OCC: Appendix B—New Payment Plans

Appendix B—New Payment Plans

First Quarter 2009

New payment plans fell to 152,036 during the first quarter of 2009—decreasing by 14.3 percent from the previous quarter but increasing by 12.9 percent from the first quarter of 2008. The reduction in payment plans reflected the continuing shift to loan modifications as the primary home retention loss mitigation strategy, a build-up of payment plans in advance of modification guidelines established by the "Making Home Affordable" program, and some evolution of what was recorded as a payment plan.

New payment plans declined across all risk categories in the first quarter. The rate of decrease was largest for subprime borrowers, which constituted about 36 percent of all new payment plans in the quarter but declined by nearly 20 percent from the previous quarter. The rate of decrease in first quarter was lowest for prime borrowers.

Number of New Payment Plans
	3/31/2008	6/30/2008	9/30/2008	12/31/2008	3/31/2009	1Q %Change	1Y %Change
Prime	25,372	25,243	34,058	43,708	40,443	-7.5%	59.4%
Alt-A	28,121	26,987	32,798	37,272	31,837	-14.6%	13.2%
Subprime	56,313	49,104	60,048	67,558	54,181	-19.8%	-3.8%
Other	24,818	24,780	27,745	28,776	25,575	-11.1%	3.1%
Total	134,624	126,114	154,649	177,314	152,036	-14.3%	12.9%
Number of New Payment Plans Relative to Mortgages in that Category
Prime	0.1%	0.1%	0.2%	0.2%	0.2%	-6.9%	57.7%
Alt-A	0.8%	0.8%	0.9%	1.0%	0.9%	-13.2%	15.0%
Subprime	1.8%	1.6%	2.0%	2.2%	1.9%	-15.5%	3.8%
Other	0.5%	0.5%	0.6%	0.6%	0.5%	-8.1%	11.6%
Total	0.4%	0.4%	0.5%	0.5%	0.5%	-13.0%	14.4%

Number of New Payment Plans

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Appendixes

Appendix B—New Payment Plans

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