Home Retention Actions Relative to Forfeiture Actions, by Risk Category

First Quarter 2009

During the first quarter of 2009, newly initiated home retention actions—loan modifications and payment plans—increased for prime, Alt-A, and subprime mortgages, while the number of completed foreclosures and other home forfeiture actions—short sales and deed-in-lieu-of-foreclosure actions—decreased. 

Prime loans showed the lowest ratio of home retention actions relative to completed foreclosures and other forfeiture actions.  While new home retention actions significantly increased for prime loans and completed foreclosures declined during the first quarter, the decrease in completed foreclosures was much lower for prime loans than for other borrowers.  For subprime loans, newly initiated home retention actions were more than seven times the number of completed foreclosures and other home forfeiture actions in the first quarter of 2009.

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