More than half of homeowners fell behind on mortgage payments in the first six months after their loans were modified earlier this year, new data from the Office of the Comptroller of the Currency and the Office of Thrift Supervision show. . . . The data, released Monday, cover loan modifications by the 14 largest national banks and thrifts, including Bank of America Corp., Citigroup Inc. and J.P. Morgan Chase & Co., which together account for more than 60% of mortgage loans outstanding. The lenders modified nearly 73,000 loans in the first quarter and an additional 114,000 in the second quarter.
Nearly 36% of borrowers were more than 30 days past due three months after their loan was modified, and nearly 53% were more than 30 days late after six months, according to an analysis of modifications completed in the first quarter, going through Sept 30.
Wednesday, December 10, 2008
High Re-Default Rates on Modified Mortgages
One of the calls to action in all of the bailout talk has been a call to help homeowners at or near default on their mortgages. Here's some early evidence that modifying mortgages (at least the types of modifications tried so far) hasn't been overly successful so far.
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