OCC and OTS Mortgage Metrics Report
First Quarter 2009
Newly Initiated Home Retention Actions Relative to Newly Initiated Foreclosures
The following data showed newly initiated home retention actions as a percentage of newly initiated foreclosures during each quarter. For any given risk category, a percentage exceeding 100 percent means the number of newly initiated home retention actions exceeded the number of newly initiated foreclosures.
Home retention actions—loan modifications and payment plans—generally increased at a faster pace than new foreclosures during the first quarter. Subprime mortgages received more than twice as many new home retention actions as new foreclosures during the quarter. By contrast, prime mortgages received more new foreclosures than home retention actions during the quarter. Servicers report that in many cases, prime borrowers have lost too much income or incurred too much debt to allow for effective loan modification.
Newly initiated foreclosures are described in more detail later in the report.
Newly Initiated Home Retention Actions (Percent of Newly Initiated Foreclosures) |
|
3/31/2008 |
6/30/2008 |
9/30/2008 |
12/31/2008 |
3/31/2009 |
1Q %Change |
1Y %Change |
Prime |
36.5% |
40.2% |
50.1% |
64.9% |
67.7% |
4.4% |
85.4% |
Alt-A |
70.7% |
91.2% |
103.2% |
120.5% |
131.8% |
9.4% |
86.3% |
Subprime |
114.4% |
150.9% |
148.6% |
174.9% |
203.4% |
16.3% |
77.9% |
Other |
89.7% |
115.4% |
124.2% |
132.5% |
111.4% |
-15.9% |
24.2% |
Overall |
72.3% |
88.0% |
95.7% |
112.9% |
115.9% |
2.7% |
60.3% |
Newly Initiated Home Retention Actions |
202,625 |
254,054 |
268,791 |
296,534 |
337,192 |
13.7% |
66.4% |
Newly Initiated Foreclosures |
280,161 |
288,689 |
281,285 |
262,691 |
290,920 |
10.8% |
3.8% |
|
