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No. of Recommendations: 30
You have to look at the Form 10Q to see the dirty laundry:

Table 26 on page 29 breaks out the non-performing loans
Of the $706M of nonperfoming assets, residential mortgages were only $68M.
But of the $360M of loans that are 90 days past due (but not yet considered non-performing) $116M are residential mortgages.

Residential Mortgage Outstandings, as of Sept 30 (page 28):

Greater than 80% LTV with no mortgage insurance:
2007: 21% of total, 6.9% delinquency rate
2006: 22% of total, 3.6% delinquency rate

Interest Only:
2007: 18% of total, 1.4% delinquency rate
2006: 14% of total, 0.08% delinquency rate

Greater than 80% LTV and Interest Only:
2007: 6% of total, 3.7% delinquent
2006: 6% of total, 0.38% delinquent

The Bancorp also sells certain of these mortgage products in the secondary market with recourse. The outstanding balances and delinquency rates for these loans sold with recourse as of September 30, 2007 and 2006 were $1.6 billion and 2.36% and $1.1 billion and 1.66%, respectively.

My conclusion: The mortgage part of nonperfoming loans is a very small part of the total, but growing rapidly. I would say the main thing to watch with Fifth Third is the state of the economy and unemployment in the Midwest rather than defaults on home loans. Most of the nonperforming loans at this time are commercial loans, commercial mortgages and commercial construction.
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