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Appendix A – Loan Modifications
January — June 2008
Loan modifications are defined as mortgages for which terms of the loan are contractually changed, usually with respect to interest rates or amortization schedule and maturity.
Total modified loans outstanding at the end June were 140,222, or 48 percent of all loans under loss mitigation.
Modifications were concentrated in subprime mortgages at more than 48 percent of all outstanding modifications, despite subprime mortgages constituting less than 9 percent of the total portfolio.
Conversely, prime mortgages constituted 66 percent of the total portfolio and comprised only 21 percent of all modified mortgages.