New Loan Modifications and Payment Plans Implemented

January — June 2008

New loan modifications increased by more than 80 percent from January to June and, on a quarterly basis, increased by 56 percent from the first to second quarter. By comparison, new payment plans grew only 8 percent from January to June 2008, and increased just more than 2.7 percent from the first to second quarter. As a result, the mix of loss mitigation shifted toward loan modifications from the first to second quarter with the share of loan modifications increasing from 34.5 percent to 44.5 percent.

Total new loss mitigation actions, loan modifications and payment plans, totaled 252,508 during the second quarter, an increase of more than 21 percent over the first quarter. Total monthly loss mitigation actions reached more than 90,000 in June.

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