OCC and OTS Mortgage Metrics Report
Third Quarter 2008
New Payment Plans Relative to Newly Initiated Foreclosures
New payment plans as a percentage of newly initiated foreclosures increased to nearly 55 percent in the third quarter, reflecting the increase in new payment plans as well as the decline in newly initiated foreclosures.
Subprime and “other” loans had the most new payment plans as a percentage of newly initiated foreclosures during the third quarter. Prime loans consistently had the fewest new payment plans relative to newly initiated foreclosures.
| New Payment Plans (% of newly initiated foreclosures)
|
| |
First Quarter
|
Second Quarter
|
Third Quarter
|
| Prime |
24.33% |
23.06% |
29.04% |
| Alt-A |
46.39% |
50.03% |
56.89% |
| Subprime |
73.09% |
75.66% |
79.23% |
| Other |
73.03% |
75.47% |
90.73% |
| Overall |
48.86% |
48.21% |
54.98% |
|
