OCC Mortgage Metrics Report
Total End–of–Month Loss Mitigation Actions
The report includes data on only the two most common types of loss mitigation actions: loan modifications and payment plans. In addition, a loan modification or payment plan is not counted until it is actually implemented. We plan to include data on other types of loss mitigation, such as HomeSaver Advance, FHASecure, partial claims, new subsidy programs, and refinances with principal forgiveness in future reports.
Loss mitigation actions totaled 166,879 at the end of March. Payment plans outnumbered loan modifications by more than four to one.
The greatest number of loss mitigation actions occurred with respect to subprime and Alt-A mortgages.
Although subprime mortgages constituted less than 9 percent of the total portfolio, subprime loss mitigation actions constituted 43 percent of all loss mitigation actions.
Similarly, while Alt-A mortgages comprised about 9 percent of the total portfolio, Alt-A loss mitigation actions constituted 19 percent of all loss mitigation actions.
Loss Mitigation Actions |
Mar-08 |
|
Loan Modifications |
30,906 |
Payment Plans |
135,973 |
| Total Loss Mitigation Actions |
166,879 |
| Composition |
|
% of Total Loss Mitigation Actions |
% of Total Servicing Portfolio |
Prime |
25,265 |
15% |
62% |
Alt-A |
32,001 |
19% |
9% |
Subprime |
71,682 |
43% |
9% |
Other |
37,931 |
23% |
20% |
|
