 11.7%; Date: 2008 Q2: 14.0%; Date: 2008 Q3: 16.5%; Date: 2008 Q4: 20.8%; Date: 2009 Q1: 24.2%; Date: 2009 Q2: 25.9%; Date: 2009 Q3: 27.8%; Date: 2009 Q4: 29.7%. State: Arkansas; Date: 2006 Q1: Number of borrowers with active loans: Date: 2006 Q1: 26,943; Date: 2006 Q2: 28,141; Date: 2006 Q3: 29,159; Date: 2006 Q4: 30,221; Date: 2007 Q1: 31,244; Date: 2007 Q2: 32,000; Date: 2007 Q3: 30,501; Date: 2007 Q4: 28,950; Date: 2008 Q1: 27,295; Date: 2008 Q2: 25,798; Date: 2008 Q3: 24,532; Date: 2008 Q4: 23,476; Date: 2009 Q1: 22,498; Date: 2009 Q2: 21,581; Date: 2009 Q3: 20,792; Date: 2009 Q4: 20,095; Number of borrowers with negative equity (estimated): Date: 2006 Q1: 207; Date: 2006 Q2: 418; Date: 2006 Q3: 657; Date: 2006 Q4: 899; Date: 2007 Q1: 1,141; Date: 2007 Q2: 1,365; Date: 2007 Q3: 1,405; Date: 2007 Q4: 1,415; Date: 2008 Q1: 1,411; Date: 2008 Q2: 1,384; Date: 2008 Q3: 1,360; Date: 2008 Q4: 1,327; Date: 2009 Q1: 1,273; Date: 2009 Q2: 1,219; Date: 2009 Q3: 1,164; Date: 2009 Q4: 1,126; Number of borrowers seriously delinquent: Date: 2006 Q1: 1,494; Date: 2006 Q2: 1,560; Date: 2006 Q3: 1,778; Date: 2006 Q4: 1,996; Date: 2007 Q1: 2,005; Date: 2007 Q2: 2,224; Date: 2007 Q3: 2,612; Date: 2007 Q4: 2,980; Date: 2008 Q1: 2,911; Date: 2008 Q2: 2,915; Date: 2008 Q3: 3,097; Date: 2008 Q4: 3,237; Date: 2009 Q1: 3,274; Date: 2009 Q2: 3,321; Date: 2009 Q3: 3,546; Date: 2009 Q4: 3,738; Percentage of borrowers with negative equity (estimated): Date: 2006 Q1: 0.8%; Date: 2006 Q2: 1.5%; Date: 2006 Q3: 2.3%; Date: 2006 Q4: 3.0%; Date: 2007 Q1: 3.7%; Date: 2007 Q2: 4.3%; Date: 2007 Q3: 4.6%; Date: 2007 Q4: 4.9%; Date: 2008 Q1: 5.2%; Date: 2008 Q2: 5.4%; Date: 2008 Q3: 5.5%; Date: 2008 Q4: 5.7%; Date: 2009 Q1: 5.7%; Date: 2009 Q2: 5.6%; Date: 2009 Q3: 5.6%; Date: 2009 Q4: 5.6%; Percentage of borrowers seriously delinquent: Date: 2006 Q1: 5.5%; Date: 2006 Q2: 5.5%; Date: 2006 Q3: 6.1%; Date: 2006 Q4: 6.6%; Date: 2007 Q1: 6.4%; Date: 2007 Q2: 7.0%; Date: 2007 Q3: 8.6%; Date: 2007 Q4: 10.3%; Date: 2008 Q1: 10.7%; Date: 2008 Q2: 11.3%; Date: 2008 Q3: 12.6%; Date: 2008 Q4: 13.8%; Date: 2009 Q1: 14.6%; Date: 2009 Q2: 15.4%; Date: 2009 Q3: 17.1%; Date: 2009 Q4: 18.6%. State: California; Date: 2006 Q1: Number of borrowers with active loans: Date: 2006 Q1: 1,393,739; Date: 2006 Q2: 1,436,446; Date: 2006 Q3: 1,497,959; Date: 2006 Q4: 1,557,729; Date: 2007 Q1: 1,618,116; Date: 2007 Q2: 1,660,868; Date: 2007 Q3: 1,602,499; Date: 2007 Q4: 1,527,338; Date: 2008 Q1: 1,439,545; Date: 2008 Q2: 1,345,041; Date: 2008 Q3: 1,258,514; Date: 2008 Q4: 1,197,317; Date: 2009 Q1: 1,139,357; Date: 2009 Q2: 1,076,878; Date: 2009 Q3: 1,024,339; Date: 2009 Q4: 976,522; Number of borrowers with negative equity (estimated): Date: 2006 Q1: 327,653; Date: 2006 Q2: 418,205; Date: 2006 Q3: 525,337; Date: 2006 Q4: 629,943; Date: 2007 Q1: 730,228; Date: 2007 Q2: 835,340; Date: 2007 Q3: 860,913; Date: 2007 Q4: 866,385; Date: 2008 Q1: 859,456; Date: 2008 Q2: 819,290; Date: 2008 Q3: 769,797; Date: 2008 Q4: 734,364; Date: 2009 Q1: 702,661; Date: 2009 Q2: 664,010; Date: 2009 Q3: 630,152; Date: 2009 Q4: 598,342; Number of borrowers seriously delinquent: Date: 2006 Q1: 17,551; Date: 2006 Q2: 23,109; Date: 2006 Q3: 34,584; Date: 2006 Q4: 51,901; Date: 2007 Q1: 66,909; Date: 2007 Q2: 90,456; Date: 2007 Q3: 129,363; Date: 2007 Q4: 179,176; Date: 2008 Q1: 214,118; Date: 2008 Q2: 227,611; Date: 2008 Q3: 231,392; Date: 2008 Q4: 263,312; Date: 2009 Q1: 295,535; Date: 2009 Q2: 301,484; Date: 2009 Q3: 308,240; Date: 2009 Q4: 309,926; Percentage of borrowers with negative equity (estimated): Date: 2006 Q1: 23.5%; Date: 2006 Q2: 29.1%; Date: 2006 Q3: 35.1%; Date: 2006 Q4: 40.4%; Date: 2007 Q1: 45.1%; Date: 2007 Q2: 50.3%; Date: 2007 Q3: 53.7%; Date: 2007 Q4: 56.7%; Date: 2008 Q1: 59.7%; Date: 2008 Q2: 60.9%; Date: 2008 Q3: 61.2%; Date: 2008 Q4: 61.3%; Date: 2009 Q1: 61.7%; Date: 2009 Q2: 61.7%; Date: 2009 Q3: 61.5%; Date: 2009 Q4: 61.3%; Percentage of borrowers seriously delinquent: Date: 2006 Q1: 1.3%; Date: 2006 Q2: 1.6%; Date: 2006 Q3: 2.3%; Date: 2006 Q4: 3.3%; Date: 2007 Q1: 4.1%; Date: 2007 Q2: 5.4%; Date: 2007 Q3: 8.1%; Date: 2007 Q4: 11.7%; Date: 2008 Q1: 14.9%; Date: 2008 Q2: 16.9%; Date: 2008 Q3: 18.4%; Date: 2008 Q4: 22%; Date: 2009 Q1: 25.9%; Date: 2009 Q2: 28.0%; Date: 2009 Q3: 30.1%; Date: 2009 Q4: 31.7%. State: Colorado; Date: 2006 Q1: Number of borrowers with active loans: Date: 2006 Q1: 190,855; Date: 2006 Q2: 196,712; Date: 2006 Q3: 201,457; Date: 2006 Q4: 206,397; Date: 2007 Q1: 209,060; Date: 2007 Q2: 207,172; Date: 2007 Q3: 196,009; Date: 2007 Q4: 183,880; Date: 2008 Q1: 172,297; Date: 2008 Q2: 162,451; Date: 2008 Q3: 153,535; Date: 2008 Q4: 146,052; Date: 2009 Q1: 139,274; Date: 2009 Q2: 132,319; Date: 2009 Q3: 126,302; Date: 2009 Q4: 120,889; Number of borrowers with negative equity (estimated): Date: 2006 Q1: 2,151; Date: 2006 Q2: 2,959; Date: 2006 Q3: 4,307; Date: 2006 Q4: 5,659; Date: 2007 Q1: 6,868; Date: 2007 Q2: 8,499; Date: 2007 Q3: 8,914; Date: 2007 Q4: 9,058; Date: 2008 Q1: 8,850; Date: 2008 Q2: 8,458; Date: 2008 Q3: 8,074; Date: 2008 Q4: 7,772; Date: 2009 Q1: 7,366; Date: 2009 Q2: 6,744; Date: 2009 Q3: 6,418; Date: 2009 Q4: 6,156; Number of borrowers seriously delinquent: Date: 2006 Q1: 8,051; Date: 2006 Q2: 8,277; Date: 2006 Q3: 9,511; Date: 2006 Q4: 11,556; Date: 2007 Q1: 12,239; Date: 2007 Q2: 12,640; Date: 2007 Q3: 13,683; Date: 2007 Q4: 15,250; Date: 2008 Q1: 15,669; Date: 2008 Q2: 16,157; Date: 2008 Q3: 15,353; Date: 2008 Q4: 15,970; Date: 2009 Q1: 17,119; Date: 2009 Q2: 18,134; Date: 2009 Q3: 18,955; Date: 2009 Q4: 19,308; Percentage of borrowers with negative equity (estimated): Date: 2006 Q1: 1.1%; Date: 2006 Q2: 1.5%; Date: 2006 Q3: 2.1%; Date: 2006 Q4: 2.7%; Date: 2007 Q1: 3.3%; Date: 2007 Q2: 4.1%; Date: 2007 Q3: 4.5%; Date: 2007 Q4: 4.9%; Date: 2008 Q1: 5.1%; Date: 2008 Q2: 5.2%; Date: 2008 Q3: 5.3%; Date: 2008 Q4: 5.3%; Date: 2009 Q1: 5.3%; Date: 2009 Q2: 5.1%; Date: 2009 Q3: 5.1%; Date: 2009 Q4: 5.1%; Percentage of borrowers seriously delinquent: Date: 2006 Q1: 4.2%; Date: 2006 Q2: 4.2%; Date: 2006 Q3: 4.7%; Date: 2006 Q4: 5.6%; Date: 2007 Q1: 5.9%; Date: 2007 Q2: 6.1%; Date: 2007 Q3: 7.0%; Date: 2007 Q4: 8.3%; Date: 2008 Q1: 9.1%; Date: 2008 Q2: 9.9%; Date: 2008 Q3: 10.0%; Date: 2008 Q4: 10.9%; Date: 2009 Q1: 12.3%; Date: 2009 Q2: 13.7%; Date: 2009 Q3: 15.0%; Date: 2009 Q4: 16.0%. State: Connecticut; Date: 2006 Q1: Number of borrowers with active loans: Date: 2006 Q1: 78,883; Date: 2006 Q2: 80,912; Date: 2006 Q3: 83,505; Date: 2006 Q4: 85,530; Date: 2007 Q1: 87,695; Date: 2007 Q2: 89,238; Date: 2007 Q3: 85,334; Date: 2007 Q4: 80,821; Date: 2008 Q1: 76,450; Date: 2008 Q2: 72,430; Date: 2008 Q3: 69,087; Date: 2008 Q4: 66,520; Date: 2009 Q1: 64,240; Date: 2009 Q2: 61,873; Date: 2009 Q3: 59,704; Date: 2009 Q4: 57,749; Number of borrowers with negative equity (estimated): Date: 2006 Q1: 5,428; Date: 2006 Q2: 7,466; Date: 2006 Q3: 9,909; Date: 2006 Q4: 12,055; Date: 2007 Q1: 13,956; Date: 2007 Q2: 16,287; Date: 2007 Q3: 16,877; Date: 2007 Q4: 17,060; Date: 2008 Q1: 16,973; Date: 2008 Q2: 16,705; Date: 2008 Q3: 16,574; Date: 2008 Q4: 16,421; Date: 2009 Q1: 16,120; Date: 2009 Q2: 15,511; Date: 2009 Q3: 15,087; Date: 2009 Q4: 14,728; Number of borrowers seriously delinquent: Date: 2006 Q1: 2,859; Date: 2006 Q2: 3,125; Date: 2006 Q3: 3,843; Date: 2006 Q4: 4,769; Date: 2007 Q1: 5,147; Date: 2007 Q2: 5,950; Date: 2007 Q3: 7,319; Date: 2007 Q4: 8,645; Date: 2008 Q1: 9,516; Date: 2008 Q2: 9,842; Date: 2008 Q3: 10,546; Date: 2008 Q4: 11,963; Date: 2009 Q1: 13,073; Date: 2009 Q2: 13,947; Date: 2009 Q3: 15,204; Date: 2009 Q4: 16,363; Percentage of borrowers with negative equity (estimated): Date: 2006 Q1: 6.9%; Date: 2006 Q2: 9.2%; Date: 2006 Q3: 11.9%; Date: 2006 Q4: 14.1%; Date: 2007 Q1: 15.9%; Date: 2007 Q2: 18.3%; Date: 2007 Q3: 19.8%; Date: 2007 Q4: 21.1%; Date: 2008 Q1: 22.2%; Date: 2008 Q2: 23.1%; Date: 2008 Q3: 24.0%; Date: 2008 Q4: 24.7%; Date: 2009 Q1: 25.1%; Date: 2009 Q2: 25.1%; Date: 2009 Q3: 25.3%; Date: 2009 Q4: 25.5%; Percentage of borrowers seriously delinquent: Date: 2006 Q1: 3.6%; Date: 2006 Q2: 3.9%; Date: 2006 Q3: 4.6%; Date: 2006 Q4: 5.6%; Date: 2007 Q1: 5.9%; Date: 2007 Q2: 6.7%; Date: 2007 Q3: 8.6%; Date: 2007 Q4: 10.7%; Date: 2008 Q1: 12.4%; Date: 2008 Q2: 13.6%; Date: 2008 Q3: 15.3%; Date: 2008 Q4: 18.0%; Date: 2009 Q1: 20.4%; Date: 2009 Q2: 22.5%; Date: 2009 Q3: 25.5%; Date: 2009 Q4: 28.3%. State: Delaware; Date: 2006 Q1: Number of borrowers with active loans: Date: 2006 Q1: 18,349; Date: 2006 Q2: 19,117; Date: 2006 Q3: 20,232; Date: 2006 Q4: 21,056; Date: 2007 Q1: 21,927; Date: 2007 Q2: 22,499; Date: 2007 Q3: 21,437; Date: 2007 Q4: 20,256; Date: 2008 Q1: 19,086; Date: 2008 Q2: 18,057; Date: 2008 Q3: 17,251; Date: 2008 Q4: 16,569; Date: 2009 Q1: 15,964; Date: 2009 Q2: 15,378; Date: 2009 Q3: 14,870; Date: 2009 Q4: 14,450; Number of borrowers with negative equity (estimated): Date: 2006 Q1: 195; Date: 2006 Q2: 336; Date: 2006 Q3: 558; Date: 2006 Q4: 785; Date: 2007 Q1: 1,041; Date: 2007 Q2: 1,390; Date: 2007 Q3: 1,454; Date: 2007 Q4: 1,488; Date: 2008 Q1: 1,481; Date: 2008 Q2: 1,464; Date: 2008 Q3: 1,452; Date: 2008 Q4: 1,433; Date: 2009 Q1: 1,402; Date: 2009 Q2: 1,356; Date: 2009 Q3: 1,302; Date: 2009 Q4: 1,267; Number of borrowers seriously delinquent: Date: 2006 Q1: 700; Date: 2006 Q2: 754; Date: 2006 Q3: 902; Date: 2006 Q4: 1,090; Date: 2007 Q1: 1,184; Date: 2007 Q2: 1,397; Date: 2007 Q3: 1,719; Date: 2007 Q4: 2,073; Date: 2008 Q1: 2,251; Date: 2008 Q2: 2,434; Date: 2008 Q3: 2,622; Date: 2008 Q4: 2,965; Date: 2009 Q1: 3,143; Date: 2009 Q2: 3,360; Date: 2009 Q3: 3,628; Date: 2009 Q4: 3,829; Percentage of borrowers with negative equity (estimated): Date: 2006 Q1: 1.1%; Date: 2006 Q2: 1.8%; Date: 2006 Q3: 2.8%; Date: 2006 Q4: 3.7%; Date: 2007 Q1: 4.7%; Date: 2007 Q2: 6.2%; Date: 2007 Q3: 6.8%; Date: 2007 Q4: 7.3%; Date: 2008 Q1: 7.8%; Date: 2008 Q2: 8.1%; Date: 2008 Q3: 8.4%; Date: 2008 Q4: 8.6%; Date: 2009 Q1: 8.8%; Date: 2009 Q2: 8.8%; Date: 2009 Q3: 8.8%; Date: 2009 Q4: 8.8%; Percentage of borrowers seriously delinquent: Date: 2006 Q1: 3.8%; Date: 2006 Q2: 3.9%; Date: 2006 Q3: 4.5%; Date: 2006 Q4: 5.2%; Date: 2007 Q1: 5.4%; Date: 2007 Q2: 6.2%; Date: 2007 Q3: 8.0%; Date: 2007 Q4: 10.2%; Date: 2008 Q1: 11.8%; Date: 2008 Q2: 13.5%; Date: 2008 Q3: 15.2%; Date: 2008 Q4: 17.9%; Date: 2009 Q1: 19.7%; Date: 2009 Q2: 21.8%; Date: 2009 Q3: 24.4%; Date: 2009 Q4: 26.5%. State: District of Columbia; Date: 2006 Q1: Number of borrowers with active loans: Date: 2006 Q1: 13,556; Date: 2006 Q2: 14,279; Date: 2006 Q3: 15,186; Date: 2006 Q4: 15,975; Date: 2007 Q1: 16,521; Date: 2007 Q2: 16,847; Date: 2007 Q3: 16,044; Date: 2007 Q4: 15,184; Date: 2008 Q1: 14,379; Date: 2008 Q2: 13,616; Date: 2008 Q3: 12,995; Date: 2008 Q4: 12,505; Date: 2009 Q1: 12,018; Date: 2009 Q2: 11,525; Date: 2009 Q3: 11,040; Date: 2009 Q4: 10,698; Number of borrowers with negative equity (estimated): Date: 2006 Q1: 82; Date: 2006 Q2: 130; Date: 2006 Q3: 208; Date: 2006 Q4: 254; Date: 2007 Q1: 321; Date: 2007 Q2: 414; Date: 2007 Q3: 441; Date: 2007 Q4: 450; Date: 2008 Q1: 446; Date: 2008 Q2: 432; Date: 2008 Q3: 417; Date: 2008 Q4: 407; Date: 2009 Q1: 387; Date: 2009 Q2: 360; Date: 2009 Q3: 346; Date: 2009 Q4: 339; Number of borrowers seriously delinquent: Date: 2006 Q1: 199; Date: 2006 Q2: 231; Date: 2006 Q3: 327; Date: 2006 Q4: 503; Date: 2007 Q1: 595; Date: 2007 Q2: 724; Date: 2007 Q3: 943; Date: 2007 Q4: 1,180; Date: 2008 Q1: 1,347; Date: 2008 Q2: 1,459; Date: 2008 Q3: 1,612; Date: 2008 Q4: 1,837; Date: 2009 Q1: 1,987; Date: 2009 Q2: 2,052; Date: 2009 Q3: 2,109; Date: 2009 Q4: 2,211; Percentage of borrowers with negative equity (estimated): Date: 2006 Q1: 0.6%; Date: 2006 Q2: 0.9%; Date: 2006 Q3: 1.4%; Date: 2006 Q4: 1.6%; Date: 2007 Q1: 1.9%; Date: 2007 Q2: 2.5%; Date: 2007 Q3: 2.7%; Date: 2007 Q4: 3.0%; Date: 2008 Q1: 3.1%; Date: 2008 Q2: 3.2%; Date: 2008 Q3: 3.2%; Date: 2008 Q4: 3.3%; Date: 2009 Q1: 3.2%; Date: 2009 Q2: 3.1%; Date: 2009 Q3: 3.1%; Date: 2009 Q4: 3.2%; Percentage of borrowers seriously delinquent: Date: 2006 Q1: 1.5%; Date: 2006 Q2: 1.6%; Date: 2006 Q3: 2.2%; Date: 2006 Q4: 3.1%; Date: 2007 Q1: 3.6%; Date: 2007 Q2: 4.3%; Date: 2007 Q3: 5.9%; Date: 2007 Q4: 7.8%; Date: 2008 Q1: 9.4%; Date: 2008 Q2: 10.7%; Date: 2008 Q3: 12.4%; Date: 2008 Q4: 14.7%; Date: 2009 Q1: 16.5%; Date: 2009 Q2: 17.8%; Date: 2009 Q3: 19.1%; Date: 2009 Q4: 20.7%. State: Florida; Date: 2006 Q1: Number of borrowers with active loans: Date: 2006 Q1: 674,480; Date: 2006 Q2: 718,506; Date: 2006 Q3: 771,416; Date: 2006 Q4: 816,521; Date: 2007 Q1: 858,558; Date: 2007 Q2: 889,755; Date: 2007 Q3: 861,511; Date: 2007 Q4: 828,517; Date: 2008 Q1: 793,343; Date: 2008 Q2: 758,163; Date: 2008 Q3: 726,083; Date: 2008 Q4: 697,365; Date: 2009 Q1: 668,623; Date: 2009 Q2: 641,838; Date: 2009 Q3: 615,464; Date: 2009 Q4: 590,632; Number of borrowers with negative equity (estimated): Date: 2006 Q1: 189,875; Date: 2006 Q2: 253,744; Date: 2006 Q3: 325,472; Date: 2006 Q4: 391,736; Date: 2007 Q1: 455,416; Date: 2007 Q2: 519,200; Date: 2007 Q3: 531,149; Date: 2007 Q4: 533,978; Date: 2008 Q1: 530,627; Date: 2008 Q2: 520,674; Date: 2008 Q3: 507,176; Date: 2008 Q4: 492,655; Date: 2009 Q1: 476,629; Date: 2009 Q2: 460,255; Date: 2009 Q3: 442,367; Date: 2009 Q4: 424,319; Number of borrowers seriously delinquent: Date: 2006 Q1: 16,087; Date: 2006 Q2: 17,116; Date: 2006 Q3: 21,839; Date: 2006 Q4: 31,410; Date: 2007 Q1: 41,534; Date: 2007 Q2: 59,833; Date: 2007 Q3: 89,123; Date: 2007 Q4: 128,129; Date: 2008 Q1: 158,712; Date: 2008 Q2: 183,040; Date: 2008 Q3: 205,769; Date: 2008 Q4: 233,105; Date: 2009 Q1: 250,640; Date: 2009 Q2: 258,295; Date: 2009 Q3: 265,387; Date: 2009 Q4: 269,721; Percentage of borrowers with negative equity (estimated): Date: 2006 Q1: 28.2%; Date: 2006 Q2: 35.3%; Date: 2006 Q3: 42.2%; Date: 2006 Q4: 48.0%; Date: 2007 Q1: 53.0%; Date: 2007 Q2: 58.4%; Date: 2007 Q3: 61.7%; Date: 2007 Q4: 64.5%; Date: 2008 Q1: 66.9%; Date: 2008 Q2: 68.7%; Date: 2008 Q3: 69.9%; Date: 2008 Q4: 70.6%; Date: 2009 Q1: 71.3%; Date: 2009 Q2: 71.7%; Date: 2009 Q3: 71.9%; Date: 2009 Q4: 71.8%; Percentage of borrowers seriously delinquent: Date: 2006 Q1: 2.4%; Date: 2006 Q2: 2.4%; Date: 2006 Q3: 2.8%; Date: 2006 Q4: 3.8%; Date: 2007 Q1: 4.8%; Date: 2007 Q2: 6.7%; Date: 2007 Q3: 10.3%; Date: 2007 Q4: 15.5%; Date: 2008 Q1: 20.0%; Date: 2008 Q2: 24.1%; Date: 2008 Q3: 28.3%; Date: 2008 Q4: 33.4%; Date: 2009 Q1: 37.5%; Date: 2009 Q2: 40.2%; Date: 2009 Q3: 43.1%; Date: 2009 Q4: 45.7%. State: Georgia; Date: 2006 Q1: Number of borrowers with active loans: Date: 2006 Q1: 248,154; Date: 2006 Q2: 260,866; Date: 2006 Q3: 274,104; Date: 2006 Q4: 285,691; Date: 2007 Q1: 293,092; Date: 2007 Q2: 294,337; Date: 2007 Q3: 279,569; Date: 2007 Q4: 262,943; Date: 2008 Q1: 246,510; Date: 2008 Q2: 232,692; Date: 2008 Q3: 221,129; Date: 2008 Q4: 211,277; Date: 2009 Q1: 202,014; Date: 2009 Q2: 193,825; Date: 2009 Q3: 186,390; Date: 2009 Q4: 179,534; Number of borrowers with negative equity (estimated): Date: 2006 Q1: 16,058; Date: 2006 Q2: 20,209; Date: 2006 Q3: 26,534; Date: 2006 Q4: 32,266; Date: 2007 Q1: 38,606; Date: 2007 Q2: 45,092; Date: 2007 Q3: 46,461; Date: 2007 Q4: 46,870; Date: 2008 Q1: 46,407; Date: 2008 Q2: 45,464; Date: 2008 Q3: 44,532; Date: 2008 Q4: 43,675; Date: 2009 Q1: 42,172; Date: 2009 Q2: 40,149; Date: 2009 Q3: 38,736; Date: 2009 Q4: 37,523; Number of borrowers seriously delinquent: Date: 2006 Q1: 12,020; Date: 2006 Q2: 12,853; Date: 2006 Q3: 15,359; Date: 2006 Q4: 18,371; Date: 2007 Q1: 18,941; Date: 2007 Q2: 21,618; Date: 2007 Q3: 25,219; Date: 2007 Q4: 28,492; Date: 2008 Q1: 29,047; Date: 2008 Q2: 29,377; Date: 2008 Q3: 30,350; Date: 2008 Q4: 33,879; Date: 2009 Q1: 35,477; Date: 2009 Q2: 37,377; Date: 2009 Q3: 40,021; Date: 2009 Q4: 42,383; Percentage of borrowers with negative equity (estimated): Date: 2006 Q1: 6.5%; Date: 2006 Q2: 7.7%; Date: 2006 Q3: 9.7%; Date: 2006 Q4: 11.3%; Date: 2007 Q1: 13.2%; Date: 2007 Q2: 15.3%; Date: 2007 Q3: 16.6%; Date: 2007 Q4: 17.8%; Date: 2008 Q1: 18.8%; Date: 2008 Q2: 19.5%; Date: 2008 Q3: 20.1%; Date: 2008 Q4: 20.7%; Date: 2009 Q1: 20.9%; Date: 2009 Q2: 20.7%; Date: 2009 Q3: 20.8%; Date: 2009 Q4: 20.9%; Percentage of borrowers seriously delinquent: Date: 2006 Q1: 4.8%; Date: 2006 Q2: 4.9%; Date: 2006 Q3: 5.6%; Date: 2006 Q4: 6.4%; Date: 2007 Q1: 6.5%; Date: 2007 Q2: 7.3%; Date: 2007 Q3: 9.0%; Date: 2007 Q4: 10.8%; Date: 2008 Q1: 11.8%; Date: 2008 Q2: 12.6%; Date: 2008 Q3: 13.7%; Date: 2008 Q4: 16.0%; Date: 2009 Q1: 17.6%; Date: 2009 Q2: 19.3%; Date: 2009 Q3: 21.5%; Date: 2009 Q4: 23.6%. State: Hawaii; Date: 2006 Q1: Number of borrowers with active loans: Date: 2006 Q1: 33,186; Date: 2006 Q2: 34,436; Date: 2006 Q3: 36,285; Date: 2006 Q4: 37,645; Date: 2007 Q1: 38,849; Date: 2007 Q2: 40,289; Date: 2007 Q3: 38,884; Date: 2007 Q4: 37,201; Date: 2008 Q1: 35,365; Date: 2008 Q2: 33,725; Date: 2008 Q3: 32,501; Date: 2008 Q4: 31,506; Date: 2009 Q1: 30,342; Date: 2009 Q2: 29,187; Date: 2009 Q3: 28,123; Date: 2009 Q4: 27,142; Number of borrowers with negative equity (estimated): Date: 2006 Q1: 49; Date: 2006 Q2: 138; Date: 2006 Q3: 303; Date: 2006 Q4: 473; Date: 2007 Q1: 575; Date: 2007 Q2: 802; Date: 2007 Q3: 849; Date: 2007 Q4: 887; Date: 2008 Q1: 883; Date: 2008 Q2: 865; Date: 2008 Q3: 843; Date: 2008 Q4: 823; Date: 2009 Q1: 799; Date: 2009 Q2: 733; Date: 2009 Q3: 649; Date: 2009 Q4: 596; Number of borrowers seriously delinquent: Date: 2006 Q1: 351; Date: 2006 Q2: 410; Date: 2006 Q3: 553; Date: 2006 Q4: 806; Date: 2007 Q1: 1,048; Date: 2007 Q2: 1,264; Date: 2007 Q3: 1,670; Date: 2007 Q4: 2,213; Date: 2008 Q1: 2,629; Date: 2008 Q2: 2,935; Date: 2008 Q3: 3,570; Date: 2008 Q4: 4,519; Date: 2009 Q1: 5,402; Date: 2009 Q2: 6,064; Date: 2009 Q3: 6,542; Date: 2009 Q4: 6,925; Percentage of borrowers with negative equity (estimated): Date: 2006 Q1: 0.1%; Date: 2006 Q2: 0.4%; Date: 2006 Q3: 0.8%; Date: 2006 Q4: 1.3%; Date: 2007 Q1: 1.5%; Date: 2007 Q2: 2.0%; Date: 2007 Q3: 2.2%; Date: 2007 Q4: 2.4%; Date: 2008 Q1: 2.5%; Date: 2008 Q2: 2.6%; Date: 2008 Q3: 2.6%; Date: 2008 Q4: 2.6%; Date: 2009 Q1: 2.6%; Date: 2009 Q2: 2.5%; Date: 2009 Q3: 2.3%; Date: 2009 Q4: 2.2%; Percentage of borrowers seriously delinquent: Date: 2006 Q1: 1.1%; Date: 2006 Q2: 1.2%; Date: 2006 Q3: 1.5%; Date: 2006 Q4: 2.1%; Date: 2007 Q1: 2.7%; Date: 2007 Q2: 3.1%; Date: 2007 Q3: 4.3%; Date: 2007 Q4: 5.9%; Date: 2008 Q1: 7.4%; Date: 2008 Q2: 8.7%; Date: 2008 Q3: 11.0%; Date: 2008 Q4: 14.3%; Date: 2009 Q1: 17.8%; Date: 2009 Q2: 20.8%; Date: 2009 Q3: 23.3%; Date: 2009 Q4: 25.5%. State: Idaho; Date: 2006 Q1: Number of borrowers with active loans: Date: 2006 Q1: 38,986; Date: 2006 Q2: 41,043; Date: 2006 Q3: 42,956; Date: 2006 Q4: 45,126; Date: 2007 Q1: 46,712; Date: 2007 Q2: 47,158; Date: 2007 Q3: 44,684; Date: 2007 Q4: 42,053; Date: 2008 Q1: 39,346; Date: 2008 Q2: 36,842; Date: 2008 Q3: 34,890; Date: 2008 Q4: 33,293; Date: 2009 Q1: 31,508; Date: 2009 Q2: 29,778; Date: 2009 Q3: 28,224; Date: 2009 Q4: 26,767; Number of borrowers with negative equity (estimated): Date: 2006 Q1: 1,287; Date: 2006 Q2: 3,008; Date: 2006 Q3: 5,007; Date: 2006 Q4: 7,068; Date: 2007 Q1: 9,194; Date: 2007 Q2: 11,566; Date: 2007 Q3: 12,057; Date: 2007 Q4: 12,220; Date: 2008 Q1: 12,194; Date: 2008 Q2: 12,081; Date: 2008 Q3: 11,894; Date: 2008 Q4: 11,726; Date: 2009 Q1: 11,426; Date: 2009 Q2: 10,854; Date: 2009 Q3: 10,285; Date: 2009 Q4: 9,743; Number of borrowers seriously delinquent: Date: 2006 Q1: 761; Date: 2006 Q2: 761; Date: 2006 Q3: 854; Date: 2006 Q4: 1,072; Date: 2007 Q1: 1,216; Date: 2007 Q2: 1,430; Date: 2007 Q3: 1,893; Date: 2007 Q4: 2,488; Date: 2008 Q1: 2,928; Date: 2008 Q2: 3,134; Date: 2008 Q3: 3,577; Date: 2008 Q4: 4,389; Date: 2009 Q1: 4,961; Date: 2009 Q2: 5,397; Date: 2009 Q3: 5,638; Date: 2009 Q4: 5,619; Percentage of borrowers with negative equity (estimated): Date: 2006 Q1: 3.3%; Date: 2006 Q2: 7.3%; Date: 2006 Q3: 11.7%; Date: 2006 Q4: 15.7%; Date: 2007 Q1: 19.7%; Date: 2007 Q2: 24.5%; Date: 2007 Q3: 27.0%; Date: 2007 Q4: 29.1%; Date: 2008 Q1: 31.0%; Date: 2008 Q2: 32.8%; Date: 2008 Q3: 34.1%; Date: 2008 Q4: 35.2%; Date: 2009 Q1: 36.3%; Date: 2009 Q2: 36.5%; Date: 2009 Q3: 36.4%; Date: 2009 Q4: 36.4%; Percentage of borrowers seriously delinquent: Date: 2006 Q1: 2.0%; Date: 2006 Q2: 1.9%; Date: 2006 Q3: 2.0%; Date: 2006 Q4: 2.4%; Date: 2007 Q1: 2.6%; Date: 2007 Q2: 3.0%; Date: 2007 Q3: 4.2%; Date: 2007 Q4: 5.9%; Date: 2008 Q1: 7.4%; Date: 2008 Q2: 8.5%; Date: 2008 Q3: 10.3%; Date: 2008 Q4: 13.2%; Date: 2009 Q1: 15.7%; Date: 2009 Q2: 18.1%; Date: 2009 Q3: 20.0%; Date: 2009 Q4: 21.0%. State: Illinois; Date: 2006 Q1: Number of borrowers with active loans: Date: 2006 Q1: 265,717; Date: 2006 Q2: 275,236; Date: 2006 Q3: 285,198; Date: 2006 Q4: 291,620; Date: 2007 Q1: 296,968; Date: 2007 Q2: 297,740; Date: 2007 Q3: 280,788; Date: 2007 Q4: 261,732; Date: 2008 Q1: 244,188; Date: 2008 Q2: 228,493; Date: 2008 Q3: 216,023; Date: 2008 Q4: 206,161; Date: 2009 Q1: 197,355; Date: 2009 Q2: 188,519; Date: 2009 Q3: 181,216; Date: 2009 Q4: 174,749; Number of borrowers with negative equity (estimated): Date: 2006 Q1: 20,386; Date: 2006 Q2: 28,174; Date: 2006 Q3: 38,808; Date: 2006 Q4: 49,727; Date: 2007 Q1: 61,007; Date: 2007 Q2: 72,645; Date: 2007 Q3: 74,864; Date: 2007 Q4: 75,334; Date: 2008 Q1: 74,856; Date: 2008 Q2: 73,495; Date: 2008 Q3: 72,273; Date: 2008 Q4: 71,237; Date: 2009 Q1: 69,725; Date: 2009 Q2: 66,854; Date: 2009 Q3: 65,108; Date: 2009 Q4: 63,587; Number of borrowers seriously delinquent: Date: 2006 Q1: 14,768; Date: 2006 Q2: 16,108; Date: 2006 Q3: 19,120; Date: 2006 Q4: 23,029; Date: 2007 Q1: 24,196; Date: 2007 Q2: 27,194; Date: 2007 Q3: 32,957; Date: 2007 Q4: 38,222; Date: 2008 Q1: 40,305; Date: 2008 Q2: 41,408; Date: 2008 Q3: 43,292; Date: 2008 Q4: 47,414; Date: 2009 Q1: 50,173; Date: 2009 Q2: 52,246; Date: 2009 Q3: 55,919; Date: 2009 Q4: 58,667; Percentage of borrowers with negative equity (estimated): Date: 2006 Q1: 7.7%; Date: 2006 Q2: 10.2%; Date: 2006 Q3: 13.6%; Date: 2006 Q4: 17.1%; Date: 2007 Q1: 20.5%; Date: 2007 Q2: 24.4%; Date: 2007 Q3: 26.7%; Date: 2007 Q4: 28.8%; Date: 2008 Q1: 30.7%; Date: 2008 Q2: 32.2%; Date: 2008 Q3: 33.5%; Date: 2008 Q4: 34.6%; Date: 2009 Q1: 35.3%; Date: 2009 Q2: 35.5%; Date: 2009 Q3: 35.9%; Date: 2009 Q4: 36.4%; Percentage of borrowers seriously delinquent: Date: 2006 Q1: 5.6%; Date: 2006 Q2: 5.9%; Date: 2006 Q3: 6.7%; Date: 2006 Q4: 7.9%; Date: 2007 Q1: 8.1%; Date: 2007 Q2: 9.1%; Date: 2007 Q3: 11.7%; Date: 2007 Q4: 14.6%; Date: 2008 Q1: 16.5%; Date: 2008 Q2: 18.1%; Date: 2008 Q3: 20.0%; Date: 2008 Q4: 23.0%; Date: 2009 Q1: 25.4%; Date: 2009 Q2: 27.7%; Date: 2009 Q3: 30.9%; Date: 2009 Q4: 33.6%. State: Indiana; Date: 2006 Q1: Number of borrowers with active loans: Date: 2006 Q1: 124,601; Date: 2006 Q2: 128,730; Date: 2006 Q3: 132,245; Date: 2006 Q4: 134,667; Date: 2007 Q1: 137,193; Date: 2007 Q2: 136,111; Date: 2007 Q3: 129,015; Date: 2007 Q4: 121,978; Date: 2008 Q1: 114,902; Date: 2008 Q2: 107,865; Date: 2008 Q3: 101,874; Date: 2008 Q4: 96,751; Date: 2009 Q1: 92,424; Date: 2009 Q2: 88,286; Date: 2009 Q3: 84,593; Date: 2009 Q4: 81,466; Number of borrowers with negative equity (estimated): Date: 2006 Q1: 10,737; Date: 2006 Q2: 13,366; Date: 2006 Q3: 16,522; Date: 2006 Q4: 19,325; Date: 2007 Q1: 22,326; Date: 2007 Q2: 25,200; Date: 2007 Q3: 25,701; Date: 2007 Q4: 25,854; Date: 2008 Q1: 25,732; Date: 2008 Q2: 24,819; Date: 2008 Q3: 23,912; Date: 2008 Q4: 23,024; Date: 2009 Q1: 21,926; Date: 2009 Q2: 20,686; Date: 2009 Q3: 19,879; Date: 2009 Q4: 19,222; Number of borrowers seriously delinquent: Date: 2006 Q1: 11,555; Date: 2006 Q2: 12,047; Date: 2006 Q3: 12,915; Date: 2006 Q4: 14,262; Date: 2007 Q1: 14,328; Date: 2007 Q2: 15,237; Date: 2007 Q3: 16,972; Date: 2007 Q4: 18,900; Date: 2008 Q1: 18,547; Date: 2008 Q2: 17,993; Date: 2008 Q3: 18,015; Date: 2008 Q4: 18,407; Date: 2009 Q1: 18,277; Date: 2009 Q2: 18,715; Date: 2009 Q3: 19,091; Date: 2009 Q4: 19,290; Percentage of borrowers with negative equity (estimated): Date: 2006 Q1: 8.6%; Date: 2006 Q2: 10.4%; Date: 2006 Q3: 12.5%; Date: 2006 Q4: 14.4%; Date: 2007 Q1: 16.3%; Date: 2007 Q2: 18.5%; Date: 2007 Q3: 19.9%; Date: 2007 Q4: 21.2%; Date: 2008 Q1: 22.4%; Date: 2008 Q2: 23.0%; Date: 2008 Q3: 23.5%; Date: 2008 Q4: 23.8%; Date: 2009 Q1: 23.7%; Date: 2009 Q2: 23.4%; Date: 2009 Q3: 23.5%; Date: 2009 Q4: 23.6%; Percentage of borrowers seriously delinquent: Date: 2006 Q1: 9.3%; Date: 2006 Q2: 9.4%; Date: 2006 Q3: 9.8%; Date: 2006 Q4: 10.6%; Date: 2007 Q1: 10.4%; Date: 2007 Q2: 11.2%; Date: 2007 Q3: 13.2%; Date: 2007 Q4: 15.5%; Date: 2008 Q1: 16.1%; Date: 2008 Q2: 16.7%; Date: 2008 Q3: 17.7%; Date: 2008 Q4: 19.0%; Date: 2009 Q1: 19.8%; Date: 2009 Q2: 21.2%; Date: 2009 Q3: 22.6%; Date: 2009 Q4: 23.7%. State: Iowa; Date: 2006 Q1: Number of borrowers with active loans: Date: 2006 Q1: 34,071; Date: 2006 Q2: 34,642; Date: 2006 Q3: 35,255; Date: 2006 Q4: 35,755; Date: 2007 Q1: 36,281; Date: 2007 Q2: 35,976; Date: 2007 Q3: 33,612; Date: 2007 Q4: 31,307; Date: 2008 Q1: 29,358; Date: 2008 Q2: 27,554; Date: 2008 Q3: 26,033; Date: 2008 Q4: 24,794; Date: 2009 Q1: 23,622; Date: 2009 Q2: 22,635; Date: 2009 Q3: 21,713; Date: 2009 Q4: 20,891; Number of borrowers with negative equity (estimated): Date: 2006 Q1: 171; Date: 2006 Q2: 241; Date: 2006 Q3: 362; Date: 2006 Q4: 485; Date: 2007 Q1: 561; Date: 2007 Q2: 608; Date: 2007 Q3: 628; Date: 2007 Q4: 628; Date: 2008 Q1: 625; Date: 2008 Q2: 561; Date: 2008 Q3: 561; Date: 2008 Q4: 554; Date: 2009 Q1: 514; Date: 2009 Q2: 471; Date: 2009 Q3: 453; Date: 2009 Q4: 447; Number of borrowers seriously delinquent: Date: 2006 Q1: 2,397; Date: 2006 Q2: 2,508; Date: 2006 Q3: 2,815; Date: 2006 Q4: 3,098; Date: 2007 Q1: 2,975; Date: 2007 Q2: 3,199; Date: 2007 Q3: 3,662; Date: 2007 Q4: 3,956; Date: 2008 Q1: 3,940; Date: 2008 Q2: 3,826; Date: 2008 Q3: 3,842; Date: 2008 Q4: 3,906; Date: 2009 Q1: 3,781; Date: 2009 Q2: 3,811; Date: 2009 Q3: 3,964; Date: 2009 Q4: 4,142; Percentage of borrowers with negative equity (estimated): Date: 2006 Q1: 0.5%; Date: 2006 Q2: 0.7%; Date: 2006 Q3: 1.0%; Date: 2006 Q4: 1.4%; Date: 2007 Q1: 1.5%; Date: 2007 Q2: 1.7%; Date: 2007 Q3: 1.9%; Date: 2007 Q4: 2.0%; Date: 2008 Q1: 2.1%; Date: 2008 Q2: 2.0%; Date: 2008 Q3: 2.2%; Date: 2008 Q4: 2.2%; Date: 2009 Q1: 2.2%; Date: 2009 Q2: 2.1%; Date: 2009 Q3: 2.1%; Date: 2009 Q4: 2.1%; Percentage of borrowers seriously delinquent: Date: 2006 Q1: 7.0%; Date: 2006 Q2: 7.2%; Date: 2006 Q3: 8.0%; Date: 2006 Q4: 8.7%; Date: 2007 Q1: 8.2%; Date: 2007 Q2: 8.9%; Date: 2007 Q3: 10.9%; Date: 2007 Q4: 12.6%; Date: 2008 Q1: 13.4%; Date: 2008 Q2: 13.9%; Date: 2008 Q3: 14.8%; Date: 2008 Q4: 15.8%; Date: 2009 Q1: 16.0%; Date: 2009 Q2: 16.8%; Date: 2009 Q3: 18.3%; Date: 2009 Q4: 19.8%. State: Kansas; Date: 2006 Q1: Number of borrowers with active loans: Date: 2006 Q1: 38,605; Date: 2006 Q2: 39,556; Date: 2006 Q3: 40,282; Date: 2006 Q4: 40,931; Date: 2007 Q1: 41,075; Date: 2007 Q2: 40,568; Date: 2007 Q3: 38,244; Date: 2007 Q4: 35,959; Date: 2008 Q1: 33,776; Date: 2008 Q2: 31,699; Date: 2008 Q3: 30,057; Date: 2008 Q4: 28,713; Date: 2009 Q1: 27,504; Date: 2009 Q2: 26,253; Date: 2009 Q3: 25,170; Date: 2009 Q4: 24,196; Number of borrowers with negative equity (estimated): Date: 2006 Q1: 856; Date: 2006 Q2: 1,208; Date: 2006 Q3: 1,665; Date: 2006 Q4: 2,082; Date: 2007 Q1: 2,525; Date: 2007 Q2: 3,008; Date: 2007 Q3: 3,123; Date: 2007 Q4: 3,140; Date: 2008 Q1: 3,137; Date: 2008 Q2: 3,065; Date: 2008 Q3: 2,995; Date: 2008 Q4: 2,928; Date: 2009 Q1: 2,801; Date: 2009 Q2: 2,710; Date: 2009 Q3: 2,597; Date: 2009 Q4: 2,487; Number of borrowers seriously delinquent: Date: 2006 Q1: 2,044; Date: 2006 Q2: 2,147; Date: 2006 Q3: 2,243; Date: 2006 Q4: 2,582; Date: 2007 Q1: 2,486; Date: 2007 Q2: 2,647; Date: 2007 Q3: 2,913; Date: 2007 Q4: 3,237; Date: 2008 Q1: 3,151; Date: 2008 Q2: 3,128; Date: 2008 Q3: 3,101; Date: 2008 Q4: 3,369; Date: 2009 Q1: 3,353; Date: 2009 Q2: 3,458; Date: 2009 Q3: 3,718; Date: 2009 Q4: 3,799; Percentage of borrowers with negative equity (estimated): Date: 2006 Q1: 2.2%; Date: 2006 Q2: 3.1%; Date: 2006 Q3: 4.1%; Date: 2006 Q4: 5.1%; Date: 2007 Q1: 6.1%; Date: 2007 Q2: 7.4%; Date: 2007 Q3: 8.2%; Date: 2007 Q4: 8.7%; Date: 2008 Q1: 9.3%; Date: 2008 Q2: 9.7%; Date: 2008 Q3: 10.0%; Date: 2008 Q4: 10.2%; Date: 2009 Q1: 10.2; Date: 2009 Q2: 10.3%; Date: 2009 Q3: 10.3%; Date: 2009 Q4: 10.3%; Percentage of borrowers seriously delinquent: Date: 2006 Q1: 5.3%; Date: 2006 Q2: 5.4%; Date: 2006 Q3: 5.6%; Date: 2006 Q4: 6.3%; Date: 2007 Q1: 6.1%; Date: 2007 Q2: 6.5%; Date: 2007 Q3: 7.6%; Date: 2007 Q4: 9.0%; Date: 2008 Q1: 9.3%; Date: 2008 Q2: 9.9%; Date: 2008 Q3: 10.3%; Date: 2008 Q4: 11.7%; Date: 2009 Q1: 12.2%; Date: 2009 Q2: 13.2%; Date: 2009 Q3: 14.8%; Date: 2009 Q4: 15.7%. State: Kentucky; Date: 2006 Q1: Number of borrowers with active loans: Date: 2006 Q1: 53,606; Date: 2006 Q2: 55,849; Date: 2006 Q3: 57,950; Date: 2006 Q4: 59,592; Date: 2007 Q1: 61,170; Date: 2007 Q2: 60,536; Date: 2007 Q3: 57,255; Date: 2007 Q4: 53,947; Date: 2008 Q1: 50,654; Date: 2008 Q2: 47,463; Date: 2008 Q3: 44,765; Date: 2008 Q4: 42,427; Date: 2009 Q1: 40,524; Date: 2009 Q2: 38,723; Date: 2009 Q3: 37,133; Date: 2009 Q4: 35,684; Number of borrowers with negative equity (estimated): Date: 2006 Q1: 610; Date: 2006 Q2: 954; Date: 2006 Q3: 1,428; Date: 2006 Q4: 1,836; Date: 2007 Q1: 2,215; Date: 2007 Q2: 2,514; Date: 2007 Q3: 2,562; Date: 2007 Q4: 2,571; Date: 2008 Q1: 2,525; Date: 2008 Q2: 2,390; Date: 2008 Q3: 2,303; Date: 2008 Q4: 2,192; Date: 2009 Q1: 2,056; Date: 2009 Q2: 1,900; Date: 2009 Q3: 1,796; Date: 2009 Q4: 1,738; Number of borrowers seriously delinquent: Date: 2006 Q1: 3,890; Date: 2006 Q2: 4,109; Date: 2006 Q3: 4,598; Date: 2006 Q4: 5,173; Date: 2007 Q1: 5,194; Date: 2007 Q2: 5,740; Date: 2007 Q3: 6,434; Date: 2007 Q4: 6,970; Date: 2008 Q1: 6,878; Date: 2008 Q2: 6,776; Date: 2008 Q3: 6,693; Date: 2008 Q4: 6,803; Date: 2009 Q1: 6,574; Date: 2009 Q2: 6,733; Date: 2009 Q3: 7,142; Date: 2009 Q4: 7,285; Percentage of borrowers with negative equity (estimated): Date: 2006 Q1: 1.1%; Date: 2006 Q2: 1.7%; Date: 2006 Q3: 2.5%; Date: 2006 Q4: 3.1%; Date: 2007 Q1: 3.6%; Date: 2007 Q2: 4.2%; Date: 2007 Q3: 4.5%; Date: 2007 Q4: 4.8%; Date: 2008 Q1: 5.0%; Date: 2008 Q2: 5.0%; Date: 2008 Q3: 5.1%; Date: 2008 Q4: 5.2%; Date: 2009 Q1: 5.1%; Date: 2009 Q2: 4.9%; Date: 2009 Q3: 4.8%; Date: 2009 Q4: 4.9%; Percentage of borrowers seriously delinquent: Date: 2006 Q1: 7.3%; Date: 2006 Q2: 7.4%; Date: 2006 Q3: 7.9%; Date: 2006 Q4: 8.7%; Date: 2007 Q1: 8.5%; Date: 2007 Q2: 9.5%; Date: 2007 Q3: 11.2%; Date: 2007 Q4: 12.9%; Date: 2008 Q1: 13.6%; Date: 2008 Q2: 14.3%; Date: 2008 Q3: 15.0%; Date: 2008 Q4: 16.0%; Date: 2009 Q1: 16.2%; Date: 2009 Q2: 17.4%; Date: 2009 Q3: 19.2%; Date: 2009 Q4: 20.4%. State: Louisiana; Date: 2006 Q1: Number of borrowers with active loans: Date: 2006 Q1: 57,946; Date: 2006 Q2: 59,327; Date: 2006 Q3: 61,079; Date: 2006 Q4: 62,442; Date: 2007 Q1: 63,736; Date: 2007 Q2: 64,273; Date: 2007 Q3: 61,310; Date: 2007 Q4: 58,506; Date: 2008 Q1: 55,432; Date: 2008 Q2: 52,642; Date: 2008 Q3: 50,445; Date: 2008 Q4: 48,685; Date: 2009 Q1: 47,005; Date: 2009 Q2: 45,491; Date: 2009 Q3: 44,060; Date: 2009 Q4: 42,832; Number of borrowers with negative equity (estimated): Date: 2006 Q1: 174; Date: 2006 Q2: 359; Date: 2006 Q3: 650; Date: 2006 Q4: 1,032; Date: 2007 Q1: 1,349; Date: 2007 Q2: 1,640; Date: 2007 Q3: 1,692; Date: 2007 Q4: 1,706; Date: 2008 Q1: 1,696; Date: 2008 Q2: 1,621; Date: 2008 Q3: 1,601; Date: 2008 Q4: 1,598; Date: 2009 Q1: 1,508; Date: 2009 Q2: 1,431; Date: 2009 Q3: 1,422; Date: 2009 Q4: 1,392; Number of borrowers seriously delinquent: Date: 2006 Q1: 10,691; Date: 2006 Q2: 8,661; Date: 2006 Q3: 7,922; Date: 2006 Q4: 7,702; Date: 2007 Q1: 6,981; Date: 2007 Q2: 6,793; Date: 2007 Q3: 7,027; Date: 2007 Q4: 7,597; Date: 2008 Q1: 7,398; Date: 2008 Q2: 7,492; Date: 2008 Q3: 7,952; Date: 2008 Q4: 8,563; Date: 2009 Q1: 8,354; Date: 2009 Q2: 8,647; Date: 2009 Q3: 9,400; Date: 2009 Q4: 10,165; Percentage of borrowers with negative equity (estimated): Date: 2006 Q1: 0.3%; Date: 2006 Q2: 0.6%; Date: 2006 Q3: 1.1%; Date: 2006 Q4: 1.7%; Date: 2007 Q1: 2.1%; Date: 2007 Q2: 2.6%; Date: 2007 Q3: 2.8%; Date: 2007 Q4: 2.9%; Date: 2008 Q1: 3.1%; Date: 2008 Q2: 3.1%; Date: 2008 Q3: 3.2%; Date: 2008 Q4: 3.3%; Date: 2009 Q1: 3.2%; Date: 2009 Q2: 3.1%; Date: 2009 Q3: 3.2%; Date: 2009 Q4: 3.3%; Percentage of borrowers seriously delinquent: Date: 2006 Q1: 18.4%; Date: 2006 Q2: 14.6%; Date: 2006 Q3: 13.0%; Date: 2006 Q4: 12.3%; Date: 2007 Q1: 11.0%; Date: 2007 Q2: 10.6%; Date: 2007 Q3: 11.5%; Date: 2007 Q4: 13.0%; Date: 2008 Q1: 13.3%; Date: 2008 Q2: 14.2%; Date: 2008 Q3: 15.8%; Date: 2008 Q4: 17.6%; Date: 2009 Q1: 17.8%; Date: 2009 Q2: 19.0%; Date: 2009 Q3: 21.3%; Date: 2009 Q4: 23.7%. State: Maine; Date: 2006 Q1: Number of borrowers with active loans: Date: 2006 Q1: 19,950; Date: 2006 Q2: 20,652; Date: 2006 Q3: 21,264; Date: 2006 Q4: 21,821; Date: 2007 Q1: 22,549; Date: 2007 Q2: 23,163; Date: 2007 Q3: 21,994; Date: 2007 Q4: 20,854; Date: 2008 Q1: 19,679; Date: 2008 Q2: 18,600; Date: 2008 Q3: 17,780; Date: 2008 Q4: 17,091; Date: 2009 Q1: 16,436; Date: 2009 Q2: 15,772; Date: 2009 Q3: 15,213; Date: 2009 Q4: 14,664; Number of borrowers with negative equity (estimated): Date: 2006 Q1: 93; Date: 2006 Q2: 144; Date: 2006 Q3: 229; Date: 2006 Q4: 350; Date: 2007 Q1: 420; Date: 2007 Q2: 573; Date: 2007 Q3: 611; Date: 2007 Q4: 620; Date: 2008 Q1: 617; Date: 2008 Q2: 588; Date: 2008 Q3: 569; Date: 2008 Q4: 546; Date: 2009 Q1: 519; Date: 2009 Q2: 486; Date: 2009 Q3: 472; Date: 2009 Q4: 462; Number of borrowers seriously delinquent: Date: 2006 Q1: 953; Date: 2006 Q2: 1,122; Date: 2006 Q3: 1,387; Date: 2006 Q4: 1,653; Date: 2007 Q1: 1,834; Date: 2007 Q2: 2,167; Date: 2007 Q3: 2,484; Date: 2007 Q4: 2,858; Date: 2008 Q1: 3,166; Date: 2008 Q2: 3,221; Date: 2008 Q3: 3,314; Date: 2008 Q4: 3,522; Date: 2009 Q1: 3,603; Date: 2009 Q2: 3,660; Date: 2009 Q3: 3,797; Date: 2009 Q4: 3,947; Percentage of borrowers with negative equity (estimated): Date: 2006 Q1: 0.5%; Date: 2006 Q2: 0.7%; Date: 2006 Q3: 1.1%; Date: 2006 Q4: 1.6%; Date: 2007 Q1: 1.9%; Date: 2007 Q2: 2.5%; Date: 2007 Q3: 2.8%; Date: 2007 Q4: 3.0%; Date: 2008 Q1: 3.1%; Date: 2008 Q2: 3.2%; Date: 2008 Q3: 3.2%; Date: 2008 Q4: 3.2%; Date: 2009 Q1: 3.2%; Date: 2009 Q2: 3.1%; Date: 2009 Q3: 3.1%; Date: 2009 Q4: 3.2%; Percentage of borrowers seriously delinquent: Date: 2006 Q1: 4.8%; Date: 2006 Q2: 5.4%; Date: 2006 Q3: 6.5%; Date: 2006 Q4: 7.6%; Date: 2007 Q1: 8.1%; Date: 2007 Q2: 9.4%; Date: 2007 Q3: 11.3%; Date: 2007 Q4: 13.7%; Date: 2008 Q1: 16.1%; Date: 2008 Q2: 17.3%; Date: 2008 Q3: 18.6%; Date: 2008 Q4: 20.6%; Date: 2009 Q1: 21.9%; Date: 2009 Q2: 23.2%; Date: 2009 Q3: 25.0%; Date: 2009 Q4: 26.9%. State: Maryland; Date: 2006 Q1: Number of borrowers with active loans: Date: 2006 Q1: 166,555; Date: 2006 Q2: 174,591; Date: 2006 Q3: 185,017; Date: 2006 Q4: 192,580; Date: 2007 Q1: 201,872; Date: 2007 Q2: 206,749; Date: 2007 Q3: 195,745; Date: 2007 Q4: 183,743; Date: 2008 Q1: 171,413; Date: 2008 Q2: 161,994; Date: 2008 Q3: 155,307; Date: 2008 Q4: 149,385; Date: 2009 Q1: 142,977; Date: 2009 Q2: 136,653; Date: 2009 Q3: 131,508; Date: 2009 Q4: 126,717; Number of borrowers with negative equity (estimated): Date: 2006 Q1: 7,912; Date: 2006 Q2: 15,377; Date: 2006 Q3: 25,143; Date: 2006 Q4: 35,041; Date: 2007 Q1: 45,486; Date: 2007 Q2: 56,024; Date: 2007 Q3: 57,965; Date: 2007 Q4: 58,586; Date: 2008 Q1: 58,343; Date: 2008 Q2: 57,925; Date: 2008 Q3: 57,391; Date: 2008 Q4: 56,811; Date: 2009 Q1: 56,052; Date: 2009 Q2: 53,955; Date: 2009 Q3: 52,168; Date: 2009 Q4: 50,372; Number of borrowers seriously delinquent: Date: 2006 Q1: 2,858; Date: 2006 Q2: 3,379; Date: 2006 Q3: 4,622; Date: 2006 Q4: 6,289; Date: 2007 Q1: 7,285; Date: 2007 Q2: 9,711; Date: 2007 Q3: 13,381; Date: 2007 Q4: 17,569; Date: 2008 Q1: 19,943; Date: 2008 Q2: 22,573; Date: 2008 Q3: 26,379; Date: 2008 Q4: 30,400; Date: 2009 Q1: 32,376; Date: 2009 Q2: 33,242; Date: 2009 Q3: 35,142; Date: 2009 Q4: 36,273; Percentage of borrowers with negative equity (estimated): Date: 2006 Q1: 4.8%; Date: 2006 Q2: 8.8%; Date: 2006 Q3: 13.6%; Date: 2006 Q4: 18.2%; Date: 2007 Q1: 22.5%; Date: 2007 Q2: 27.1%; Date: 2007 Q3: 29.6%; Date: 2007 Q4: 31.9%; Date: 2008 Q1: 34.0%; Date: 2008 Q2: 35.8%; Date: 2008 Q3: 37.0%; Date: 2008 Q4: 38.0%; Date: 2009 Q1: 39.2%; Date: 2009 Q2: 39.5%; Date: 2009 Q3: 39.7%; Date: 2009 Q4: 39.8%; Percentage of borrowers seriously delinquent: Date: 2006 Q1: 1.7%; Date: 2006 Q2: 1.9%; Date: 2006 Q3: 2.5%; Date: 2006 Q4: 3.3%; Date: 2007 Q1: 3.6%; Date: 2007 Q2: 4.7%; Date: 2007 Q3: 6.8%; Date: 2007 Q4: 9.6%; Date: 2008 Q1: 11.6%; Date: 2008 Q2: 13.9%; Date: 2008 Q3: 17.0%; Date: 2008 Q4: 20.4%; Date: 2009 Q1: 22.6%; Date: 2009 Q2: 24.3%; Date: 2009 Q3: 26.7%; Date: 2009 Q4: 28.6%. State: Massachusetts; Date: 2006 Q1: Number of borrowers with active loans: Date: 2006 Q1: 122,395; Date: 2006 Q2: 125,077; Date: 2006 Q3: 128,304; Date: 2006 Q4: 131,021; Date: 2007 Q1: 134,003; Date: 2007 Q2: 135,646; Date: 2007 Q3: 129,094; Date: 2007 Q4: 121,824; Date: 2008 Q1: 114,471; Date: 2008 Q2: 108,067; Date: 2008 Q3: 103,170; Date: 2008 Q4: 99,268; Date: 2009 Q1: 95,736; Date: 2009 Q2: 92,244; Date: 2009 Q3: 89,035; Date: 2009 Q4: 85,826; Number of borrowers with negative equity (estimated): Date: 2006 Q1: 12,072; Date: 2006 Q2: 14,463; Date: 2006 Q3: 17,116; Date: 2006 Q4: 19,452; Date: 2007 Q1: 21,367; Date: 2007 Q2: 23,455; Date: 2007 Q3: 23,679; Date: 2007 Q4: 23,572; Date: 2008 Q1: 23,064; Date: 2008 Q2: 22,295; Date: 2008 Q3: 21,710; Date: 2008 Q4: 21,202; Date: 2009 Q1: 20,560; Date: 2009 Q2: 19,265; Date: 2009 Q3: 18,721; Date: 2009 Q4: 18,182; Number of borrowers seriously delinquent: Date: 2006 Q1: 4,941; Date: 2006 Q2: 5,658; Date: 2006 Q3: 7,162; Date: 2006 Q4: 9,053; Date: 2007 Q1: 9,888; Date: 2007 Q2: 11,237; Date: 2007 Q3: 13,849; Date: 2007 Q4: 16,680; Date: 2008 Q1: 18,220; Date: 2008 Q2: 19,156; Date: 2008 Q3: 19,972; Date: 2008 Q4: 21,575; Date: 2009 Q1: 22,880; Date: 2009 Q2: 23,996; Date: 2009 Q3: 25,568; Date: 2009 Q4: 26,542; Percentage of borrowers with negative equity (estimated): Date: 2006 Q1: 9.9%; Date: 2006 Q2: 11.6%; Date: 2006 Q3: 13.3%; Date: 2006 Q4: 14.8%; Date: 2007 Q1: 15.9%; Date: 2007 Q2: 17.3%; Date: 2007 Q3: 18.3%; Date: 2007 Q4: 19.3%; Date: 2008 Q1: 20.1%; Date: 2008 Q2: 20.6%; Date: 2008 Q3: 21.0%; Date: 2008 Q4: 21.4%; Date: 2009 Q1: 21.5%; Date: 2009 Q2: 20.9%; Date: 2009 Q3: 21.0%; Date: 2009 Q4: 21.2%; Percentage of borrowers seriously delinquent: Date: 2006 Q1: 4.0%; Date: 2006 Q2: 4.5%; Date: 2006 Q3: 5.6%; Date: 2006 Q4: 6.9%; Date: 2007 Q1: 7.4%; Date: 2007 Q2: 8.3%; Date: 2007 Q3: 10.7%; Date: 2007 Q4: 13.7%; Date: 2008 Q1: 15.9%; Date: 2008 Q2: 17.7%; Date: 2008 Q3: 19.4%; Date: 2008 Q4: 21.7%; Date: 2009 Q1: 23.9%; Date: 2009 Q2: 26.0%; Date: 2009 Q3: 28.7%; Date: 2009 Q4: 30.9%. State: Michigan; Date: 2006 Q1: Number of borrowers with active loans: Date: 2006 Q1: 232,899; Date: 2006 Q2: 239,929; Date: 2006 Q3: 247,109; Date: 2006 Q4: 251,685; Date: 2007 Q1: 253,611; Date: 2007 Q2: 251,169; Date: 2007 Q3: 236,715; Date: 2007 Q4: 221,865; Date: 2008 Q1: 206,931; Date: 2008 Q2: 193,870; Date: 2008 Q3: 182,737; Date: 2008 Q4: 173,418; Date: 2009 Q1: 165,720; Date: 2009 Q2: 157,965; Date: 2009 Q3: 151,101; Date: 2009 Q4: 144,262; Number of borrowers with negative equity (estimated): Date: 2006 Q1: 109,511; Date: 2006 Q2: 122,205; Date: 2006 Q3: 135,628; Date: 2006 Q4: 147,213; Date: 2007 Q1: 157,779; Date: 2007 Q2: 164,983; Date: 2007 Q3: 162,939; Date: 2007 Q4: 159,259; Date: 2008 Q1: 153,321; Date: 2008 Q2: 145,035; Date: 2008 Q3: 137,548; Date: 2008 Q4: 131,191; Date: 2009 Q1: 125,721; Date: 2009 Q2: 119,942; Date: 2009 Q3: 114,887; Date: 2009 Q4: 109,720; Number of borrowers seriously delinquent: Date: 2006 Q1: 17,627; Date: 2006 Q2: 19,195; Date: 2006 Q3: 21,975; Date: 2006 Q4: 24,983; Date: 2007 Q1: 24,211; Date: 2007 Q2: 26,345; Date: 2007 Q3: 29,829; Date: 2007 Q4: 32,567; Date: 2008 Q1: 31,174; Date: 2008 Q2: 29,473; Date: 2008 Q3: 29,025; Date: 2008 Q4: 30,309; Date: 2009 Q1: 31,421; Date: 2009 Q2: 32,541; Date: 2009 Q3: 34,940; Date: 2009 Q4: 35,607; Percentage of borrowers with negative equity (estimated): Date: 2006 Q1: 47.0%; Date: 2006 Q2: 50.9%; Date: 2006 Q3: 54.9%; Date: 2006 Q4: 58.5%; Date: 2007 Q1: 62.2%; Date: 2007 Q2: 65.7%; Date: 2007 Q3: 68.8%; Date: 2007 Q4: 71.8%; Date: 2008 Q1: 74.1%; Date: 2008 Q2: 74.8%; Date: 2008 Q3: 75.3%; Date: 2008 Q4: 75.7%; Date: 2009 Q1: 75.9%; Date: 2009 Q2: 75.9%; Date: 2009 Q3: 76.0%; Date: 2009 Q4: 76.1%; Percentage of borrowers seriously delinquent: Date: 2006 Q1: 7.6%; Date: 2006 Q2: 8.0%; Date: 2006 Q3: 8.9%; Date: 2006 Q4: 9.9%; Date: 2007 Q1: 9.5%; Date: 2007 Q2: 10.5%; Date: 2007 Q3: 12.6%; Date: 2007 Q4: 14.7%; Date: 2008 Q1: 15.1%; Date: 2008 Q2: 15.2%; Date: 2008 Q3: 15.9%; Date: 2008 Q4: 17.5%; Date: 2009 Q1: 19.0%; Date: 2009 Q2: 20.6%; Date: 2009 Q3: 23.1%; Date: 2009 Q4: 24.7%. State: Minnesota; Date: 2006 Q1: Number of borrowers with active loans: Date: 2006 Q1: 114,018; Date: 2006 Q2: 117,636; Date: 2006 Q3: 122,531; Date: 2006 Q4: 126,102; Date: 2007 Q1: 128,951; Date: 2007 Q2: 128,899; Date: 2007 Q3: 121,364; Date: 2007 Q4: 112,977; Date: 2008 Q1: 105,123; Date: 2008 Q2: 97,870; Date: 2008 Q3: 91,831; Date: 2008 Q4: 86,619; Date: 2009 Q1: 82,169; Date: 2009 Q2: 78,097; Date: 2009 Q3: 74,284; Date: 2009 Q4: 70,801; Number of borrowers with negative equity (estimated): Date: 2006 Q1: 15,624; Date: 2006 Q2: 19,604; Date: 2006 Q3: 24,381; Date: 2006 Q4: 28,626; Date: 2007 Q1: 32,297; Date: 2007 Q2: 35,593; Date: 2007 Q3: 35,951; Date: 2007 Q4: 35,845; Date: 2008 Q1: 35,358; Date: 2008 Q2: 34,189; Date: 2008 Q3: 33,227; Date: 2008 Q4: 32,308; Date: 2009 Q1: 31,272; Date: 2009 Q2: 29,287; Date: 2009 Q3: 27,629; Date: 2009 Q4: 26,377; Number of borrowers seriously delinquent: Date: 2006 Q1: 5,733; Date: 2006 Q2: 6,344; Date: 2006 Q3: 7,661; Date: 2006 Q4: 9,212; Date: 2007 Q1: 9,892; Date: 2007 Q2: 11,248; Date: 2007 Q3: 13,334; Date: 2007 Q4: 14,411; Date: 2008 Q1: 14,544; Date: 2008 Q2: 13,993; Date: 2008 Q3: 13,755; Date: 2008 Q4: 14,146; Date: 2009 Q1: 14,723; Date: 2009 Q2: 15,577; Date: 2009 Q3: 15,811; Date: 2009 Q4: 15,821; Percentage of borrowers with negative equity (estimated): Date: 2006 Q1: 13.7%; Date: 2006 Q2: 16.7%; Date: 2006 Q3: 19.9%; Date: 2006 Q4: 22.7%; Date: 2007 Q1: 25.0%; Date: 2007 Q2: 27.6%; Date: 2007 Q3: 29.6%; Date: 2007 Q4: 31.7%; Date: 2008 Q1: 33.6%; Date: 2008 Q2: 34.9%; Date: 2008 Q3: 36.2%; Date: 2008 Q4: 37.3%; Date: 2009 Q1: 38.1%; Date: 2009 Q2: 37.5%; Date: 2009 Q3: 37.2%; Date: 2009 Q4: 37.3%; Percentage of borrowers seriously delinquent: Date: 2006 Q1: 5.0%; Date: 2006 Q2: 5.4%; Date: 2006 Q3: 6.3%; Date: 2006 Q4: 7.3%; Date: 2007 Q1: 7.7%; Date: 2007 Q2: 8.7%; Date: 2007 Q3: 11.0%; Date: 2007 Q4: 12.8%; Date: 2008 Q1: 13.8%; Date: 2008 Q2: 14.3%; Date: 2008 Q3: 15.0%; Date: 2008 Q4: 16.3%; Date: 2009 Q1: 17.9%; Date: 2009 Q2: 19.9%; Date: 2009 Q3: 21.3%; Date: 2009 Q4: 22.3%. State: Mississippi; Date: 2006 Q1: Number of borrowers with active loans: Date: 2006 Q1: 34,556; Date: 2006 Q2: 35,898; Date: 2006 Q3: 37,022; Date: 2006 Q4: 37,932; Date: 2007 Q1: 38,686; Date: 2007 Q2: 39,049; Date: 2007 Q3: 37,184; Date: 2007 Q4: 35,324; Date: 2008 Q1: 33,496; Date: 2008 Q2: 31,759; Date: 2008 Q3: 30,267; Date: 2008 Q4: 29,070; Date: 2009 Q1: 27,998; Date: 2009 Q2: 27,051; Date: 2009 Q3: 26,157; Date: 2009 Q4: 25,399; Number of borrowers with negative equity (estimated): Date: 2006 Q1: 221; Date: 2006 Q2: 480; Date: 2006 Q3: 799; Date: 2006 Q4: 1,165; Date: 2007 Q1: 1,563; Date: 2007 Q2: 1,867; Date: 2007 Q3: 1,910; Date: 2007 Q4: 1,927; Date: 2008 Q1: 1,915; Date: 2008 Q2: 1,851; Date: 2008 Q3: 1,786; Date: 2008 Q4: 1,678; Date: 2009 Q1: 1,545; Date: 2009 Q2: 1,408; Date: 2009 Q3: 1,297; Date: 2009 Q4: 1,243; Number of borrowers seriously delinquent: Date: 2006 Q1: 5,589; Date: 2006 Q2: 5,081; Date: 2006 Q3: 5,059; Date: 2006 Q4: 5,079; Date: 2007 Q1: 4,518; Date: 2007 Q2: 4,531; Date: 2007 Q3: 4,950; Date: 2007 Q4: 5,514; Date: 2008 Q1: 5,378; Date: 2008 Q2: 5,103; Date: 2008 Q3: 5,239; Date: 2008 Q4: 5,613; Date: 2009 Q1: 5,609; Date: 2009 Q2: 5,821; Date: 2009 Q3: 6,183; Date: 2009 Q4: 6,547; Percentage of borrowers with negative equity (estimated): Date: 2006 Q1: 0.6%; Date: 2006 Q2: 1.3%; Date: 2006 Q3: 2.2%; Date: 2006 Q4: 3.1%; Date: 2007 Q1: 4.0%; Date: 2007 Q2: 4.8%; Date: 2007 Q3: 5.1%; Date: 2007 Q4: 5.5%; Date: 2008 Q1: 5.7%; Date: 2008 Q2: 5.8%; Date: 2008 Q3: 5.9%; Date: 2008 Q4: 5.8%; Date: 2009 Q1: 5.5%; Date: 2009 Q2: 5.2%; Date: 2009 Q3: 5.0%; Date: 2009 Q4: 4.9%; Percentage of borrowers seriously delinquent: Date: 2006 Q1: 16.2%; Date: 2006 Q2: 14.2%; Date: 2006 Q3: 13.7%; Date: 2006 Q4: 13.4%; Date: 2007 Q1: 11.7%; Date: 2007 Q2: 11.6%; Date: 2007 Q3: 13.3%; Date: 2007 Q4: 15.6%; Date: 2008 Q1: 16.1%; Date: 2008 Q2: 16.1%; Date: 2008 Q3: 17.3%; Date: 2008 Q4: 19.3%; Date: 2009 Q1: 20.0%; Date: 2009 Q2: 21.5%; Date: 2009 Q3: 23.6%; Date: 2009 Q4: 25.8%. State: Missouri; Date: 2006 Q1: Number of borrowers with active loans: Date: 2006 Q1: 115,077; Date: 2006 Q2: 118,999; Date: 2006 Q3: 122,501; Date: 2006 Q4: 125,452; Date: 2007 Q1: 127,364; Date: 2007 Q2: 126,689; Date: 2007 Q3: 118,813; Date: 2007 Q4: 110,428; Date: 2008 Q1: 102,554; Date: 2008 Q2: 95,806; Date: 2008 Q3: 90,216; Date: 2008 Q4: 85,442; Date: 2009 Q1: 81,349; Date: 2009 Q2: 77,659; Date: 2009 Q3: 74,372; Date: 2009 Q4: 71,430; Number of borrowers with negative equity (estimated): Date: 2006 Q1: 6,073; Date: 2006 Q2: 8,295; Date: 2006 Q3: 10,898; Date: 2006 Q4: 13,569; Date: 2007 Q1: 16,200; Date: 2007 Q2: 18,769; Date: 2007 Q3: 19,190; Date: 2007 Q4: 19,142; Date: 2008 Q1: 18,754; Date: 2008 Q2: 17,970; Date: 2008 Q3: 17,343; Date: 2008 Q4: 16,762; Date: 2009 Q1: 15,930; Date: 2009 Q2: 14,941; Date: 2009 Q3: 14,293; Date: 2009 Q4: 13,775; Number of borrowers seriously delinquent: Date: 2006 Q1: 5,990; Date: 2006 Q2: 6,286; Date: 2006 Q3: 7,490; Date: 2006 Q4: 8,751; Date: 2007 Q1: 8,290; Date: 2007 Q2: 9,462; Date: 2007 Q3: 10,944; Date: 2007 Q4: 11,869; Date: 2008 Q1: 11,303; Date: 2008 Q2: 10,836; Date: 2008 Q3: 11,460; Date: 2008 Q4: 12,378; Date: 2009 Q1: 12,310; Date: 2009 Q2: 12,570; Date: 2009 Q3: 13,465; Date: 2009 Q4: 14,089; Percentage of borrowers with negative equity (estimated): Date: 2006 Q1: 5.3%; Date: 2006 Q2: 7.0%; Date: 2006 Q3: 8.9%; Date: 2006 Q4: 10.8%; Date: 2007 Q1: 12.7%; Date: 2007 Q2: 14.8%; Date: 2007 Q3: 16.2%; Date: 2007 Q4: 17.3%; Date: 2008 Q1: 18.3%; Date: 2008 Q2: 18.8%; Date: 2008 Q3: 19.2%; Date: 2008 Q4: 19.6%; Date: 2009 Q1: 19.6%; Date: 2009 Q2: 19.2%; Date: 2009 Q3: 19.2%; Date: 2009 Q4: 19.3%; Percentage of borrowers seriously delinquent: Date: 2006 Q1: 5.2%; Date: 2006 Q2: 5.3%; Date: 2006 Q3: 6.1%; Date: 2006 Q4: 7.0%; Date: 2007 Q1: 6.5%; Date: 2007 Q2: 7.5%; Date: 2007 Q3: 9.2%; Date: 2007 Q4: 10.7%; Date: 2008 Q1: 11.0%; Date: 2008 Q2: 11.3%; Date: 2008 Q3: 12.7%; Date: 2008 Q4: 14.5%; Date: 2009 Q1: 15.1%; Date: 2009 Q2: 16.2%; Date: 2009 Q3: 18.1%; Date: 2009 Q4: 19.7%. State: Montana; Date: 2006 Q1: Number of borrowers with active loans: Date: 2006 Q1: 11,890; Date: 2006 Q2: 12,457; Date: 2006 Q3: 13,057; Date: 2006 Q4: 13,775; Date: 2007 Q1: 14,258; Date: 2007 Q2: 14,182; Date: 2007 Q3: 13,393; Date: 2007 Q4: 12,549; Date: 2008 Q1: 11,632; Date: 2008 Q2: 10,771; Date: 2008 Q3: 10,119; Date: 2008 Q4: 9,642; Date: 2009 Q1: 9,082; Date: 2009 Q2: 8,536; Date: 2009 Q3: 8,073; Date: 2009 Q4: 7,713; Number of borrowers with negative equity (estimated): Date: 2006 Q1: 9; Date: 2006 Q2: 27; Date: 2006 Q3: 69; Date: 2006 Q4: 114; Date: 2007 Q1: 170; Date: 2007 Q2: 259; Date: 2007 Q3: 287; Date: 2007 Q4: 296; Date: 2008 Q1: 296; Date: 2008 Q2: 289; Date: 2008 Q3: 283; Date: 2008 Q4: 274; Date: 2009 Q1: 257; Date: 2009 Q2: 252; Date: 2009 Q3: 228; Date: 2009 Q4: 224; Number of borrowers seriously delinquent: Date: 2006 Q1: 311; Date: 2006 Q2: 320; Date: 2006 Q3: 342; Date: 2006 Q4: 396; Date: 2007 Q1: 397; Date: 2007 Q2: 467; Date: 2007 Q3: 511; Date: 2007 Q4: 604; Date: 2008 Q1: 690; Date: 2008 Q2: 741; Date: 2008 Q3: 813; Date: 2008 Q4: 976; Date: 2009 Q1: 1,137; Date: 2009 Q2: 1,267; Date: 2009 Q3: 1,329; Date: 2009 Q4: 1,374; Percentage of borrowers with negative equity (estimated): Date: 2006 Q1: 0.1%; Date: 2006 Q2: 0.2%; Date: 2006 Q3: 0.5%; Date: 2006 Q4: 0.8%; Date: 2007 Q1: 1.2%; Date: 2007 Q2: 1.8%; Date: 2007 Q3: 2.1%; Date: 2007 Q4: 2.4%; Date: 2008 Q1: 2.5%; Date: 2008 Q2: 2.7%; Date: 2008 Q3: 2.8%; Date: 2008 Q4: 2.8%; Date: 2009 Q1: 2.8%; Date: 2009 Q2: 2.9%; Date: 2009 Q3: 2.8%; Date: 2009 Q4: 2.9%; Percentage of borrowers seriously delinquent: Date: 2006 Q1: 2.6%; Date: 2006 Q2: 2.6%; Date: 2006 Q3: 2.6%; Date: 2006 Q4: 2.6%; Date: 2007 Q1: 2.8%; Date: 2007 Q2: 3.3%; Date: 2007 Q3: 3.8%; Date: 2007 Q4: 4.8%; Date: 2008 Q1: 5.9%; Date: 2008 Q2: 6.9%; Date: 2008 Q3: 8.0%; Date: 2008 Q4: 10.1%; Date: 2009 Q1: 12.5%; Date: 2009 Q2: 14.8%; Date: 2009 Q3: 16.5%; Date: 2009 Q4: 17.8%. State: Nebraska; Date: 2006 Q1: Number of borrowers with active loans: Date: 2006 Q1: 22,872; Date: 2006 Q2: 23,647; Date: 2006 Q3: 24,213; Date: 2006 Q4: 24,599; Date: 2007 Q1: 24,938; Date: 2007 Q2: 24,651; Date: 2007 Q3: 23,207; Date: 2007 Q4: 21,805; Date: 2008 Q1: 20,565; Date: 2008 Q2: 19,338; Date: 2008 Q3: 18,344; Date: 2008 Q4: 17,534; Date: 2009 Q1: 16,854; Date: 2009 Q2: 16,153; Date: 2009 Q3: 15,479; Date: 2009 Q4: 14,861; Number of borrowers with negative equity (estimated): Date: 2006 Q1: 239; Date: 2006 Q2: 334; Date: 2006 Q3: 470; Date: 2006 Q4: 597; Date: 2007 Q1: 723; Date: 2007 Q2: 805; Date: 2007 Q3: 823; Date: 2007 Q4: 825; Date: 2008 Q1: 794; Date: 2008 Q2: 732; Date: 2008 Q3: 705; Date: 2008 Q4: 673; Date: 2009 Q1: 641; Date: 2009 Q2: 600; Date: 2009 Q3: 574; Date: 2009 Q4: 551; Number of borrowers seriously delinquent: Date: 2006 Q1: 1,243; Date: 2006 Q2: 1,315; Date: 2006 Q3: 1,467; Date: 2006 Q4: 1,716; Date: 2007 Q1: 1,642; Date: 2007 Q2: 1,725; Date: 2007 Q3: 1,938; Date: 2007 Q4: 2,162; Date: 2008 Q1: 2,149; Date: 2008 Q2: 2,018; Date: 2008 Q3: 2,066; Date: 2008 Q4: 2,168; Date: 2009 Q1: 2,155; Date: 2009 Q2: 2,281; Date: 2009 Q3: 2,392; Date: 2009 Q4: 2,428; Percentage of borrowers with negative equity (estimated): Date: 2006 Q1: 1.0%; Date: 2006 Q2: 1.4%; Date: 2006 Q3: 1.9%; Date: 2006 Q4: 2.4%; Date: 2007 Q1: 2.9%; Date: 2007 Q2: 3.3%; Date: 2007 Q3: 3.5%; Date: 2007 Q4: 3.8%; Date: 2008 Q1: 3.9%; Date: 2008 Q2: 3.8%; Date: 2008 Q3: 3.8%; Date: 2008 Q4: 3.8%; Date: 2009 Q1: 3.8%; Date: 2009 Q2: 3.7%; Date: 2009 Q3: 3.7%; Date: 2009 Q4: 3.7%; Percentage of borrowers seriously delinquent: Date: 2006 Q1: 5.4%; Date: 2006 Q2: 5.6%; Date: 2006 Q3: 6.1%; Date: 2006 Q4: 7.0%; Date: 2007 Q1: 6.6%; Date: 2007 Q2: 7.0%; Date: 2007 Q3: 8.4%; Date: 2007 Q4: 9.9%; Date: 2008 Q1: 10.4%; Date: 2008 Q2: 10.4%; Date: 2008 Q3: 11.3%; Date: 2008 Q4: 12.4%; Date: 2009 Q1: 12.8%; Date: 2009 Q2: 14.1%; Date: 2009 Q3: 15.5%; Date: 2009 Q4: 16.3%. State: Nevada; Date: 2006 Q1: Number of borrowers with active loans: Date: 2006 Q1: 157,510; Date: 2006 Q2: 168,728; Date: 2006 Q3: 180,208; Date: 2006 Q4: 189,621; Date: 2007 Q1: 198,269; Date: 2007 Q2: 202,603; Date: 2007 Q3: 195,372; Date: 2007 Q4: 186,439; Date: 2008 Q1: 176,541; Date: 2008 Q2: 165,632; Date: 2008 Q3: 154,792; Date: 2008 Q4: 145,350; Date: 2009 Q1: 136,066; Date: 2009 Q2: 126,796; Date: 2009 Q3: 117,823; Date: 2009 Q4: 111,225; Number of borrowers with negative equity (estimated): Date: 2006 Q1: 63,160; Date: 2006 Q2: 77,034; Date: 2006 Q3: 91,447; Date: 2006 Q4: 103,996; Date: 2007 Q1: 116,268; Date: 2007 Q2: 128,247; Date: 2007 Q3: 130,380; Date: 2007 Q4: 130,498; Date: 2008 Q1: 129,173; Date: 2008 Q2: 123,624; Date: 2008 Q3: 117,104; Date: 2008 Q4: 111,158; Date: 2009 Q1: 105,424; Date: 2009 Q2: 99,550; Date: 2009 Q3: 93,492; Date: 2009 Q4: 88,965; Number of borrowers seriously delinquent: Date: 2006 Q1: 2,424; Date: 2006 Q2: 3,066; Date: 2006 Q3: 4,374; Date: 2006 Q4: 6,729; Date: 2007 Q1: 8,716; Date: 2007 Q2: 11,543; Date: 2007 Q3: 15,894; Date: 2007 Q4: 22,090; Date: 2008 Q1: 25,873; Date: 2008 Q2: 27,842; Date: 2008 Q3: 29,484; Date: 2008 Q4: 34,330; Date: 2009 Q1: 38,765; Date: 2009 Q2: 40,390; Date: 2009 Q3: 40,795; Date: 2009 Q4: 42,239; Percentage of borrowers with negative equity (estimated): Date: 2006 Q1: 40.1%; Date: 2006 Q2: 45.7%; Date: 2006 Q3: 50.7%; Date: 2006 Q4: 54.8%; Date: 2007 Q1: 58.6%; Date: 2007 Q2: 63.3%; Date: 2007 Q3: 66.7%; Date: 2007 Q4: 70.0%; Date: 2008 Q1: 73.2%; Date: 2008 Q2: 74.6%; Date: 2008 Q3: 75.7%; Date: 2008 Q4: 76.5%; Date: 2009 Q1: 77.5%; Date: 2009 Q2: 78.5%; Date: 2009 Q3: 79.4%; Date: 2009 Q4: 80.0%; Percentage of borrowers seriously delinquent: Date: 2006 Q1: 1.5%; Date: 2006 Q2: 1.8%; Date: 2006 Q3: 2.4%; Date: 2006 Q4: 3.5%; Date: 2007 Q1: 4.4%; Date: 2007 Q2: 5.7%; Date: 2007 Q3: 8.1%; Date: 2007 Q4: 11.8%; Date: 2008 Q1: 14.7%; Date: 2008 Q2: 16.8%; Date: 2008 Q3: 19.0%; Date: 2008 Q4: 23.6%; Date: 2009 Q1: 28.5%; Date: 2009 Q2: 31.9%; Date: 2009 Q3: 34.6%; Date: 2009 Q4: 38.0%. State: New Hampshire; Date: 2006 Q1: Number of borrowers with active loans: Date: 2006 Q1: 27,619; Date: 2006 Q2: 28,288; Date: 2006 Q3: 29,341; Date: 2006 Q4: 30,138; Date: 2007 Q1: 31,093; Date: 2007 Q2: 31,505; Date: 2007 Q3: 29,857; Date: 2007 Q4: 28,071; Date: 2008 Q1: 26,402; Date: 2008 Q2: 24,967; Date: 2008 Q3: 23,767; Date: 2008 Q4: 22,767; Date: 2009 Q1: 21,877; Date: 2009 Q2: 20,982; Date: 2009 Q3: 20,235; Date: 2009 Q4: 19,508; Number of borrowers with negative equity (estimated): Date: 2006 Q1: 1,033; Date: 2006 Q2: 1,314; Date: 2006 Q3: 1,681; Date: 2006 Q4: 2,024; Date: 2007 Q1: 2,289; Date: 2007 Q2: 2,603; Date: 2007 Q3: 2,638; Date: 2007 Q4: 2,615; Date: 2008 Q1: 2,549; Date: 2008 Q2: 2,445; Date: 2008 Q3: 2,358; Date: 2008 Q4: 2,270; Date: 2009 Q1: 2,171; Date: 2009 Q2: 2,020; Date: 2009 Q3: 1,947; Date: 2009 Q4: 1,897; Number of borrowers seriously delinquent: Date: 2006 Q1: 878; Date: 2006 Q2: 1,069; Date: 2006 Q3: 1,365; Date: 2006 Q4: 1,547; Date: 2007 Q1: 1,714; Date: 2007 Q2: 2,058; Date: 2007 Q3: 2,411; Date: 2007 Q4: 2,780; Date: 2008 Q1: 2,900; Date: 2008 Q2: 2,826; Date: 2008 Q3: 2,948; Date: 2008 Q4: 3,358; Date: 2009 Q1: 3,492; Date: 2009 Q2: 3,681; Date: 2009 Q3: 4,086; Date: 2009 Q4: 4,343; Percentage of borrowers with negative equity (estimated): Date: 2006 Q1: 3.7%; Date: 2006 Q2: 4.6%; Date: 2006 Q3: 5.7%; Date: 2006 Q4: 6.7%; Date: 2007 Q1: 7.4%; Date: 2007 Q2: 8.3%; Date: 2007 Q3: 8.8%; Date: 2007 Q4: 9.3%; Date: 2008 Q1: 9.7%; Date: 2008 Q2: 9.8%; Date: 2008 Q3: 9.9%; Date: 2008 Q4: 10.0%; Date: 2009 Q1: 9.9%; Date: 2009 Q2: 9.6%; Date: 2009 Q3: 9.6%; Date: 2009 Q4: 9.7%; Percentage of borrowers seriously delinquent: Date: 2006 Q1: 3.2%; Date: 2006 Q2: 3.8%; Date: 2006 Q3: 4.7%; Date: 2006 Q4: 5.1%; Date: 2007 Q1: 5.5%; Date: 2007 Q2: 6.5%; Date: 2007 Q3: 8.1%; Date: 2007 Q4: 9.9%; Date: 2008 Q1: 11.0%; Date: 2008 Q2: 11.3%; Date: 2008 Q3: 12.4%; Date: 2008 Q4: 14.7%; Date: 2009 Q1: 16.0%; Date: 2009 Q2: 17.5%; Date: 2009 Q3: 20.2%; Date: 2009 Q4: 22.3%. State: New Jersey; Date: 2006 Q1: Number of borrowers with active loans: Date: 2006 Q1: 166,581; Date: 2006 Q2: 171,893; Date: 2006 Q3: 179,419; Date: 2006 Q4: 185,242; Date: 2007 Q1: 192,289; Date: 2007 Q2: 198,238; Date: 2007 Q3: 189,113; Date: 2007 Q4: 178,894; Date: 2008 Q1: 168,194; Date: 2008 Q2: 159,115; Date: 2008 Q3: 152,217; Date: 2008 Q4: 147,112; Date: 2009 Q1: 141,968; Date: 2009 Q2: 136,511; Date: 2009 Q3: 131,742; Date: 2009 Q4: 127,617; Number of borrowers with negative equity (estimated): Date: 2006 Q1: 8,331; Date: 2006 Q2: 12,842; Date: 2006 Q3: 19,026; Date: 2006 Q4: 24,516; Date: 2007 Q1: 29,517; Date: 2007 Q2: 34,973; Date: 2007 Q3: 36,047; Date: 2007 Q4: 36,328; Date: 2008 Q1: 36,012; Date: 2008 Q2: 35,564; Date: 2008 Q3: 35,136; Date: 2008 Q4: 34,759; Date: 2009 Q1: 34,278; Date: 2009 Q2: 33,418; Date: 2009 Q3: 32,573; Date: 2009 Q4: 31,858; Number of borrowers seriously delinquent: Date: 2006 Q1: 5,832; Date: 2006 Q2: 6,645; Date: 2006 Q3: 8,271; Date: 2006 Q4: 10,289; Date: 2007 Q1: 12,001; Date: 2007 Q2: 14,467; Date: 2007 Q3: 18,466; Date: 2007 Q4: 23,057; Date: 2008 Q1: 26,325; Date: 2008 Q2: 28,853; Date: 2008 Q3: 31,157; Date: 2008 Q4: 34,946; Date: 2009 Q1: 38,927; Date: 2009 Q2: 41,330; Date: 2009 Q3: 43,834; Date: 2009 Q4: 45,699; Percentage of borrowers with negative equity (estimated): Date: 2006 Q1: 5.0%; Date: 2006 Q2: 7.5%; Date: 2006 Q3: 10.6%; Date: 2006 Q4: 13.2%; Date: 2007 Q1: 15.4%; Date: 2007 Q2: 17.6%; Date: 2007 Q3: 19.1%; Date: 2007 Q4: 20.3%; Date: 2008 Q1: 21.4%; Date: 2008 Q2: 22.4%; Date: 2008 Q3: 23.1%; Date: 2008 Q4: 23.6%; Date: 2009 Q1: 24.1%; Date: 2009 Q2: 24.5%; Date: 2009 Q3: 24.7%; Date: 2009 Q4: 25.0%; Percentage of borrowers seriously delinquent: Date: 2006 Q1: 3.5%; Date: 2006 Q2: 3.9%; Date: 2006 Q3: 4.6%; Date: 2006 Q4: 5.6%; Date: 2007 Q1: 6.2%; Date: 2007 Q2: 7.3%; Date: 2007 Q3: 9.8%; Date: 2007 Q4: 12.9%; Date: 2008 Q1: 15.7%; Date: 2008 Q2: 18.1%; Date: 2008 Q3: 20.5%; Date: 2008 Q4: 23.8%; Date: 2009 Q1: 27.4%; Date: 2009 Q2: 30.3%; Date: 2009 Q3: 33.3%; Date: 2009 Q4: 35.8%. State: New Mexico; Date: 2006 Q1: Number of borrowers with active loans: Date: 2006 Q1: 30,688; Date: 2006 Q2: 31,805; Date: 2006 Q3: 32,944; Date: 2006 Q4: 34,111; Date: 2007 Q1: 35,367; Date: 2007 Q2: 35,910; Date: 2007 Q3: 33,917; Date: 2007 Q4: 31,889; Date: 2008 Q1: 29,824; Date: 2008 Q2: 28,010; Date: 2008 Q3: 26,643; Date: 2008 Q4: 25,490; Date: 2009 Q1: 24,414; Date: 2009 Q2: 23,367; Date: 2009 Q3: 22,399; Date: 2009 Q4: 21,556; Number of borrowers with negative equity (estimated): Date: 2006 Q1: 94; Date: 2006 Q2: 315; Date: 2006 Q3: 737; Date: 2006 Q4: 1,234; Date: 2007 Q1: 1,930; Date: 2007 Q2: 2,876; Date: 2007 Q3: 3,124; Date: 2007 Q4: 3,163; Date: 2008 Q1: 3,155; Date: 2008 Q2: 3,088; Date: 2008 Q3: 3,025; Date: 2008 Q4: 2,941; Date: 2009 Q1: 2,851; Date: 2009 Q2: 2,743; Date: 2009 Q3: 2,633; Date: 2009 Q4: 2,534; Number of borrowers seriously delinquent: Date: 2006 Q1: 920; Date: 2006 Q2: 961; Date: 2006 Q3: 986; Date: 2006 Q4: 1,098; Date: 2007 Q1: 1,126; Date: 2007 Q2: 1,276; Date: 2007 Q3: 1,493; Date: 2007 Q4: 1,933; Date: 2008 Q1: 2,193; Date: 2008 Q2: 2,369; Date: 2008 Q3: 2,606; Date: 2008 Q4: 3,042; Date: 2009 Q1: 3,346; Date: 2009 Q2: 3,594; Date: 2009 Q3: 3,793; Date: 2009 Q4: 3,961; Percentage of borrowers with negative equity (estimated): Date: 2006 Q1: 0.3%; Date: 2006 Q2: 1.0%; Date: 2006 Q3: 2.2%; Date: 2006 Q4: 3.6%; Date: 2007 Q1: 5.5%; Date: 2007 Q2: 8.0%; Date: 2007 Q3: 9.2%; Date: 2007 Q4: 9.9%; Date: 2008 Q1: 10.6%; Date: 2008 Q2: 11.0%; Date: 2008 Q3: 11.4%; Date: 2008 Q4: 11.5%; Date: 2009 Q1: 11.7%; Date: 2009 Q2: 11.7%; Date: 2009 Q3: 11.8%; Date: 2009 Q4: 11.8%; Percentage of borrowers seriously delinquent: Date: 2006 Q1: 3.0%; Date: 2006 Q2: 3.0%; Date: 2006 Q3: 3.0%; Date: 2006 Q4: 3.2%; Date: 2007 Q1: 3.2%; Date: 2007 Q2: 3.6%; Date: 2007 Q3: 4.4%; Date: 2007 Q4: 6.1%; Date: 2008 Q1: 7.4%; Date: 2008 Q2: 8.5%; Date: 2008 Q3: 9.8%; Date: 2008 Q4: 11.9%; Date: 2009 Q1: 13.7%; Date: 2009 Q2: 15.4%; Date: 2009 Q3: 16.9%; Date: 2009 Q4: 18.4%. State: New York; Date: 2006 Q1: Number of borrowers with active loans: Date: 2006 Q1: 256,904; Date: 2006 Q2: 264,774; Date: 2006 Q3: 277,069; Date: 2006 Q4: 287,638; Date: 2007 Q1: 299,792; Date: 2007 Q2: 310,238; Date: 2007 Q3: 300,685; Date: 2007 Q4: 288,844; Date: 2008 Q1: 276,456; Date: 2008 Q2: 265,129; Date: 2008 Q3: 255,980; Date: 2008 Q4: 249,082; Date: 2009 Q1: 242,280; Date: 2009 Q2: 234,900; Date: 2009 Q3: 228,274; Date: 2009 Q4: 222,570; Number of borrowers with negative equity (estimated): Date: 2006 Q1: 4,278; Date: 2006 Q2: 7,440; Date: 2006 Q3: 11,332; Date: 2006 Q4: 15,299; Date: 2007 Q1: 19,558; Date: 2007 Q2: 24,470; Date: 2007 Q3: 25,650; Date: 2007 Q4: 25,991; Date: 2008 Q1: 25,866; Date: 2008 Q2: 25,734; Date: 2008 Q3: 25,526; Date: 2008 Q4: 25,308; Date: 2009 Q1: 25,030; Date: 2009 Q2: 24,450; Date: 2009 Q3: 23,858; Date: 2009 Q4: 23,333; Number of borrowers seriously delinquent: Date: 2006 Q1: 10,892; Date: 2006 Q2: 12,212; Date: 2006 Q3: 14,957; Date: 2006 Q4: 18,266; Date: 2007 Q1: 20,647; Date: 2007 Q2: 24,340; Date: 2007 Q3: 29,921; Date: 2007 Q4: 36,123; Date: 2008 Q1: 40,068; Date: 2008 Q2: 43,160; Date: 2008 Q3: 46,766; Date: 2008 Q4: 52,936; Date: 2009 Q1: 58,519; Date: 2009 Q2: 62,725; Date: 2009 Q3: 66,911; Date: 2009 Q4: 71,234; Percentage of borrowers with negative equity (estimated): Date: 2006 Q1: 1.7%; Date: 2006 Q2: 2.8%; Date: 2006 Q3: 4.1%; Date: 2006 Q4: 5.3%; Date: 2007 Q1: 6.5%; Date: 2007 Q2: 7.9%; Date: 2007 Q3: 8.5%; Date: 2007 Q4: 9.0%; Date: 2008 Q1: 9.4%; Date: 2008 Q2: 9.7%; Date: 2008 Q3: 10.0%; Date: 2008 Q4: 10.2%; Date: 2009 Q1: 10.3%; Date: 2009 Q2: 10.4%; Date: 2009 Q3: 10.5%; Date: 2009 Q4: 10.5%; Percentage of borrowers seriously delinquent: Date: 2006 Q1: 4.2%; Date: 2006 Q2: 4.6%; Date: 2006 Q3: 5.4%; Date: 2006 Q4: 6.4%; Date: 2007 Q1: 6.9%; Date: 2007 Q2: 7.8%; Date: 2007 Q3: 10.0%; Date: 2007 Q4: 12.5%; Date: 2008 Q1: 14.5%; Date: 2008 Q2: 16.3%; Date: 2008 Q3: 18.3%; Date: 2008 Q4: 21.3%; Date: 2009 Q1: 24.2%; Date: 2009 Q2: 26.7%; Date: 2009 Q3: 29.3%; Date: 2009 Q4: 32.0%. State: North Carolina; Date: 2006 Q1: Number of borrowers with active loans: Date: 2006 Q1: 146,359; Date: 2006 Q2: 152,973; Date: 2006 Q3: 159,767; Date: 2006 Q4: 165,586; Date: 2007 Q1: 170,128; Date: 2007 Q2: 171,411; Date: 2007 Q3: 162,733; Date: 2007 Q4: 153,294; Date: 2008 Q1: 143,104; Date: 2008 Q2: 133,882; Date: 2008 Q3: 127,369; Date: 2008 Q4: 122,244; Date: 2009 Q1: 117,739; Date: 2009 Q2: 113,022; Date: 2009 Q3: 108,823; Date: 2009 Q4: 105,043; Number of borrowers with negative equity (estimated): Date: 2006 Q1: 350; Date: 2006 Q2: 653; Date: 2006 Q3: 1,392; Date: 2006 Q4: 2,128; Date: 2007 Q1: 3,044; Date: 2007 Q2: 4,363; Date: 2007 Q3: 4,664; Date: 2007 Q4: 4,782; Date: 2008 Q1: 4,771; Date: 2008 Q2: 4,713; Date: 2008 Q3: 4,699; Date: 2008 Q4: 4,675; Date: 2009 Q1: 4,605; Date: 2009 Q2: 4,421; Date: 2009 Q3: 4,309; Date: 2009 Q4: 4,170; Number of borrowers seriously delinquent: Date: 2006 Q1: 7,145; Date: 2006 Q2: 7,614; Date: 2006 Q3: 8,458; Date: 2006 Q4: 9,650; Date: 2007 Q1: 9,175; Date: 2007 Q2: 10,055; Date: 2007 Q3: 11,551; Date: 2007 Q4: 13,199; Date: 2008 Q1: 13,226; Date: 2008 Q2: 12,874; Date: 2008 Q3: 13,578; Date: 2008 Q4: 15,286; Date: 2009 Q1: 16,530; Date: 2009 Q2: 17,678; Date: 2009 Q3: 19,139; Date: 2009 Q4: 20,346; Percentage of borrowers with negative equity (estimated): Date: 2006 Q1: 0.2%; Date: 2006 Q2: 0.4%; Date: 2006 Q3: 0.9%; Date: 2006 Q4: 1.3%; Date: 2007 Q1: 1.8%; Date: 2007 Q2: 2.5%; Date: 2007 Q3: 2.9%; Date: 2007 Q4: 3.1%; Date: 2008 Q1: 3.3%; Date: 2008 Q2: 3.5%; Date: 2008 Q3: 3.6%; Date: 2008 Q4: 3.8%; Date: 2009 Q1: 3.9%; Date: 2009 Q2: 3.9%; Date: 2009 Q3: 4.0%; Date: 2009 Q4: 4.0%; Percentage of borrowers seriously delinquent: Date: 2006 Q1: 4.9%; Date: 2006 Q2: 5.0%; Date: 2006 Q3: 5.3%; Date: 2006 Q4: 5.8%; Date: 2007 Q1: 5.4%; Date: 2007 Q2: 5.9%; Date: 2007 Q3: 7.1%; Date: 2007 Q4: 8.6%; Date: 2008 Q1: 9.2%; Date: 2008 Q2: 9.6%; Date: 2008 Q3: 10.7%; Date: 2008 Q4: 12.5%; Date: 2009 Q1: 14.0%; Date: 2009 Q2: 15.6%; Date: 2009 Q3: 17.6%; Date: 2009 Q4: 19.4%. State: North Dakota; Date: 2006 Q1: Number of borrowers with active loans: Date: 2006 Q1: 3,743; Date: 2006 Q2: 3,935; Date: 2006 Q3: 4,162; Date: 2006 Q4: 4,393; Date: 2007 Q1: 4,590; Date: 2007 Q2: 4,604; Date: 2007 Q3: 4,332; Date: 2007 Q4: 4,077; Date: 2008 Q1: 3,852; Date: 2008 Q2: 3,566; Date: 2008 Q3: 3,328; Date: 2008 Q4: 3,168; Date: 2009 Q1: 3,013; Date: 2009 Q2: 2,852; Date: 2009 Q3: 2,693; Date: 2009 Q4: 2,564; Number of borrowers with negative equity (estimated): Date: 2006 Q1: 0 Date: 2006 Q2: 1 Date: 2006 Q3: 2 Date: 2006 Q4: 6 Date: 2007 Q1: 8 Date: 2007 Q2: 8 Date: 2007 Q3: 8 Date: 2007 Q4: 7 Date: 2008 Q1: 6 Date: 2008 Q2: 6 Date: 2008 Q3: 6 Date: 2008 Q4: 6 Date: 2009 Q1: 6 Date: 2009 Q2: 6 Date: 2009 Q3: 6 Date: 2009 Q4: 6 Number of borrowers seriously delinquent: Date: 2006 Q1: 102; Date: 2006 Q2: 133; Date: 2006 Q3: 192; Date: 2006 Q4: 209; Date: 2007 Q1: 210; Date: 2007 Q2: 227; Date: 2007 Q3: 218; Date: 2007 Q4: 256; Date: 2008 Q1: 265; Date: 2008 Q2: 270; Date: 2008 Q3: 262; Date: 2008 Q4: 297; Date: 2009 Q1: 305; Date: 2009 Q2: 315; Date: 2009 Q3: 343; Date: 2009 Q4: 338; Percentage of borrowers with negative equity (estimated): Date: 2006 Q1: 0.0%; Date: 2006 Q2: 0.0%; Date: 2006 Q3: 0.0%; Date: 2006 Q4: 0.1%; Date: 2007 Q1: 0.2%; Date: 2007 Q2: 0.2%; Date: 2007 Q3: 0.2%; Date: 2007 Q4: 0.2%; Date: 2008 Q1: 0.2%; Date: 2008 Q2: 0.2%; Date: 2008 Q3: 0.2%; Date: 2008 Q4: 0.2%; Date: 2009 Q1: 0.2%; Date: 2009 Q2: 0.2%; Date: 2009 Q3: 0.2%; Date: 2009 Q4: 0.2%; Percentage of borrowers seriously delinquent: Date: 2006 Q1: 2.7%; Date: 2006 Q2: 3.4%; Date: 2006 Q3: 4.6%; Date: 2006 Q4: 4.8%; Date: 2007 Q1: 4.6%; Date: 2007 Q2: 4.9%; Date: 2007 Q3: 5.0%; Date: 2007 Q4: 6.3%; Date: 2008 Q1: 6.9%; Date: 2008 Q2: 7.6%; Date: 2008 Q3: 7.9%; Date: 2008 Q4: 9.4%; Date: 2009 Q1: 10.1%; Date: 2009 Q2: 11.0%; Date: 2009 Q3: 12.7%; Date: 2009 Q4: 13.2%. State: Ohio; Date: 2006 Q1: Number of borrowers with active loans: Date: 2006 Q1: 219,060; Date: 2006 Q2: 225,814; Date: 2006 Q3: 231,493; Date: 2006 Q4: 236,397; Date: 2007 Q1: 240,557; Date: 2007 Q2: 238,436; Date: 2007 Q3: 226,976; Date: 2007 Q4: 215,063; Date: 2008 Q1: 203,161; Date: 2008 Q2: 192,071; Date: 2008 Q3: 182,235; Date: 2008 Q4: 173,962; Date: 2009 Q1: 167,197; Date: 2009 Q2: 160,533; Date: 2009 Q3: 154,560; Date: 2009 Q4: 148,838; Number of borrowers with negative equity (estimated): Date: 2006 Q1: 31,149; Date: 2006 Q2: 35,745; Date: 2006 Q3: 41,518; Date: 2006 Q4: 46,439; Date: 2007 Q1: 50,757; Date: 2007 Q2: 53,780; Date: 2007 Q3: 53,619; Date: 2007 Q4: 52,990; Date: 2008 Q1: 51,521; Date: 2008 Q2: 48,957; Date: 2008 Q3: 47,538; Date: 2008 Q4: 45,985; Date: 2009 Q1: 43,733; Date: 2009 Q2: 40,762; Date: 2009 Q3: 39,131; Date: 2009 Q4: 37,767; Number of borrowers seriously delinquent: Date: 2006 Q1: 23,434; Date: 2006 Q2: 24,746; Date: 2006 Q3: 27,480; Date: 2006 Q4: 30,315; Date: 2007 Q1: 30,390; Date: 2007 Q2: 32,371; Date: 2007 Q3: 35,382; Date: 2007 Q4: 37,976; Date: 2008 Q1: 37,139; Date: 2008 Q2: 35,793; Date: 2008 Q3: 34,556; Date: 2008 Q4: 34,664; Date: 2009 Q1: 34,589; Date: 2009 Q2: 34,688; Date: 2009 Q3: 35,986; Date: 2009 Q4: 36,286; Percentage of borrowers with negative equity (estimated): Date: 2006 Q1: 14.2%; Date: 2006 Q2: 15.8%; Date: 2006 Q3: 17.9%; Date: 2006 Q4: 19.6%; Date: 2007 Q1: 21.1%; Date: 2007 Q2: 22.6%; Date: 2007 Q3: 23.6%; Date: 2007 Q4: 24.6%; Date: 2008 Q1: 25.4%; Date: 2008 Q2: 25.5%; Date: 2008 Q3: 26.1%; Date: 2008 Q4: 26.4%; Date: 2009 Q1: 26.2%; Date: 2009 Q2: 25.4%; Date: 2009 Q3: 25.3%; Date: 2009 Q4: 25.4%; Percentage of borrowers seriously delinquent: Date: 2006 Q1: 10.7%; Date: 2006 Q2: 11.0%; Date: 2006 Q3: 11.9%; Date: 2006 Q4: 12.8%; Date: 2007 Q1: 12.6%; Date: 2007 Q2: 13.6%; Date: 2007 Q3: 15.6%; Date: 2007 Q4: 17.7%; Date: 2008 Q1: 18.3%; Date: 2008 Q2: 18.6%; Date: 2008 Q3: 19.0%; Date: 2008 Q4: 19.9%; Date: 2009 Q1: 20.7%; Date: 2009 Q2: 21.6%; Date: 2009 Q3: 23.3%; Date: 2009 Q4: 24.4%. State: Oklahoma; Date: 2006 Q1: Number of borrowers with active loans: Date: 2006 Q1: 51,526; Date: 2006 Q2: 53,797; Date: 2006 Q3: 55,782; Date: 2006 Q4: 57,348; Date: 2007 Q1: 58,865; Date: 2007 Q2: 59,406; Date: 2007 Q3: 56,649; Date: 2007 Q4: 53,951; Date: 2008 Q1: 51,247; Date: 2008 Q2: 48,439; Date: 2008 Q3: 45,889; Date: 2008 Q4: 43,781; Date: 2009 Q1: 41,999; Date: 2009 Q2: 40,201; Date: 2009 Q3: 38,469; Date: 2009 Q4: 37,029; Number of borrowers with negative equity (estimated): Date: 2006 Q1: 69; Date: 2006 Q2: 100 Date: 2006 Q3: 132 Date: 2006 Q4: 168 Date: 2007 Q1: 194 Date: 2007 Q2: 223 Date: 2007 Q3: 226 Date: 2007 Q4: 227 Date: 2008 Q1: 225 Date: 2008 Q2: 225 Date: 2008 Q3: 222 Date: 2008 Q4: 232 Date: 2009 Q1: 219 Date: 2009 Q2: 209 Date: 2009 Q3: 205 Date: 2009 Q4: 202 Number of borrowers seriously delinquent: Date: 2006 Q1: 3,268; Date: 2006 Q2: 3,372; Date: 2006 Q3: 3,614; Date: 2006 Q4: 3,990; Date: 2007 Q1: 4,092; Date: 2007 Q2: 4,330; Date: 2007 Q3: 4,812; Date: 2007 Q4: 5,405; Date: 2008 Q1: 5,440; Date: 2008 Q2: 5,258; Date: 2008 Q3: 5,175; Date: 2008 Q4: 5,323; Date: 2009 Q1: 5,553; Date: 2009 Q2: 5,761; Date: 2009 Q3: 6,125; Date: 2009 Q4: 6,369; Percentage of borrowers with negative equity (estimated): Date: 2006 Q1: 0.1%; Date: 2006 Q2: 0.2%; Date: 2006 Q3: 0.2%; Date: 2006 Q4: 0.3%; Date: 2007 Q1: 0.3%; Date: 2007 Q2: 0.4%; Date: 2007 Q3: 0.4%; Date: 2007 Q4: 0.4%; Date: 2008 Q1: 0.4%; Date: 2008 Q2: 0.5%; Date: 2008 Q3: 0.5%; Date: 2008 Q4: 0.5%; Date: 2009 Q1: 0.5%; Date: 2009 Q2: 0.5%; Date: 2009 Q3: 0.5%; Date: 2009 Q4: 0.5%; Percentage of borrowers seriously delinquent: Date: 2006 Q1: 6.3%; Date: 2006 Q2: 6.3%; Date: 2006 Q3: 6.5%; Date: 2006 Q4: 7.0%; Date: 2007 Q1: 7.0%; Date: 2007 Q2: 7.3%; Date: 2007 Q3: 8.5%; Date: 2007 Q4: 10.0%; Date: 2008 Q1: 10.6%; Date: 2008 Q2: 10.9%; Date: 2008 Q3: 11.3%; Date: 2008 Q4: 12.2%; Date: 2009 Q1: 13.2%; Date: 2009 Q2: 14.3%; Date: 2009 Q3: 15.9%; Date: 2009 Q4: 17.2%. State: Oregon; Date: 2006 Q1: Number of borrowers with active loans: Date: 2006 Q1: 100,485; Date: 2006 Q2: 103,473; Date: 2006 Q3: 106,757; Date: 2006 Q4: 111,349; Date: 2007 Q1: 115,616; Date: 2007 Q2: 117,029; Date: 2007 Q3: 111,095; Date: 2007 Q4: 104,577; Date: 2008 Q1: 97,952; Date: 2008 Q2: 91,759; Date: 2008 Q3: 86,785; Date: 2008 Q4: 82,590; Date: 2009 Q1: 78,719; Date: 2009 Q2: 74,571; Date: 2009 Q3: 70,930; Date: 2009 Q4: 67,718; Number of borrowers with negative equity (estimated): Date: 2006 Q1: 654; Date: 2006 Q2: 1,718; Date: 2006 Q3: 3,533; Date: 2006 Q4: 5,614; Date: 2007 Q1: 7,813; Date: 2007 Q2: 10,843; Date: 2007 Q3: 11,631; Date: 2007 Q4: 11,930; Date: 2008 Q1: 11,912; Date: 2008 Q2: 11,822; Date: 2008 Q3: 11,714; Date: 2008 Q4: 11,555; Date: 2009 Q1: 11,353; Date: 2009 Q2: 10,868; Date: 2009 Q3: 10,365; Date: 2009 Q4: 9,973; Number of borrowers seriously delinquent: Date: 2006 Q1: 1,936; Date: 2006 Q2: 1,911; Date: 2006 Q3: 2,105; Date: 2006 Q4: 2,492; Date: 2007 Q1: 2,797; Date: 2007 Q2: 3,475; Date: 2007 Q3: 4,384; Date: 2007 Q4: 5,568; Date: 2008 Q1: 6,625; Date: 2008 Q2: 7,288; Date: 2008 Q3: 8,158; Date: 2008 Q4: 9,753; Date: 2009 Q1: 11,799; Date: 2009 Q2: 12,685; Date: 2009 Q3: 13,136; Date: 2009 Q4: 13,412; Percentage of borrowers with negative equity (estimated): Date: 2006 Q1: 0.7%; Date: 2006 Q2: 1.7%; Date: 2006 Q3: 3.3%; Date: 2006 Q4: 5.0%; Date: 2007 Q1: 6.8%; Date: 2007 Q2: 9.3%; Date: 2007 Q3: 10.5%; Date: 2007 Q4: 11.4%; Date: 2008 Q1: 12.2%; Date: 2008 Q2: 12.9%; Date: 2008 Q3: 13.5%; Date: 2008 Q4: 14.0%; Date: 2009 Q1: 14.4%; Date: 2009 Q2: 14.6%; Date: 2009 Q3: 14.6%; Date: 2009 Q4: 14.7%; Percentage of borrowers seriously delinquent: Date: 2006 Q1: 1.9%; Date: 2006 Q2: 1.8%; Date: 2006 Q3: 2.0%; Date: 2006 Q4: 2.2%; Date: 2007 Q1: 2.4%; Date: 2007 Q2: 3.0%; Date: 2007 Q3: 3.9%; Date: 2007 Q4: 5.3%; Date: 2008 Q1: 6.8%; Date: 2008 Q2: 7.9%; Date: 2008 Q3: 9.4%; Date: 2008 Q4: 11.8%; Date: 2009 Q1: 15.0%; Date: 2009 Q2: 17.0%; Date: 2009 Q3: 18.5%; Date: 2009 Q4: 19.8%. State: Pennsylvania; Date: 2006 Q1: Number of borrowers with active loans: Date: 2006 Q1: 182,236; Date: 2006 Q2: 189,003; Date: 2006 Q3: 197,878; Date: 2006 Q4: 205,029; Date: 2007 Q1: 212,495; Date: 2007 Q2: 216,417; Date: 2007 Q3: 207,437; Date: 2007 Q4: 197,475; Date: 2008 Q1: 187,588; Date: 2008 Q2: 178,608; Date: 2008 Q3: 170,989; Date: 2008 Q4: 164,677; Date: 2009 Q1: 159,116; Date: 2009 Q2: 153,823; Date: 2009 Q3: 149,022; Date: 2009 Q4: 144,506; Number of borrowers with negative equity (estimated): Date: 2006 Q1: 1,812; Date: 2006 Q2: 2,799; Date: 2006 Q3: 4,455; Date: 2006 Q4: 6,405; Date: 2007 Q1: 8,221; Date: 2007 Q2: 10,023; Date: 2007 Q3: 10,399; Date: 2007 Q4: 10,514; Date: 2008 Q1: 10,458; Date: 2008 Q2: 10,255; Date: 2008 Q3: 10,088; Date: 2008 Q4: 9,941; Date: 2009 Q1: 9,743; Date: 2009 Q2: 9,444; Date: 2009 Q3: 9,191; Date: 2009 Q4: 8,995; Number of borrowers seriously delinquent: Date: 2006 Q1: 10,890; Date: 2006 Q2: 11,489; Date: 2006 Q3: 12,922; Date: 2006 Q4: 14,598; Date: 2007 Q1: 14,760; Date: 2007 Q2: 16,241; Date: 2007 Q3: 18,557; Date: 2007 Q4: 21,263; Date: 2008 Q1: 22,095; Date: 2008 Q2: 22,890; Date: 2008 Q3: 23,901; Date: 2008 Q4: 25,864; Date: 2009 Q1: 26,812; Date: 2009 Q2: 28,471; Date: 2009 Q3: 30,527; Date: 2009 Q4: 32,362; Percentage of borrowers with negative equity (estimated): Date: 2006 Q1: 1.0%; Date: 2006 Q2: 1.5%; Date: 2006 Q3: 2.3%; Date: 2006 Q4: 3.1%; Date: 2007 Q1: 3.9%; Date: 2007 Q2: 4.6%; Date: 2007 Q3: 5.0%; Date: 2007 Q4: 5.3%; Date: 2008 Q1: 5.6%; Date: 2008 Q2: 5.7%; Date: 2008 Q3: 5.9%; Date: 2008 Q4: 6.0%; Date: 2009 Q1: 6.1%; Date: 2009 Q2: 6.1%; Date: 2009 Q3: 6.2%; Date: 2009 Q4: 6.2%; Percentage of borrowers seriously delinquent: Date: 2006 Q1: 6.0%; Date: 2006 Q2: 6.1%; Date: 2006 Q3: 6.5%; Date: 2006 Q4: 7.1%; Date: 2007 Q1: 6.9%; Date: 2007 Q2: 7.5%; Date: 2007 Q3: 8.9%; Date: 2007 Q4: 10.8%; Date: 2008 Q1: 11.8%; Date: 2008 Q2: 12.8%; Date: 2008 Q3: 14.0%; Date: 2008 Q4: 15.7%; Date: 2009 Q1: 16.9%; Date: 2009 Q2: 18.5%; Date: 2009 Q3: 20.5%; Date: 2009 Q4: 22.4%. State: Rhode Island; Date: 2006 Q1: Number of borrowers with active loans: Date: 2006 Q1: 27,133; Date: 2006 Q2: 27,701; Date: 2006 Q3: 28,321; Date: 2006 Q4: 28,461; Date: 2007 Q1: 28,799; Date: 2007 Q2: 28,919; Date: 2007 Q3: 27,144; Date: 2007 Q4: 25,261; Date: 2008 Q1: 23,390; Date: 2008 Q2: 21,860; Date: 2008 Q3: 20,669; Date: 2008 Q4: 19,600; Date: 2009 Q1: 18,674; Date: 2009 Q2: 17,853; Date: 2009 Q3: 17,180; Date: 2009 Q4: 16,590; Number of borrowers with negative equity (estimated): Date: 2006 Q1: 5,193; Date: 2006 Q2: 6,561; Date: 2006 Q3: 8,090; Date: 2006 Q4: 9,364; Date: 2007 Q1: 10,609; Date: 2007 Q2: 11,753; Date: 2007 Q3: 11,899; Date: 2007 Q4: 11,847; Date: 2008 Q1: 11,625; Date: 2008 Q2: 11,320; Date: 2008 Q3: 11,038; Date: 2008 Q4: 10,538; Date: 2009 Q1: 10,042; Date: 2009 Q2: 9,605; Date: 2009 Q3: 9,244; Date: 2009 Q4: 8,925; Number of borrowers seriously delinquent: Date: 2006 Q1: 928; Date: 2006 Q2: 1,128; Date: 2006 Q3: 1,402; Date: 2006 Q4: 1,820; Date: 2007 Q1: 2,020; Date: 2007 Q2: 2,454; Date: 2007 Q3: 2,952; Date: 2007 Q4: 3,465; Date: 2008 Q1: 3,553; Date: 2008 Q2: 3,573; Date: 2008 Q3: 3,707; Date: 2008 Q4: 3,940; Date: 2009 Q1: 3,995; Date: 2009 Q2: 4,077; Date: 2009 Q3: 4,364; Date: 2009 Q4: 4,596; Percentage of borrowers with negative equity (estimated): Date: 2006 Q1: 19.119.1%; Date: 2006 Q2: 23.7%; Date: 2006 Q3: 28.6%; Date: 2006 Q4: 32.9%; Date: 2007 Q1: 36.8%; Date: 2007 Q2: 40.6%; Date: 2007 Q3: 43.8%; Date: 2007 Q4: 46.9%; Date: 2008 Q1: 49.7%; Date: 2008 Q2: 51.8%; Date: 2008 Q3: 53.4%; Date: 2008 Q4: 53.8%; Date: 2009 Q1: 53.8%; Date: 2009 Q2: 53.8%; Date: 2009 Q3: 53.8%; Date: 2009 Q4: 53.8%; Percentage of borrowers seriously delinquent: Date: 2006 Q1: 3.4%; Date: 2006 Q2: 4.1%; Date: 2006 Q3: 5.0%; Date: 2006 Q4: 6.4%; Date: 2007 Q1: 7.0%; Date: 2007 Q2: 8.5%; Date: 2007 Q3: 10.9%; Date: 2007 Q4: 13.7%; Date: 2008 Q1: 15.2%; Date: 2008 Q2: 16.3%; Date: 2008 Q3: 17.9%; Date: 2008 Q4: 20.1%; Date: 2009 Q1: 21.4%; Date: 2009 Q2: 22.8%; Date: 2009 Q3: 25.4%; Date: 2009 Q4: 27.7%. State: South Carolina; Date: 2006 Q1: Number of borrowers with active loans: Date: 2006 Q1: 74,095; Date: 2006 Q2: 77,637; Date: 2006 Q3: 80,981; Date: 2006 Q4: 83,608; Date: 2007 Q1: 86,335; Date: 2007 Q2: 87,757; Date: 2007 Q3: 83,852; Date: 2007 Q4: 79,414; Date: 2008 Q1: 74,573; Date: 2008 Q2: 70,201; Date: 2008 Q3: 66,779; Date: 2008 Q4: 64,096; Date: 2009 Q1: 61,487; Date: 2009 Q2: 59,391; Date: 2009 Q3: 57,321; Date: 2009 Q4: 55,452; Number of borrowers with negative equity (estimated): Date: 2006 Q1: 1,184; Date: 2006 Q2: 1,966; Date: 2006 Q3: 3,071; Date: 2006 Q4: 3,944; Date: 2007 Q1: 5,158; Date: 2007 Q2: 6,608; Date: 2007 Q3: 6,900; Date: 2007 Q4: 6,979; Date: 2008 Q1: 6,921; Date: 2008 Q2: 6,763; Date: 2008 Q3: 6,665; Date: 2008 Q4: 6,541; Date: 2009 Q1: 6,366; Date: 2009 Q2: 6,132; Date: 2009 Q3: 5,930; Date: 2009 Q4: 5,775; Number of borrowers seriously delinquent: Date: 2006 Q1: 4,633; Date: 2006 Q2: 4,678; Date: 2006 Q3: 5,156; Date: 2006 Q4: 5,847; Date: 2007 Q1: 5,810; Date: 2007 Q2: 6,358; Date: 2007 Q3: 7,370; Date: 2007 Q4: 8,401; Date: 2008 Q1: 8,456; Date: 2008 Q2: 8,502; Date: 2008 Q3: 8,689; Date: 2008 Q4: 9,500; Date: 2009 Q1: 9,859; Date: 2009 Q2: 10,808; Date: 2009 Q3: 11,695; Date: 2009 Q4: 12,294; Percentage of borrowers with negative equity (estimated): Date: 2006 Q1: 1.6%; Date: 2006 Q2: 2.5%; Date: 2006 Q3: 3.8%; Date: 2006 Q4: 4.7%; Date: 2007 Q1: 6.0%; Date: 2007 Q2: 7.5%; Date: 2007 Q3: 8.2%; Date: 2007 Q4: 8.8%; Date: 2008 Q1: 9.3%; Date: 2008 Q2: 9.6%; Date: 2008 Q3: 10.0%; Date: 2008 Q4: 10.2%; Date: 2009 Q1: 10.4%; Date: 2009 Q2: 10.3%; Date: 2009 Q3: 10.3%; Date: 2009 Q4: 10.4%; Percentage of borrowers seriously delinquent: Date: 2006 Q1: 6.3%; Date: 2006 Q2: 6.0%; Date: 2006 Q3: 6.4%; Date: 2006 Q4: 7.0%; Date: 2007 Q1: 6.7%; Date: 2007 Q2: 7.2%; Date: 2007 Q3: 8.8%; Date: 2007 Q4: 10.6%; Date: 2008 Q1: 11.3%; Date: 2008 Q2: 12.1%; Date: 2008 Q3: 13.0%; Date: 2008 Q4: 14.8%; Date: 2009 Q1: 16.0%; Date: 2009 Q2: 18.2%; Date: 2009 Q3: 20.4%; Date: 2009 Q4: 22.2%. State: South Dakota; Date: 2006 Q1: Number of borrowers with active loans: Date: 2006 Q1: 5,977; Date: 2006 Q2: 6,257; Date: 2006 Q3: 6,533; Date: 2006 Q4: 6,767; Date: 2007 Q1: 6,947; Date: 2007 Q2: 6,865; Date: 2007 Q3: 6,410; Date: 2007 Q4: 5,968; Date: 2008 Q1: 5,563; Date: 2008 Q2: 5,157; Date: 2008 Q3: 4,832; Date: 2008 Q4: 4,529; Date: 2009 Q1: 4,281; Date: 2009 Q2: 4,042; Date: 2009 Q3: 3,827; Date: 2009 Q4: 3,644; Number of borrowers with negative equity (estimated): Date: 2006 Q1: 7 Date: 2006 Q2: 14 Date: 2006 Q3: 19 Date: 2006 Q4: 24 Date: 2007 Q1: 31 Date: 2007 Q2: 33 Date: 2007 Q3: 34 Date: 2007 Q4: 34 Date: 2008 Q1: 33 Date: 2008 Q2: 17 Date: 2008 Q3: 17 Date: 2008 Q4: 17 Date: 2009 Q1: 17 Date: 2009 Q2: 17 Date: 2009 Q3: 17 Date: 2009 Q4: 17 Number of borrowers seriously delinquent: Date: 2006 Q1: 267; Date: 2006 Q2: 298 Date: 2006 Q3: 371 Date: 2006 Q4: 427 Date: 2007 Q1: 410 Date: 2007 Q2: 434 Date: 2007 Q3: 524 Date: 2007 Q4: 548 Date: 2008 Q1: 529 Date: 2008 Q2: 538 Date: 2008 Q3: 521 Date: 2008 Q4: 526 Date: 2009 Q1: 544 Date: 2009 Q2: 589 Date: 2009 Q3: 602 Date: 2009 Q4: 605 Percentage of borrowers with negative equity (estimated): Date: 2006 Q1: 0.1%; Date: 2006 Q2: 0.2%; Date: 2006 Q3: 0.3%; Date: 2006 Q4: 0.4%; Date: 2007 Q1: 0.4%; Date: 2007 Q2: 0.5%; Date: 2007 Q3: 0.5%; Date: 2007 Q4: 0.6%; Date: 2008 Q1: 0.6%; Date: 2008 Q2: 0.3%; Date: 2008 Q3: 0.4%; Date: 2008 Q4: 0.4%; Date: 2009 Q1: 0.4%; Date: 2009 Q2: 0.4%; Date: 2009 Q3: 0.4%; Date: 2009 Q4: 0.5%; Percentage of borrowers seriously delinquent: Date: 2006 Q1: 4.5%; Date: 2006 Q2: 4.8%; Date: 2006 Q3: 5.7%; Date: 2006 Q4: 6.3%; Date: 2007 Q1: 5.9%; Date: 2007 Q2: 6.3%; Date: 2007 Q3: 8.2%; Date: 2007 Q4: 9.2%; Date: 2008 Q1: 9.5%; Date: 2008 Q2: 10.4%; Date: 2008 Q3: 10.8%; Date: 2008 Q4: 11.6%; Date: 2009 Q1: 12.7%; Date: 2009 Q2: 14.6%; Date: 2009 Q3: 15.7%; Date: 2009 Q4: 16.6%. State: Tennessee; Date: 2006 Q1: Number of borrowers with active loans: Date: 2006 Q1: 124,054; Date: 2006 Q2: 130,056; Date: 2006 Q3: 135,739; Date: 2006 Q4: 141,100; Date: 2007 Q1: 145,102; Date: 2007 Q2: 145,855; Date: 2007 Q3: 138,431; Date: 2007 Q4: 130,718; Date: 2008 Q1: 122,819; Date: 2008 Q2: 115,450; Date: 2008 Q3: 109,391; Date: 2008 Q4: 104,082; Date: 2009 Q1: 99,021; Date: 2009 Q2: 94,680; Date: 2009 Q3: 90,781; Date: 2009 Q4: 87,268; Number of borrowers with negative equity (estimated): Date: 2006 Q1: 720; Date: 2006 Q2: 1,476; Date: 2006 Q3: 2,514; Date: 2006 Q4: 3,621; Date: 2007 Q1: 5,037; Date: 2007 Q2: 6,327; Date: 2007 Q3: 6,559; Date: 2007 Q4: 6,636; Date: 2008 Q1: 6,626; Date: 2008 Q2: 6,531; Date: 2008 Q3: 6,461; Date: 2008 Q4: 6,362; Date: 2009 Q1: 6,134; Date: 2009 Q2: 5,798; Date: 2009 Q3: 5,597; Date: 2009 Q4: 5,404; Number of borrowers seriously delinquent: Date: 2006 Q1: 7,766; Date: 2006 Q2: 8,227; Date: 2006 Q3: 9,649; Date: 2006 Q4: 11,122; Date: 2007 Q1: 10,757; Date: 2007 Q2: 12,219; Date: 2007 Q3: 13,726; Date: 2007 Q4: 15,341; Date: 2008 Q1: 15,069; Date: 2008 Q2: 15,100; Date: 2008 Q3: 15,963; Date: 2008 Q4: 17,114; Date: 2009 Q1: 17,185; Date: 2009 Q2: 17,721; Date: 2009 Q3: 18,539; Date: 2009 Q4: 19,011; Percentage of borrowers with negative equity (estimated): Date: 2006 Q1: 0.6%; Date: 2006 Q2: 1.1%; Date: 2006 Q3: 1.9%; Date: 2006 Q4: 2.6%; Date: 2007 Q1: 3.5%; Date: 2007 Q2: 4.3%; Date: 2007 Q3: 4.7%; Date: 2007 Q4: 5.1%; Date: 2008 Q1: 5.4%; Date: 2008 Q2: 5.7%; Date: 2008 Q3: 5.9%; Date: 2008 Q4: 6.1%; Date: 2009 Q1: 6.2%; Date: 2009 Q2: 6.1%; Date: 2009 Q3: 6.2%; Date: 2009 Q4: 6.2%; Percentage of borrowers seriously delinquent: Date: 2006 Q1: 6.3%; Date: 2006 Q2: 6.3%; Date: 2006 Q3: 7.1%; Date: 2006 Q4: 7.9%; Date: 2007 Q1: 7.4%; Date: 2007 Q2: 8.4%; Date: 2007 Q3: 9.9%; Date: 2007 Q4: 11.7%; Date: 2008 Q1: 12.3%; Date: 2008 Q2: 13.1%; Date: 2008 Q3: 14.6%; Date: 2008 Q4: 16.4%; Date: 2009 Q1: 17.4%; Date: 2009 Q2: 18.7%; Date: 2009 Q3: 20.4%; Date: 2009 Q4: 21.8%. State: Texas; Date: 2006 Q1: Number of borrowers with active loans: Date: 2006 Q1: 476,668; Date: 2006 Q2: 504,222; Date: 2006 Q3: 525,598; Date: 2006 Q4: 548,152; Date: 2007 Q1: 569,197; Date: 2007 Q2: 577,337; Date: 2007 Q3: 556,051; Date: 2007 Q4: 533,337; Date: 2008 Q1: 507,667; Date: 2008 Q2: 483,433; Date: 2008 Q3: 464,006; Date: 2008 Q4: 448,503; Date: 2009 Q1: 432,332; Date: 2009 Q2: 417,210; Date: 2009 Q3: 403,092; Date: 2009 Q4: 389,891; Number of borrowers with negative equity (estimated): Date: 2006 Q1: 3,511; Date: 2006 Q2: 7,042; Date: 2006 Q3: 11,389; Date: 2006 Q4: 15,439; Date: 2007 Q1: 19,706; Date: 2007 Q2: 25,317; Date: 2007 Q3: 26,364; Date: 2007 Q4: 26,680; Date: 2008 Q1: 26,623; Date: 2008 Q2: 25,846; Date: 2008 Q3: 24,975; Date: 2008 Q4: 24,145; Date: 2009 Q1: 23,058; Date: 2009 Q2: 22,068; Date: 2009 Q3: 21,387; Date: 2009 Q4: 20,590; Number of borrowers seriously delinquent: Date: 2006 Q1: 25,183; Date: 2006 Q2: 26,621; Date: 2006 Q3: 28,877; Date: 2006 Q4: 31,926; Date: 2007 Q1: 31,515; Date: 2007 Q2: 34,221; Date: 2007 Q3: 39,490; Date: 2007 Q4: 45,081; Date: 2008 Q1: 44,077; Date: 2008 Q2: 42,459; Date: 2008 Q3: 44,830; Date: 2008 Q4: 51,594; Date: 2009 Q1: 50,081; Date: 2009 Q2: 52,452; Date: 2009 Q3: 57,460; Date: 2009 Q4: 61,809; Percentage of borrowers with negative equity (estimated): Date: 2006 Q1: 0.7%; Date: 2006 Q2: 1.4%; Date: 2006 Q3: 2.2%; Date: 2006 Q4: 2.8%; Date: 2007 Q1: 3.5%; Date: 2007 Q2: 4.4%; Date: 2007 Q3: 4.7%; Date: 2007 Q4: 5.0%; Date: 2008 Q1: 5.2%; Date: 2008 Q2: 5.3%; Date: 2008 Q3: 5.4%; Date: 2008 Q4: 5.4%; Date: 2009 Q1: 5.3%; Date: 2009 Q2: 5.3%; Date: 2009 Q3: 5.3%; Date: 2009 Q4: 5.3%; Percentage of borrowers seriously delinquent: Date: 2006 Q1: 5.3%; Date: 2006 Q2: 5.3%; Date: 2006 Q3: 5.5%; Date: 2006 Q4: 5.8%; Date: 2007 Q1: 5.5%; Date: 2007 Q2: 5.9%; Date: 2007 Q3: 7.1%; Date: 2007 Q4: 8.5%; Date: 2008 Q1: 8.7%; Date: 2008 Q2: 8.8%; Date: 2008 Q3: 9.7%; Date: 2008 Q4: 11.5%; Date: 2009 Q1: 11.6%; Date: 2009 Q2: 12.6%; Date: 2009 Q3: 14.3%; Date: 2009 Q4: 15.9%. State: Utah; Date: 2006 Q1: Number of borrowers with active loans: Date: 2006 Q1: 75,194; Date: 2006 Q2: 78,183; Date: 2006 Q3: 81,113; Date: 2006 Q4: 84,501; Date: 2007 Q1: 87,599; Date: 2007 Q2: 88,619; Date: 2007 Q3: 82,612; Date: 2007 Q4: 76,011; Date: 2008 Q1: 69,437; Date: 2008 Q2: 63,439; Date: 2008 Q3: 58,640; Date: 2008 Q4: 54,611; Date: 2009 Q1: 50,940; Date: 2009 Q2: 47,642; Date: 2009 Q3: 44,886; Date: 2009 Q4: 42,389; Number of borrowers with negative equity (estimated): Date: 2006 Q1: 200; Date: 2006 Q2: 730; Date: 2006 Q3: 1,832; Date: 2006 Q4: 3,487; Date: 2007 Q1: 6,383; Date: 2007 Q2: 10,948; Date: 2007 Q3: 12,050; Date: 2007 Q4: 12,372; Date: 2008 Q1: 12,350; Date: 2008 Q2: 12,220; Date: 2008 Q3: 12,029; Date: 2008 Q4: 11,779; Date: 2009 Q1: 11,463; Date: 2009 Q2: 10,841; Date: 2009 Q3: 10,333; Date: 2009 Q4: 9,837; Number of borrowers seriously delinquent: Date: 2006 Q1: 2,336; Date: 2006 Q2: 2,083; Date: 2006 Q3: 2,093; Date: 2006 Q4: 2,280; Date: 2007 Q1: 2,264; Date: 2007 Q2: 2,525; Date: 2007 Q3: 3,097; Date: 2007 Q4: 4,027; Date: 2008 Q1: 4,613; Date: 2008 Q2: 5,022; Date: 2008 Q3: 5,566; Date: 2008 Q4: 6,507; Date: 2009 Q1: 7,475; Date: 2009 Q2: 8,271; Date: 2009 Q3: 8,774; Date: 2009 Q4: 9,045; Percentage of borrowers with negative equity (estimated): Date: 2006 Q1: 0.3%; Date: 2006 Q2: 0.9%; Date: 2006 Q3: 2.3%; Date: 2006 Q4: 4.1%; Date: 2007 Q1: 7.3%; Date: 2007 Q2: 12.4%; Date: 2007 Q3: 14.6%; Date: 2007 Q4: 16.3%; Date: 2008 Q1: 17.8%; Date: 2008 Q2: 19.3%; Date: 2008 Q3: 20.5%; Date: 2008 Q4: 21.6%; Date: 2009 Q1: 22.5%; Date: 2009 Q2: 22.8%; Date: 2009 Q3: 23.0%; Date: 2009 Q4: 23.2%; Percentage of borrowers seriously delinquent: Date: 2006 Q1: 3.1%; Date: 2006 Q2: 2.7%; Date: 2006 Q3: 2.6%; Date: 2006 Q4: 2.7%; Date: 2007 Q1: 2.6%; Date: 2007 Q2: 2.8%; Date: 2007 Q3: 3.7%; Date: 2007 Q4: 5.3%; Date: 2008 Q1: 6.6%; Date: 2008 Q2: 7.9%; Date: 2008 Q3: 9.5%; Date: 2008 Q4: 11.9%; Date: 2009 Q1: 14.7%; Date: 2009 Q2: 17.4%; Date: 2009 Q3: 19.5%; Date: 2009 Q4: 21.3%. State: Vermont; Date: 2006 Q1: Number of borrowers with active loans: Date: 2006 Q1: 6,404; Date: 2006 Q2: 6,502; Date: 2006 Q3: 6,659; Date: 2006 Q4: 6,817; Date: 2007 Q1: 7,063; Date: 2007 Q2: 7,245; Date: 2007 Q3: 6,847; Date: 2007 Q4: 6,515; Date: 2008 Q1: 6,170; Date: 2008 Q2: 5,850; Date: 2008 Q3: 5,577; Date: 2008 Q4: 5,356; Date: 2009 Q1: 5,169; Date: 2009 Q2: 4,929; Date: 2009 Q3: 4,731; Date: 2009 Q4: 4,580; Number of borrowers with negative equity (estimated): Date: 2006 Q1: 67; Date: 2006 Q2: 96; Date: 2006 Q3: 146; Date: 2006 Q4: 229; Date: 2007 Q1: 290; Date: 2007 Q2: 388; Date: 2007 Q3: 417; Date: 2007 Q4: 428; Date: 2008 Q1: 425; Date: 2008 Q2: 417; Date: 2008 Q3: 401; Date: 2008 Q4: 389; Date: 2009 Q1: 382; Date: 2009 Q2: 356; Date: 2009 Q3: 345; Date: 2009 Q4: 342; Number of borrowers seriously delinquent: Date: 2006 Q1: 229; Date: 2006 Q2: 270; Date: 2006 Q3: 319; Date: 2006 Q4: 391; Date: 2007 Q1: 441; Date: 2007 Q2: 485; Date: 2007 Q3: 573; Date: 2007 Q4: 666; Date: 2008 Q1: 756; Date: 2008 Q2: 764; Date: 2008 Q3: 762; Date: 2008 Q4: 845; Date: 2009 Q1: 893; Date: 2009 Q2: 927; Date: 2009 Q3: 987; Date: 2009 Q4: 1,068; Percentage of borrowers with negative equity (estimated): Date: 2006 Q1: 1.0%; Date: 2006 Q2: 1.5%; Date: 2006 Q3: 2.2%; Date: 2006 Q4: 3.4%; Date: 2007 Q1: 4.1%; Date: 2007 Q2: 5.4%; Date: 2007 Q3: 6.1%; Date: 2007 Q4: 6.6%; Date: 2008 Q1: 6.9%; Date: 2008 Q2: 7.1%; Date: 2008 Q3: 7.2%; Date: 2008 Q4: 7.3%; Date: 2009 Q1: 7.4%; Date: 2009 Q2: 7.2%; Date: 2009 Q3: 7.3%; Date: 2009 Q4: 7.5%; Percentage of borrowers seriously delinquent: Date: 2006 Q1: 3.6%; Date: 2006 Q2: 4.2%; Date: 2006 Q3: 4.8%; Date: 2006 Q4: 5.7%; Date: 2007 Q1: 6.2%; Date: 2007 Q2: 6.7%; Date: 2007 Q3: 8.4%; Date: 2007 Q4: 10.2%; Date: 2008 Q1: 12.3%; Date: 2008 Q2: 13.1%; Date: 2008 Q3: 13.7%; Date: 2008 Q4: 15.8%; Date: 2009 Q1: 17.3%; Date: 2009 Q2: 18.8%; Date: 2009 Q3: 20.9%; Date: 2009 Q4: 23.3%. State: Virginia; Date: 2006 Q1: Number of borrowers with active loans: Date: 2006 Q1: 182,012; Date: 2006 Q2: 192,710; Date: 2006 Q3: 204,395; Date: 2006 Q4: 213,736; Date: 2007 Q1: 222,857; Date: 2007 Q2: 226,632; Date: 2007 Q3: 215,130; Date: 2007 Q4: 202,000; Date: 2008 Q1: 187,931; Date: 2008 Q2: 174,658; Date: 2008 Q3: 164,209; Date: 2008 Q4: 156,343; Date: 2009 Q1: 148,449; Date: 2009 Q2: 140,879; Date: 2009 Q3: 134,210; Date: 2009 Q4: 128,789; Number of borrowers with negative equity (estimated): Date: 2006 Q1: 26,285; Date: 2006 Q2: 36,103; Date: 2006 Q3: 46,654; Date: 2006 Q4: 55,880; Date: 2007 Q1: 63,574; Date: 2007 Q2: 70,337; Date: 2007 Q3: 71,258; Date: 2007 Q4: 71,122; Date: 2008 Q1: 70,069; Date: 2008 Q2: 68,064; Date: 2008 Q3: 66,111; Date: 2008 Q4: 63,355; Date: 2009 Q1: 59,621; Date: 2009 Q2: 55,888; Date: 2009 Q3: 52,766; Date: 2009 Q4: 50,596; Number of borrowers seriously delinquent: Date: 2006 Q1: 3,127; Date: 2006 Q2: 3,608; Date: 2006 Q3: 4,844; Date: 2006 Q4: 6,651; Date: 2007 Q1: 7,902; Date: 2007 Q2: 10,549; Date: 2007 Q3: 14,503; Date: 2007 Q4: 18,888; Date: 2008 Q1: 20,604; Date: 2008 Q2: 20,857; Date: 2008 Q3: 21,239; Date: 2008 Q4: 23,778; Date: 2009 Q1: 25,289; Date: 2009 Q2: 25,725; Date: 2009 Q3: 26,243; Date: 2009 Q4: 26,715; Percentage of borrowers with negative equity (estimated): Date: 2006 Q1: 14.4%; Date: 2006 Q2: 18.7%; Date: 2006 Q3: 22.8%; Date: 2006 Q4: 26.1%; Date: 2007 Q1: 28.5%; Date: 2007 Q2: 31.0%; Date: 2007 Q3: 33.1%; Date: 2007 Q4: 35.2%; Date: 2008 Q1: 37.3%; Date: 2008 Q2: 39.0%; Date: 2008 Q3: 40.3%; Date: 2008 Q4: 40.5%; Date: 2009 Q1: 40.2%; Date: 2009 Q2: 39.7%; Date: 2009 Q3: 39.3%; Date: 2009 Q4: 39.3%; Percentage of borrowers seriously delinquent: Date: 2006 Q1: 1.7%; Date: 2006 Q2: 1.9%; Date: 2006 Q3: 2.4%; Date: 2006 Q4: 3.1%; Date: 2007 Q1: 3.5%; Date: 2007 Q2: 4.7%; Date: 2007 Q3: 6.7%; Date: 2007 Q4: 9.4%; Date: 2008 Q1: 11.0%; Date: 2008 Q2: 11.9%; Date: 2008 Q3: 12.9%; Date: 2008 Q4: 15.2%; Date: 2009 Q1: 17.0%; Date: 2009 Q2: 18.3%; Date: 2009 Q3: 19.6%; Date: 2009 Q4: 20.7%. State: Washington; Date: 2006 Q1: Number of borrowers with active loans: Date: 2006 Q1: 181,739; Date: 2006 Q2: 187,261; Date: 2006 Q3: 193,217; Date: 2006 Q4: 201,197; Date: 2007 Q1: 208,084; Date: 2007 Q2: 210,721; Date: 2007 Q3: 199,751; Date: 2007 Q4: 187,108; Date: 2008 Q1: 174,642; Date: 2008 Q2: 163,169; Date: 2008 Q3: 154,490; Date: 2008 Q4: 147,331; Date: 2009 Q1: 140,487; Date: 2009 Q2: 133,385; Date: 2009 Q3: 127,317; Date: 2009 Q4: 122,290; Number of borrowers with negative equity (estimated): Date: 2006 Q1: 739; Date: 2006 Q2: 2,472; Date: 2006 Q3: 5,644; Date: 2006 Q4: 9,358; Date: 2007 Q1: 13,723; Date: 2007 Q2: 19,826; Date: 2007 Q3: 21,645; Date: 2007 Q4: 22,351; Date: 2008 Q1: 22,351; Date: 2008 Q2: 22,222; Date: 2008 Q3: 22,045; Date: 2008 Q4: 21,843; Date: 2009 Q1: 21,512; Date: 2009 Q2: 20,721; Date: 2009 Q3: 20,020; Date: 2009 Q4: 19,452; Number of borrowers seriously delinquent: Date: 2006 Q1: 4,100; Date: 2006 Q2: 4,174; Date: 2006 Q3: 4,802; Date: 2006 Q4: 5,562; Date: 2007 Q1: 5,987; Date: 2007 Q2: 6,713; Date: 2007 Q3: 8,548; Date: 2007 Q4: 10,663; Date: 2008 Q1: 12,053; Date: 2008 Q2: 13,174; Date: 2008 Q3: 14,696; Date: 2008 Q4: 17,897; Date: 2009 Q1: 21,440; Date: 2009 Q2: 23,696; Date: 2009 Q3: 25,251; Date: 2009 Q4: 26,660; Percentage of borrowers with negative equity (estimated): Date: 2006 Q1: 0.4%; Date: 2006 Q2: 1.3%; Date: 2006 Q3: 2.9%; Date: 2006 Q4: 4.7%; Date: 2007 Q1: 6.6%; Date: 2007 Q2: 9.4%; Date: 2007 Q3: 10.8%; Date: 2007 Q4: 11.9%; Date: 2008 Q1: 12.8%; Date: 2008 Q2: 13.6%; Date: 2008 Q3: 14.3%; Date: 2008 Q4: 14.8%; Date: 2009 Q1: 15.3%; Date: 2009 Q2: 15.5%; Date: 2009 Q3: 15.7%; Date: 2009 Q4: 15.9%; Percentage of borrowers seriously delinquent: Date: 2006 Q1: 2.3%; Date: 2006 Q2: 2.2%; Date: 2006 Q3: 2.5%; Date: 2006 Q4: 2.8%; Date: 2007 Q1: 2.9%; Date: 2007 Q2: 3.2%; Date: 2007 Q3: 4.3%; Date: 2007 Q4: 5.7%; Date: 2008 Q1: 6.9%; Date: 2008 Q2: 8.1%; Date: 2008 Q3: 9.5%; Date: 2008 Q4: 12.1%; Date: 2009 Q1: 15.3%; Date: 2009 Q2: 17.8%; Date: 2009 Q3: 19.8%; Date: 2009 Q4: 21.8%. State: West Virginia; Date: 2006 Q1: Number of borrowers with active loans: Date: 2006 Q1: 10,516; Date: 2006 Q2: 10,994; Date: 2006 Q3: 11,612; Date: 2006 Q4: 12,336; Date: 2007 Q1: 12,716; Date: 2007 Q2: 12,961; Date: 2007 Q3: 12,411; Date: 2007 Q4: 11,751; Date: 2008 Q1: 11,106; Date: 2008 Q2: 10,556; Date: 2008 Q3: 10,124; Date: 2008 Q4: 9,722; Date: 2009 Q1: 9,355; Date: 2009 Q2: 8,943; Date: 2009 Q3: 8,581; Date: 2009 Q4: 8,273; Number of borrowers with negative equity (estimated): Date: 2006 Q1: 1,142; Date: 2006 Q2: 1,320; Date: 2006 Q3: 1,640; Date: 2006 Q4: 1,948; Date: 2007 Q1: 2,220; Date: 2007 Q2: 2,465; Date: 2007 Q3: 2,499; Date: 2007 Q4: 2,449; Date: 2008 Q1: 2,404; Date: 2008 Q2: 2,331; Date: 2008 Q3: 2,281; Date: 2008 Q4: 2,252; Date: 2009 Q1: 2,214; Date: 2009 Q2: 2,122; Date: 2009 Q3: 2,039; Date: 2009 Q4: 1,972; Number of borrowers seriously delinquent: Date: 2006 Q1: 647; Date: 2006 Q2: 682; Date: 2006 Q3: 747; Date: 2006 Q4: 827; Date: 2007 Q1: 737; Date: 2007 Q2: 825; Date: 2007 Q3: 1,040; Date: 2007 Q4: 1,290; Date: 2008 Q1: 1,254; Date: 2008 Q2: 1,305; Date: 2008 Q3: 1,464; Date: 2008 Q4: 1,557; Date: 2009 Q1: 1,571; Date: 2009 Q2: 1,589; Date: 2009 Q3: 1,618; Date: 2009 Q4: 1,689; Percentage of borrowers with negative equity (estimated): Date: 2006 Q1: 10.9%; Date: 2006 Q2: 12.0%; Date: 2006 Q3: 14.1%; Date: 2006 Q4: 15.8%; Date: 2007 Q1: 17.5%; Date: 2007 Q2: 19.0%; Date: 2007 Q3: 20.1%; Date: 2007 Q4: 20.8%; Date: 2008 Q1: 21.6%; Date: 2008 Q2: 22.1%; Date: 2008 Q3: 22.5%; Date: 2008 Q4: 23.2%; Date: 2009 Q1: 23.7%; Date: 2009 Q2: 23.7%; Date: 2009 Q3: 23.8%; Date: 2009 Q4: 23.8%; Percentage of borrowers seriously delinquent: Date: 2006 Q1: 6.2%; 18.920.4 Date: 2006 Q2: 6.2%; Date: 2006 Q3: 6.4%; Date: 2006 Q4: 6.7%; Date: 2007 Q1: 5.8%; Date: 2007 Q2: 6.4%; Date: 2007 Q3: 8.4%; Date: 2007 Q4: 11.0%; Date: 2008 Q1: 11.3%; Date: 2008 Q2: 12.4%; Date: 2008 Q3: 14.5%; Date: 2008 Q4: 16.0%; Date: 2009 Q1: 16.8%; Date: 2009 Q2: 17.8%; Date: 2009 Q3: 18.9%; Date: 2009 Q4: 20.4%. State: Wisconsin; Date: 2006 Q1: Number of borrowers with active loans: Date: 2006 Q1: 71,766; Date: 2006 Q2: 74,395; Date: 2006 Q3: 77,953; Date: 2006 Q4: 80,259; Date: 2007 Q1: 82,662; Date: 2007 Q2: 83,262; Date: 2007 Q3: 78,243; Date: 2007 Q4: 72,957; Date: 2008 Q1: 67,914; Date: 2008 Q2: 63,384; Date: 2008 Q3: 59,768; Date: 2008 Q4: 56,623; Date: 2009 Q1: 53,803; Date: 2009 Q2: 51,303; Date: 2009 Q3: 48,998; Date: 2009 Q4: 46,992; Number of borrowers with negative equity (estimated): Date: 2006 Q1: 2,400; Date: 2006 Q2: 3,451; Date: 2006 Q3: 5,002; Date: 2006 Q4: 6,368; Date: 2007 Q1: 7,802; Date: 2007 Q2: 9,094; Date: 2007 Q3: 9,305; Date: 2007 Q4: 9,362; Date: 2008 Q1: 9,158; Date: 2008 Q2: 8,803; Date: 2008 Q3: 8,626; Date: 2008 Q4: 8,447; Date: 2009 Q1: 8,180; Date: 2009 Q2: 7,657; Date: 2009 Q3: 7,362; Date: 2009 Q4: 7,114; Number of borrowers seriously delinquent: Date: 2006 Q1: 4,477; Date: 2006 Q2: 4,886; Date: 2006 Q3: 5,822; Date: 2006 Q4: 6,789; Date: 2007 Q1: 7,131; Date: 2007 Q2: 8,188; Date: 2007 Q3: 9,706; Date: 2007 Q4: 10,948; Date: 2008 Q1: 11,181; Date: 2008 Q2: 11,056; Date: 2008 Q3: 11,338; Date: 2008 Q4: 11,592; Date: 2009 Q1: 11,608; Date: 2009 Q2: 11,912; Date: 2009 Q3: 12,531; Date: 2009 Q4: 12,770; Percentage of borrowers with negative equity (estimated): Date: 2006 Q1: 3.3%; Date: 2006 Q2: 4.6%; Date: 2006 Q3: 6.4%; Date: 2006 Q4: 7.9%; Date: 2007 Q1: 9.4%; Date: 2007 Q2: 10.9%; Date: 2007 Q3: 11.9%; Date: 2007 Q4: 12.8%; Date: 2008 Q1: 13.5%; Date: 2008 Q2: 13.9%; Date: 2008 Q3: 14.4%; Date: 2008 Q4: 14.9%; Date: 2009 Q1: 15.2%; Date: 2009 Q2: 14.9%; Date: 2009 Q3: 15.0%; Date: 2009 Q4: 15.1%; Percentage of borrowers seriously delinquent: Date: 2006 Q1: 6.2%; Date: 2006 Q2: 6.6%; Date: 2006 Q3: 7.5%; Date: 2006 Q4: 8.5%; Date: 2007 Q1: 8.6%; Date: 2007 Q2: 9.8%; Date: 2007 Q3: 12.4%; Date: 2007 Q4: 15.0%; Date: 2008 Q1: 16.5%; Date: 2008 Q2: 17.4%; Date: 2008 Q3: 19.0%; Date: 2008 Q4: 20.5%; Date: 2009 Q1: 21.6%; Date: 2009 Q2: 23.2%; Date: 2009 Q3: 25.6%; Date: 2009 Q4: 27.2%. State: Wyoming; Date: 2006 Q1: Number of borrowers with active loans: Date: 2006 Q1: 7,989; Date: 2006 Q2: 8,294; Date: 2006 Q3: 8,563; Date: 2006 Q4: 8,918; Date: 2007 Q1: 9,311; Date: 2007 Q2: 9,291; Date: 2007 Q3: 8,654; Date: 2007 Q4: 8,012; Date: 2008 Q1: 7,425; Date: 2008 Q2: 6,832; Date: 2008 Q3: 6,375; Date: 2008 Q4: 5,970; Date: 2009 Q1: 5,655; Date: 2009 Q2: 5,330; Date: 2009 Q3: 5,039; Date: 2009 Q4: 4,792; Number of borrowers with negative equity (estimated): Date: 2006 Q1: 30; Date: 2006 Q2: 64; Date: 2006 Q3: 118; Date: 2006 Q4: 173; Date: 2007 Q1: 274; Date: 2007 Q2: 414; Date: 2007 Q3: 448; Date: 2007 Q4: 464; Date: 2008 Q1: 464; Date: 2008 Q2: 460; Date: 2008 Q3: 459; Date: 2008 Q4: 448; Date: 2009 Q1: 441; Date: 2009 Q2: 421; Date: 2009 Q3: 396; Date: 2009 Q4: 370; Number of borrowers seriously delinquent: Date: 2006 Q1: 132; Date: 2006 Q2: 132; Date: 2006 Q3: 432; Date: 2006 Q4: 592; Date: 2007 Q1: 612; Date: 2007 Q2: 753; Date: 2007 Q3: 338; Date: 2007 Q4: 387; Date: 2008 Q1: 401; Date: 2008 Q2: 396; Date: 2008 Q3: 405; Date: 2008 Q4: 449; Date: 2009 Q1: 486; Date: 2009 Q2: 575; Date: 2009 Q3: 657; Date: 2009 Q4: 65; Percentage of borrowers with negative equity (estimated): Date: 2006 Q1: 0.4%; Date: 2006 Q2: 0.8%; Date: 2006 Q3: 1.4%; Date: 2006 Q4: 1.9%; Date: 2007 Q1: 2.9%; Date: 2007 Q2: 4.5%; Date: 2007 Q3: 5.2%; Date: 2007 Q4: 5.8%; Date: 2008 Q1: 6.2%; Date: 2008 Q2: 6.7%; Date: 2008 Q3: 7.2%; Date: 2008 Q4: 7.5%; Date: 2009 Q1: 7.8%; Date: 2009 Q2: 7.9%; Date: 2009 Q3: 7.9%; Date: 2009 Q4: 7.7%; Percentage of borrowers seriously delinquent: Date: 2006 Q1: 2.2%; Date: 2006 Q2: 2.6%; Date: 2006 Q3: 2.8%; Date: 2006 Q4: 2.9%; Date: 2007 Q1: 2.8%; Date: 2007 Q2: 3.0%; Date: 2007 Q3: 3.9%; Date: 2007 Q4: 4.8%; Date: 2008 Q1: 5.4%; Date: 2008 Q2: 5.8%; Date: 2008 Q3: 6.4%; Date: 2008 Q4: 7.5%; Date: 2009 Q1: 8.6%; Date: 2009 Q2: 10.8%; Date: 2009 Q3: 13.0%; Date: 2009 Q4: 13.8%. State: Total (all states and the District of Columbia); Date: 2006 Q1: Number of borrowers with active loans: Date: 2006 Q1: 7,042,247; Date: 2006 Q2: 7,332,583; Date: 2006 Q3: 7,660,361; Date: 2006 Q4: 7,949,339; Date: 2007 Q1: 8,221,852; Date: 2007 Q2: 8,358,373; Date: 2007 Q3: 7,992,184; Date: 2007 Q4: 7,577,782; Date: 2008 Q1: 7,143,347; Date: 2008 Q2: 6,728,294; Date: 2008 Q3: 6,374,170; Date: 2008 Q4: 6,090,063; Date: 2009 Q1: 5,821,670; Date: 2009 Q2: 5,556,210; Date: 2009 Q3: 5,319,566; Date: 2009 Q4: 5,106,683; Number of borrowers with negative equity (estimated): Date: 2006 Q1: 940,794; Date: 2006 Q2: 1,215,056; Date: 2006 Q3: 1,539,004; Date: 2006 Q4: 1,845,318; Date: 2007 Q1: 2,145,353; Date: 2007 Q2: 2,453,835; Date: 2007 Q3: 2,514,270; Date: 2007 Q4: 2,523,852; Date: 2008 Q1: 2,497,956; Date: 2008 Q2: 2,412,966; Date: 2008 Q3: 2,314,600; Date: 2008 Q4: 2,229,881; Date: 2009 Q1: 2,143,119; Date: 2009 Q2: 2,039,041; Date: 2009 Q3: 1,946,828; Date: 2009 Q4: 1,861,880; Number of borrowers seriously delinquent: Date: 2006 Q1: 279,177; Date: 2006 Q2: 299,930; Date: 2006 Q3: 354,594; Date: 2006 Q4: 431,636; Date: 2007 Q1: 469,503; Date: 2007 Q2: 558,255; Date: 2007 Q3: 703,785; Date: 2007 Q4: 876,555; Date: 2008 Q1: 969,626; Date: 2008 Q2: 1,021,676; Date: 2008 Q3: 1,077,138; Date: 2008 Q4: 1,204,241; Date: 2009 Q1: 1,294,916; Date: 2009 Q2: 1,342,652; Date: 2009 Q3: 1,400,282; Date: 2009 Q4: 1,439,903; Percentage of borrowers with negative equity (estimated): Date: 2006 Q1: 13.4%; Date: 2006 Q2: 16.6%; Date: 2006 Q3: 20.1%; Date: 2006 Q4: 23.2%; Date: 2007 Q1: 26.1%; Date: 2007 Q2: 29.4%; Date: 2007 Q3: 31.5%; Date: 2007 Q4: 33.3%; Date: 2008 Q1: 35.0%; Date: 2008 Q2: 35.9%; Date: 2008 Q3: 36.3%; Date: 2008 Q4: 36.6%; Date: 2009 Q1: 36.8%; Date: 2009 Q2: 36.7%; Date: 2009 Q3: 36.6%; Date: 2009 Q4: 36.5%; Percentage of borrowers seriously delinquent: Date: 2006 Q1: 4.0%; Date: 2006 Q2: 4.1%; Date: 2006 Q3: 4.6%; Date: 2006 Q4: 5.4%; Date: 2007 Q1: 5.7%; Date: 2007 Q2: 6.7%; Date: 2007 Q3: 8.8%; Date: 2007 Q4: 11.6%; Date: 2008 Q1: 13.6%; Date: 2008 Q2: 15.2%; Date: 2008 Q3: 16.9%; Date: 2008 Q4: 19.8%; Date: 2009 Q1: 22.2%; Date: 2009 Q2: 24.2%; Date: 2009 Q3: 26.3%; Date: 2009 Q4: 28.2%. Source: GAO analysis of CoreLogic loan data and CoreLogic's state- level house price index. [End of figure] [End of enclosure] Footnotes: [1] GAO, Loan Performance and Negative Home Equity in the Nonprime Mortgage Market, [hyperlink, http://www.gao.gov/products/GAO-10-146R] (Washington, D.C.: Dec. 16, 2009). [2] We considered loans to be seriously delinquent if borrowers were 90 days or more late on their mortgage payments or in the foreclosure process. [3] See [hyperlink, http://www.gao.gov/products/GAO-10-146R] and GAO, Characteristics and Performance of Nonprime Mortgages, [hyperlink, http://www.gao.gov/products/GAO-09-848R] (Washington, D.C.: July 28, 2009). [4] Nonagency mortgage-backed securities (MBS), also known as private- label MBS, are backed by nonconforming conventional mortgages securitized primarily by investment banks. Nonconforming mortgages are those that do not meet the purchase requirements of Fannie Mae or Freddie Mac because they are too large or do not meet their underwriting criteria. About 75 percent of subprime and Alt-A mortgages originated from 2001 through 2007 were securitized. [5] The CoreLogic database has a loan-level indicator for loan class (i.e., subprime or Alt-A), but it is not well populated. Therefore, we used the pool-level classification. According to mortgage researchers, some of the loans in subprime pools may not be subprime loans, and some of the loans in Alt-A pools may not be Alt-A loans. [6] Single family attached and detached homes include condominiums, townhouses, and cooperatives. Newly constructed homes are necessarily excluded from the index because they have not been sold repeatedly. The CoreLogic index uses a value-weighted regression model that gives greater weight to price trends for more expensive homes than other homes. To limit the influence of atypical changes in the value of individual homes, the CoreLogic index also excludes certain transactions, such as nonarms length sales, those with outlier prices, closely spaced sales that may represent investor churning or "flipping," and sales with unusually high appreciation rates that likely indicate significant property improvements. [7] Our analysis focused on whether or not a nonprime borrower was in a negative equity position. We did not estimate the extent to which a nonprime borrower's outstanding loan balance exceeded the estimated value of the home, a factor that could affect the probability of serious delinquency for a given loan. [8] To the extent that nonprime borrowers had second liens, our analysis may understate the extent of negative home equity. To the extent that some nonprime borrowers had more than one mortgaged property, our results may overstate the actual number of individual nonprime borrowers with negative home equity. [9] Correlation is the degree to which two variables' movements are associated. Our analysis used a statistical measure of association-- the Pearson's correlation coefficient--which ranges in value from negative 1 to positive 1, with negative 1 indicating a perfect negative correlation, 0 an absence of correlation, and positive 1 a perfect positive correlation. [10] There is no uniform definition of default across the lending industry. For purposes of this report, we use the definition provided. [11] Our quarterly estimates of negative equity include only borrowers whose loans were active at the end of each quarter. [12] Using a different house price index, we previously estimated that 25 percent of borrowers who obtained nonprime mortgages from 2000 through 2007 and whose loans were active as of June 30, 2009, had negative equity as of that date (see [hyperlink, http://www.gao.gov/products/GAO-10-146R]). That estimate used the Federal Housing Finance Agency's (FHFA) All-Transactions Index for 384 metropolitan areas covering approximately 84 percent of the U.S. population. The FHFA index does not include data for homes with certain types of financing, including subprime mortgages. We noted that our estimates using the FHFA index likely understated the extent of negative equity among nonprime borrowers. The CoreLogic state-level house price index, by contrast, includes all types of financing and transactions outside of metropolitan areas. [13] At the end of 2009, 66 percent of the borrowers with negative equity had mortgages on homes in Arizona, California, Florida, and Nevada, the four states with the largest percentage point increases in negative equity rates. [14] That is, South Carolina ranked in the middle (26th) among the 50 states and the District of Columbia in the increase in negative equity rates. [15] Some states experienced a modest decrease in their negative equity rates from the second quarter of 2008 through the end of 2009. For example, Hawaii's rate decreased by 0.4 percentage points, Kentucky's decreased by 0.2 percentage points, and Mississippi's decreased by 0.9 percentage points. [16] Specifically, the correlation coefficient between our measures for increases in negative equity rates and serious delinquency rates was 0.72. (The correlation coefficient is a statistical measure of association, with a value of 1 indicating a perfect positive correlation.) [17] The six states were Arizona, California, Florida, Illinois, Maryland, and Nevada. [18] The four states were Idaho, Michigan, Rhode Island, and Virginia. [19] The five states were Louisiana, Nebraska, North Dakota, Oklahoma, and South Dakota. [20] The five were the District of Columbia, Hawaii, Iowa, Maine, and Montana. [End of section]