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New Loan Modifications

January — June 2008

Loan modification became a more prevalent loss mitigation action during the second quarter. The number of new loan modifications totaled 112,353 during the second quarter, an increase of 56 percent over the 71,883 modifications reporting during the first quarter.

Subprime mortgages received 48 percent of all new loan modifications during the second quarter, more than twice that of any other category.

While constituting more of the total portfolio, prime and Alt-A loans each received only 22 percent of new loan modifications during the second quarter, far fewer than subprime loans during the same period.

 

New Loan ModificationsJan-08Feb-08Mar-08Apr-08May-08Jun-08
Prime

4,307

4,302

5,434

8,656

7,878

7,688

Alt-A

4,827

4,819

5,725

7,904

7,743

8,973

Subprime

10,882

11,024

12,525

16,201

16,623

21,139

Other

2,720

2,882

2,436

3,043

2,814

3,691

Overall

22,736

23,027

26,120

35,804

35,058

41,491

  New Loan Modifications  


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