OCC: Newly Initiated Home Retention Actions Relative to Newly Initiated Foreclosures

Newly Initiated Home Retention Actions Relative to Newly Initiated Foreclosures

First Quarter 2009

The following data showed newly initiated home retention actions as a percentage of newly initiated foreclosures during each quarter. For any given risk category, a percentage exceeding 100 percent means the number of newly initiated home retention actions exceeded the number of newly initiated foreclosures.

Home retention actions—loan modifications and payment plans—generally increased at a faster pace than new foreclosures during the first quarter. Subprime mortgages received more than twice as many new home retention actions as new foreclosures during the quarter. By contrast, prime mortgages received more new foreclosures than home retention actions during the quarter. Servicers report that in many cases, prime borrowers have lost too much income or incurred too much debt to allow for effective loan modification.

Newly initiated foreclosures are described in more detail later in the report.

Newly Initiated Home Retention Actions (Percent of Newly Initiated Foreclosures)
	3/31/2008	6/30/2008	9/30/2008	12/31/2008	3/31/2009	1Q %Change	1Y %Change
Prime	36.5%	40.2%	50.1%	64.9%	67.7%	4.4%	85.4%
Alt-A	70.7%	91.2%	103.2%	120.5%	131.8%	9.4%	86.3%
Subprime	114.4%	150.9%	148.6%	174.9%	203.4%	16.3%	77.9%
Other	89.7%	115.4%	124.2%	132.5%	111.4%	-15.9%	24.2%
Overall	72.3%	88.0%	95.7%	112.9%	115.9%	2.7%	60.3%
Newly Initiated Home Retention Actions	202,625	254,054	268,791	296,534	337,192	13.7%	66.4%
Newly Initiated Foreclosures	280,161	288,689	281,285	262,691	290,920	10.8%	3.8%

Newly Initiated Home Retention Actions (Percent of Newly Initiatied Foreclosures)

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Appendixes

Newly Initiated Home Retention Actions Relative to Newly Initiated Foreclosures

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