A joint release by the Office of the Comptroller of the Currency (OCC) and the Office of Thrift Supervision (OTS) was issued on June 30th. The report was for the 1st Quarter 2009 and included information on recent 1st lien mortgage performance.
Trends show:
- The number of loan modifications significantly increased.
- The proportion of payment-reducing modifications also increased
- Modifications that reduce payments have lower delinquency rates over time.
- Seriously delinquent mortgages increased
- Foreclosures in process increased.
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