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New Loan Modifications Relative to Seriously Delinquent Mortgages

January — June 2008

The increase in new loan modifications outpaced the increase in seriously delinquent mortgages during the reporting period.

New loan modifications as a percentage of seriously delinquent mortgages generally increased each month, from 2.38 percent at the end of January to 2.84 percent at the end of March and 4.05 percent at the end of June. The increase accelerated during the second quarter because of the significant increase in new modifications.

New loan modifications as a percentage of seriously delinquent mortgages were consistently highest for subprime loans, the highest risk segment of the serviced portfolio.

While the percentage of new loan modifications relative to seriously delinquent mortgages increased in every category during the reporting period, the increase was greatest for subprime loans at 2.88 percentage points, followed by Alt-A loans at 1.82 percentage points.

New Loan Modifications
(% of Seriously Delinquent)
Jan-08Feb-08Mar-08Apr-08May-08Jun-08
Prime1.81%1.77%2.16%3.25%2.81%2.58%
Alt-A2.51%2.61%3.09%4.08%3.88%4.33%
Subprime3.03%3.29%3.75%4.69%4.75%5.91%
Other1.65%1.84%1.62%1.96%1.85%2.30%
Overall2.38%2.50%2.84%3.73%3.57%4.05%

  New Loan Modifications (5 of seriously delinquent)  


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