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Re-Default Rates of Modified Loans, by Changes to Monthly Payments (60 or More Days Delinquent)

Fourth Quarter 2008

Using the 60-or-more-days-delinquency measure of re-default, the next three pages of graphs show that the same trend held true for loans modified in each of the first, second, and third quarters of 2008. That is, modifications with payment reductions of more than 10 percent had by far the lowest re-default rates, followed by modifications with less than 10 percent reductions, modifications with payment increases, and modifications with payments unchanged.

 Percentage of Loans 60 or More Days Delinquent after Modification (Only those Loans Modified during the First Quarter of 2008)   


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