Who Owns Defaulted Mortgages?

[Will E.]

I have been told by real estate brokers in different geographies of the Western US that the local banks control more than three years of supply of homes that are in default but that they refuse to foreclose on. The robo-signing scandal aside, it appears that the banks are simply allowing the homeowners to continue to live in these properties rent-and-mortgage-free. The banks only foreclose on small numbers of properties at a time, thus artificially limiting the supply of homes on the local market, and sending home prices higher.

My question is does someone have a percentage breakdown of who actually owns these defaulted mortgages that remain unforeclosed? Specifically:

- What percentage are owned by banks outright?

- What percentage are owned by agencies (Freddie, Fannie, etc)?

- What percentage are wrapped up in securitizations which are then in turn owned by corporate and bank owners across the world?

- What percentage are owned by other types of owners?

I'm hoping that understanding how the ownership divides up might reveal insights into why so many of these "shadow inventory" homes remain unforeclosed.

Any and all insights to this interesting situation are appreciated.