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60 or More Days Delinquent

First Quarter 2009

The percentage of loans that were 60 or more days delinquent or in the process of foreclosure rose steadily in the months subsequent to modification for all vintages where data were available.19 It is noteworthy that modifications implemented in the first two quarters of 2008 re-defaulted at a lower rate than those in the third quarter, measured at the same number of months after modification.  Those modifications implemented in the fourth quarter of 2008 have re-defaulted at a slightly lower rate than the preceding quarter.  However, it is too early to determine whether the data for the fourth quarter portend a sustained improvement in performance resulting from recent changes to modification practices.

Modified Loans 60 or More Days Delinquent
(60+ Re-Default Rate for 2008 Modifications)
Modification DateThree Months after ModificationSix Months after ModificationNine Months after Modification

12 Months
after Modification20

First Quarter

23.2%

36.7%

45.7%

52.1%

Second Quarter

28.2%

44.0%

49.8%

--

Third Quarter

31.8%

46.1%

--

--

Fourth Quarter

29.1%

--

--

--

 Modified Loans 60 or More Days Delinquent 

 19 Data include only those modifications that have had sufficient time to age the indicated number of months.

 20 Re-default rates will be different from the March 31, 2009, loan status data reported on page 27.  The re-default data include only those modified loans that are still active at the end of the indicated number of months after the modification.  The status table reflects the current status of all loans modified during the quarter, including those that are no longer active (repaid, foreclosed, or otherwise removed from the servicing system).  In addition, there are various servicing system processing differences that may have a lesser effect on the reported data.


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