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New Modifications Relative to Seriously Delinquent Mortgages

Third Quarter 2008

Loan modifications were stable relative to seriously delinquent mortgages during the third quarter, with new modifications generally increasing at the same pace as serious delinquencies.12 Modifications relative to serious delinquencies increased for subprime and Alt-A loans, and declined for other loans.

New modifications as a percentage of seriously delinquent mortgages were consistently highest for subprime loans, the highest risk segment of the serviced portfolio.

New Loan Modifications (% of seriously delinquent)
 First QuarterSecond QuarterThird Quarter
Prime5.81%8.61%8.59%
Alt-A8.29%12.43%13.46%
Subprime10.12%15.35%15.51%
Other5.41%7.33%6.11%
Overall7.83%11.59%11.60%

 New Loan Modifications (% of seriously delinquent) 

 12 The percentage relative to serious delinquencies is calculated using weighted averages. The weighted average refers to the average monthly outstanding number of seriously delinquent mortgages over the three months of a quarter.


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