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New Loan Modifications Relative to New Foreclosures

January — June 2008

New Loan Modifications Relative to New Foreclosures

New loan modifications as a percentage of new foreclosures increased in all categories during the reporting period. The increase in the percentage accelerated during the second quarter as new loan modifications significantly outpaced new foreclosures.

New loan modifications as a percentage of new foreclosures varied directly with the risk of the loan. The ratio was consistently highest for subprime loans during the reporting period, followed by Alt-A mortgages. Prime mortgages consistently received the fewest loan modifications relative to new foreclosure actions.

 

New Loan Modifications
(% of new foreclosures)
Jan-08Feb-08Mar-08Apr-08May-08Jun-08
Prime13.28%12.54%14.14%21.95%18.90%19.54%
Alt-A23.77%23.19%28.91%40.11%37.12%45.86%
Subprime38.25%41.69%56.31%70.06%64.05%82.46%
Other22.68%23.49%21.38%27.62%25.96%31.94%
Overall24.40%24.55%28.43%38.38%35.29%43.17%

  New Loan Modifications (% of new foreclosures)  


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