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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-07Dec-07Jan-08Feb-08Mar-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%

  New Modifications (% of New Foreclosures)  


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