OCC and OTS Mortgage Metrics Report
Third Quarter 2008
New Modifications Relative to Newly Initiated Foreclosures
New modifications as a percentage of newly initiated foreclosures increased in all categories except “other” loans.
New modifications as a percentage of newly initiated foreclosures varied directly with the risk of the loan. The ratio was consistently highest for subprime loans and consistently lowest for prime loans.
| New Loan Modifications (% of newly initiated foreclosures)
|
| |
First Quarter
|
Second Quarter
|
Third Quarter
|
| Prime |
13.40% |
20.07% |
25.69% |
| Alt-A |
25.37% |
41.23% |
54.98% |
| Subprime |
44.76% |
71.94% |
80.59% |
| Other |
23.75% |
34.96% |
33.37% |
| Overall |
26.01% |
39.64% |
47.32% |
|
