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Changes to Monthly Payments Due to Modification-Full Year 2008

Fourth Quarter 2008

As the chart below shows, for all of 2008, 41.85 percent of all modifications reduced monthly principal and interest payments; 26.58 percent left payments unchanged; and 31.57 percent increased monthly payments.13

Changes in Monthly Payments for Loans Modified in 2008
 Percent of All ModificationsNumber of Modifications in Each Category
Decreased by More than 10%29.31%124,008
Decreased by 10% or Less12.54%53,083
Unchanged26.58%112,476
Increased31.57%133,585
Total100.00%423,152

 Changes in Monthly Payments for Loans Modified in 2008 

 13 Some servicers were unable to report the change in monthly payment for all modifications due to system limitations and processing lag times. Payment change information was not reported on 3,412 modifications in the first quarter, 6,563 in the second quarter, 6,888 in the third quarter, and 6,652 in the fourth quarter.


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