OCC and OTS Mortgage Metrics Report

Fourth Quarter 2008

Appendix C—First Quarter 2008: Re-Default Rates of Modified Loans, by Changes to Monthly Payments (60 or More Days Delinquent)

Using the 60-or-more-days-delinquency measure of re-default, the next three pages of graphs show that the same trend held true for loans modified in each of the first, second, and third quarters of 2008. That is, modifications with payment reductions of more than 10 percent had by far the lowest re-default rates, followed by modifications with less than 10 percent reductions, modifications with payment increases, and modifications with payments unchanged.

Percentage of Loans 60 or More Days Delinquent after Modification (Only those Loans Modified during the First Quarter of 2008)

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Contents

Executive Summary

About Mortgage Metrics

Definitions and Methods

PART I: Mortgage Performance

Overall Mortgage Portfolio

Overall Mortgage Performance

Performance of Government Guaranteed Mortgages

Seriously Delinquent Mortgages, by Risk Category

Mortgages 30-59 Days Delinquent, by Risk Category

First Payment Default, by Risk Category

PART II: Home Retention Actions

A. Loan Modifications and Payment Plans

Newly Initiated Home Retention Actions

Newly Initiated Home Retention Actions Relative to Newly Initiated Foreclosures

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

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

Re-Default Rates of Modified Loans: 30 or More Days Delinquent

Re-Default Rates of Modified Loans: 90 or More Days Delinquent

Re-Default Rates: Portfolio Loans vs. Loans Serviced for Others (60 or More Days Delinquent)

C. Re-Default Rates of Modified Loans—by Changes in Monthly Payments

Changes to Monthly Payments Due to Modification—Full Year 2008

Changes to Monthly Payments Due to Modifications—by Quarters in 2008

Modified Loans 60 or More Days Delinquent, by Changes to Monthly Payments: Re-Default Rates at Three, Six, and Nine Months after Modification

Modified Loans Delinquent after Six Months, by Changes to Monthly Payments: Re-Default Rates Using Varying Definitions

Part III: Home Forfeiture Actions: Foreclosures, Short Sales, and Deed-in-Lieu-of-Foreclosure Actions

Completed Foreclosures and Other Home Forfeiture Actions

Home Retention Actions Relative to Forfeiture Actions by Risk Category

Newly Initiated Foreclosures

Appendices

Appendix A—New Loan Modifications

Appendix B—New Payment Plans

Appendix C—First Quarter 2008: Re-Default Rates of Modified Loans, by Changes to Monthly Payments (60 or More Days Delinquent)

Appendix D—Second Quarter 2008: Re-Default Rate of Modified Loans, by Changes to Monthly Payments (60 or More Days Delinquent)

Appendix E—Third Quarter 2008: Re-Default Rate of Modified Loans, by Changes to Monthly Payments (60 or More Days Delinquent)

Appendix F—Short Sales and Deed-in-Lieu-of-Foreclosure Actions

Appendix G—Completed Foreclosures

The Office of the Comptroller of the Currency was created by Congress to charter national banks, to oversee a nationwide system of banking institutions, and to assure that national banks are safe and sound, competitive and profitable, and capable of serving in the best possible manner the banking needs of their customers.

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