OCC: Re-Default Rates of Modified Loans: 90 or More Days Delinquent

Re-Default Rates of Modified Loans: 90 or More Days Delinquent

First Quarter 2009

Using the re-default measure of 90 or more days delinquent or in the process of foreclosure, the rates of re-default were lower, as would be expected. Nevertheless, re-defaults measured as 90 or more days delinquent have continued to increase over time subsequent to modification, with more recent quarterly vintages of modifications showing higher re-default rates at the same length of time after the modification than earlier vintages.

Modified Loans 90 or More Days Delinquent (90+ Re-Default Rate for 2008 Modifications
Modification Date	Three Months after Modification	Six Months after Modification	Nine Months after Modification	12 Months after Modification
First Quarter	13.6%	26.2%	36.1%	44.5%
Second Quarter	17.1%	32.8%	41.8%	--
Third Quarter	18.8%	36.6%	--	--
Fourth Quarter	18.6%	--	--	--

Modified Loans 90 or More Days Delinquent

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Appendixes

Re-Default Rates of Modified Loans: 90 or More Days Delinquent

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