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New Loan Modifications and Payment Plans Implemented

The pace of new loss mitigation actions generally increased from November through March.

While there were substantially more payment plans than loan modifications, the latter increased at a faster rate than payment plans. That is, loan modifications as a percentage of total loss mitigation actions increased from 19 percent in November to more than 25 percent by the end of March.

New Modifications and Payment Plans Implemented 6

Nov-07Dec-07Jan-08Feb-08Mar-08
Modifications8,8887,85510,41111,78513,586
Payment Plans37,56240,44345,29638,50939,905
Total Loss Mitigation Actions46,45048,29855,70750,29453,491

 New Modifications and Payment Plans Implemented 

 6 New loss mitigation actions are presented from November through March because the reporting method used to calculate new actions requires data from the previous month–end.  Because October was the first month with reported data, new loss mitigation actions could not be determined for that month.


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