Recently an article was written that states that the rate of home mortgage borrowers defaulting after their loans are modified, is rising and shows NO signs of leveling off, U.S. banking regulators said on Monday. The data showed that after six months, nearly 37% of mortgage loans modified in the first quarter were now 60 days or more days delinquent. After 3 months, 19 percent were 60 or more days delinquent or in the process of foreclosure. (This leads me to wonder if loan modifications are just a short term fix to the valuation problem)
“One very troubling point is that, whether measured using 30-day or 60-day delinquencies, re-default rates increased each month and showed no signs of leveling off after six months or even eight months,” John Dugan, head of the Office of the Comptroller of the Currency, said in a statement. The number of delinquencies rose across all loan categories, although subprime had the highest default rates. At the same time, nine out of 10 mortgages remain current, the joint report by OCC and the Office of Thrift Supervision said.
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