OCC Mortgage Metrics Report
New Loan Modifications Relative to New Foreclosures
New loan modifications as a percentage of new foreclosures increased in all categories between November and March.
The ratio was also higher the greater the risk of the loan category. Prime mortgages received the fewest loan modifications relative to new foreclosure actions. Conversely, subprime mortgages had the highest ratios, and in March, they had just over half as many new loan modifications as new foreclosures.
New Loan Modifications
(% of New Foreclosures) |
Nov-07 |
Dec-07 |
Jan-08 |
Feb-08 |
Mar-08 |
| Composition |
|
|
|
|
|
| Prime |
11.69% |
8.27% |
8.38% |
10.06% |
16.09% |
| Alt-A |
18.85% |
14.80% |
16.61% |
21.71% |
31.36% |
| Subprime |
28.30% |
24.04% |
26.58% |
35.92% |
52.11% |
| Other |
21.07% |
17.82% |
20.28% |
24.23% |
21.12% |
| Overall |
20.57% |
16.39% |
17.90% |
22.82% |
29.73% |
|
