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New Payment Plans Relative to Newly Initiated Foreclosures

Third Quarter 2008

New payment plans as a percentage of newly initiated foreclosures increased to nearly 55 percent in the third quarter, reflecting the increase in new payment plans as well as the decline in newly initiated foreclosures.

Subprime and “other” loans had the most new payment plans as a percentage of newly initiated foreclosures during the third quarter. Prime loans consistently had the fewest new payment plans relative to newly initiated foreclosures.

New Payment Plans (% of newly initiated foreclosures)
 First QuarterSecond QuarterThird Quarter
Prime24.33%23.06%29.04%
Alt-A46.39%50.03%56.89%
Subprime73.09%75.66%79.23%
Other73.03%75.47%90.73%
Overall48.86%48.21%54.98%

 New Payment Plans (% of newly initiated foreclosures) 


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