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B. Re-Default Rates of Modified Loans-in Aggregate

Fourth Quarter 2008

 Re-Default Rates of Modified Loans: 60 or More Days Delinquent

Consistent with last quarter's report, re-default rates on modified loans—measured here as 60 or more days delinquent or in the process of foreclosure—were high and rising for loans modified in each of the first three quarters of 2008. In addition, the re-default rate increased for loans modified in each successive quarter, with loans modified in the third quarter having the highest re-default rates.10

Modified Loans 60 or More Days Delinquent (60+ Re-Default Rate)
Modification DateThree Months after
Modification		Six Months after
Modification		Nine Months after
Modification
First Quarter22.2%35.2%43.8%
Second Quarter26.8%41.8%X
Third Quarter31.3%XX

 Modified Loans 60 or More Days Delinquent (60+ Re-Default Rate) (Percent of All Loans Modified in Each Quarter) 

 10 Insufficient time has passed to measure loans originated in the second and third quarter at nine months or to measure loans originated in the third quarter after six months. Data include loans for those quarters only when they have had sufficient time to age the indicated number of months.


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